The move is expected to increase the local budget and create more capital sources for investment in building socio-technical infrastructure systems and implementing the national programme on developing new rural areas.

According to the plan of the municipal People's Committee, the city hopes to collect over 53.5 trillion VND (2.3 billion USD) to the budget from auctioning 677.36 hectares of land in 2018-2020.

Particularly, in 2018, some 193.41 hectares of land will be auctioned, raking in more than 13.7 trillion VND (602.1 million USD).

In 2019, Hanoi plans to auction nearly 197 hectares of land, earning over 15.9 trillion VND (698.8 million USD).

About 286.9 hectares of land will be auctioned in 2020, grossing over 23.8 trillion VND (1.04 billion USD).

The total expenses for land clearance and technical infrastructure construction between 2018 and 2020 are estimated over 17.5 trillion VND (769.1 million USD). 

Hanoi earned over 7.9 trillion VND (347.2 million USD) from auctioning land-use rights last year, pushing the total revenue it earned from land up to 37 trillion VND (1.6 billion USD).

Land-related revenue, including land leases, land fees and land auctions, accounted for 15 percent of the city’s total budget in 2017.

More than 1.53 million land plots, 98.74 percent of which in the city, have now been declared and certificated. 

Certifications were granted to land users of over 196,000 land plots, the usage of which was declared for the first time last year.

In 2017, the municipal authorities approved over 2,000 projects on land eviction, land allocation, land lease or changes in land-use purpose. The projects cover a total area of nearly 8,000 hectares.

More than 700 hectares of rice, protected forest and special use forest were shifted for other purposes, while over 300 hectares of service land was allocated to nearly 39,000 families for management and use.-VNA