Vinh City plans to auction 1,641 land lots to exploit land funds in 2023.

Specifically, of the 1,641 lots,Vinh Investment and Development Project Management Boarddeveloped a plan for 242 lots in 2 planning areas, auctioned 193 lots; the City Land Fund Development Center developed a plan for 502 lots in 6 planning areas, auctioned 402 lots; the People's Committees of wards and communes developed 897 lots in 15 planning areas, auctioned 717 lots.

The total amount that the city plans to exploit from the land fund in 2023 is 1,649 billion VND, of which the city strives to successfully organize auctions to collect 1,300 billion VND for the budget.

Infrastructure construction of the Land Auction and Resettlement Area in Hamlet 5, Nghi Phu Commune, Vinh City. Photo: N. Hai

To achieve the above goal, the city has proactively deployed infrastructure investment and completed procedures since 2022, but by the end of the first quarter of 2023, due toReal estate auction market shows signs of freezing, land prices have dropped sharply so the auction success rate is low. Of the remaining 73 plots of land in resettlement areas in Nghi Phu and Nghi Duc communes, auctions have been held for the 8th, 9th and 10th times but have not been sold out yet.

Infrastructure for resettlement area for hamlets outside Lam River dike, Hung Hoa commune combined with land fund exploitation. Photo: Ng. Hai

On March 23, 2023, Vinh City People's Committee issued Document No. 1400/UBND-TNMT directing departments, the Land Fund Development Center and People's Committees of wards and communes to survey, propose and adjust the auction price of land use rights for the remaining 68 land lots in accordance with the current land market to continue the auction in the second quarter.

In addition, Vinh City People's Committee also directed departments, the Land Fund Development Center and People's Committees of communes and wards to continue to follow Plan No. 22/KH-UBND of the City People's Committee, dated February 14, 2023 to put land lots in the planning area up for auction for exploitation according to the proposed plan.

The infrastructure of the Nghi An commune land auction area, next to Highway 35 connecting from Highway 46 to the Lam River road, Hung Hoa commune has been sold out. Photo: Nguyen Hai

In 2022, thanks to the vibrant real estate market, Vinh city collected 1,892 billion VND from auctioning and exploiting land funds, of which the Land Fund Development Center, Vinh Construction Investment Project Management Board and People's Committees of communes and wards auctioned 266 land lots with a total amount of 812 billion VND; land use fees collected from urban area projects in the area were 1,080 billion VND./.