Since doi moi (renovation) in 1986, the Vietnamese real estate market has witnessed many ups and downs, including four “price fevers” so far.

In the 2018-2020 period, money collected from land auctions increased by 67 percent.

After a number of violations reported in corporate bond issuances and the auctions of land use rights, the Prime Minister has called for stricter monitoring over these activities.

Following the recent controversial auction of land in the Thu Thiem New Urban Area in HCMC’s Thu Duc City, the Ministry of Natural Resources and Environment has proposed sanctions against firms winning land auctions but later canceling the deals.

A suitable auction form for each type of property and more stringent sanctions are needed to prevent auction winners from walking away without buying as happened recently in the Thu Thiem New Urban Area, experts said.

Owing to vague legal regulations on auctions for land use right and weak sanctions, the incident of winners in Thu Thiem land use right auction canceling their contracts happened, leading to various negative impacts to the city.

In many cases, enterprises have bid high prices at land auctions and then cancelled the purchases. This has created artificial land prices which has allowed them to corner the market, and buy and sell other land plots for illegal profiteering.

Tan Hoang Minh, the winner at the auction for a land plot in an advantageous position in the Thu Thiem new urban area, has unexpectedly quit the game. The move has raised many questions.

Commercial banks do not grant credit to four real estate businesses that won the auction of land use rights in the new urban area.

Tan Hoang Minh won the bid in a ‘duel’ to buy the 3-12 land plot in Thu Thiem new urban area in HCM City, but finally gave up.

The Police Agency for Investigation of Crimes on Corruption, Economy and Smuggling (C03) of the Ministry of Public Security has asked the Hanoi People's Committee to provide documents related to projects based in Hanoi of the Tan Hoang Minh Group.

Tan Hoang Minh Group has sent a letter to the Party, State and Government leaders, and HCM City People’s Committee about its decision to withdraw from Thu Thiem land purchase that it won at auction in mid-December.

The auction of four land lots in the Thu Thiem New Urban Area in HCMC’s Thu Duc City has many loopholes, which may negatively impact the local real estate sector and the economy, according to the HCMC Real Estate Association (HoREA).

Four land plots in advantageous positions in the new urban area of Thu Thiem in HCM City were sold for VND37.346 trillion through an auction recently.

One of the businesses participating in a bidding session on December 10, 2021 had to pay VND2.4 billion per one square meter to obtain a land plot in Thu Thiem new urban area. The sky high price has raised worries rather than joy.

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