HCMC – A land auction in Hanoi scheduled for August 26 has been suspended as the Ministry of Natural Resources and Environment investigates potential price manipulation in three previous auctions, the Vietnam News Agency reported.
The auction was set to offer the remaining 20 land plots in the Long Khuc area. However, it has been put on hold to allow for inspections and reviews of land auctions, in line with Directive No. 82, issued by the Prime Minister on August 21, 2024.
A task force from the Ministry of Natural Resources and Environment began on-site inspections of recent auction results today, August 23.
Based on their findings, the Minister of Natural Resources and Environment will recommend measures to prevent exploitation of land use rights auctions that could disrupt the market. A report will be submitted to the PM before August 30, 2024.
Recent auctions have seen winning bids far exceed starting prices, raising public concern. These inflated bids, as noted in the directive, could negatively impact social and economic development, the investment climate, the business environment, and the housing and real estate markets.
In a recent overnight auction from August 19 to August 20, 19 nearby land plots saw the highest winning bid reaching VND133 million per square meter, 18 times higher than the starting price.
