Real estate developments in the Thủ Thiêm New Urban Area, HCM City, August 2025. — VNS Photo Bồ Xuân Hiệp

HCM CITY — HCM City has launched a review of land allocations in the Thủ Thiêm New Urban Area amid concerns that undervaluation in key Build–Transfer (BT) projects may have caused losses to the State budget.

The reassessment covers major infrastructure works, including four main roads, the Thủ Thiêm 2 (Ba Son) Bridge, the North-South axis and the northern residential zone.

By August 30, city officials will recheck the land parcels already handed to developers. Any discrepancies in area or value will trigger revisions to BT contracts and new land allocation decisions.

The State Audit Office is also set to examine the valuation process in September to determine whether land handed to investors matched their actual investment costs, in line with Government Decree 91.

The review comes against a backdrop of national scrutiny over land use and corruption.

Việt Nam has faced public outcry over opaque land allocations in BT projects, especially in Thủ Thiêm New Urban Area, one of the country’s most high-profile and politically sensitive developments.

A central player is Đại Quang Minh Real Estate JSC, which built nearly 12km of roads in Thủ Thiêm at a cost of VNĐ12 trillion.

In return, the city awarded the firm 106ha of prime land in the Sala Urban Area, including 45ha for housing and commercial projects.

The company also invested in the Thủ Thiêm 2 Bridge, capitalised at VNĐ4.26 trillion, and was compensated with 1.6ha of land.

Other projects, including the northern residential area and North-South axis, were undertaken by the CII–Khánh An consortium, which received about 9.6ha of land in return for nearly VNĐ1.64 trillion in investment.

City authorities said the reassessment aims to ensure transparency, fairness and compliance in land valuation, and to address concerns that earlier allocations may not have reflected market prices.

The Thủ Thiêm project has long been a symbol of both HCM City’s urban ambitions and its governance challenges, with disputes over compensation, land-use rights and BT contract transparency sparking years of controversy.

Similar scandals have erupted nationwide, from Bình Dương (now part of HCM City) and Đà Nẵng to Hà Nội, where senior officials have faced prosecution for undervaluing State assets in major land deals. — VNS