A part of the Duong Noi-Van Khe Urban Area in Ha Noi's Ha Dong District. The city expects to earn VND1.5 trillion (more than US$71 million) from auctioning land-use rights for more than 42ha for the development of 34 new projects this year. — VNA/VNS Photo Tuan Anh

HA NOI (Biz Hub) — Ha Noi expects to earn VND1.5 trillion (over US$71 million) from auctioning off over 42ha of land use rights for the development of 34 new projects this year.

The plan, announced by the municipal People's Committee recently, aims to meet increasing demand for land while boosting State budget revenue.

Almost all the participating projects will be auctioned in the first half of the year. One project is still in the investment phase and will be auctioned by the last quarter.

The committee has assigned the local department of finance, in collaboration with relevant bodies, to approve the start price for the 33 projects to be auctioned in the first quarter. The department is also responsible for pressing businesses that won auctioned rights to pay the requisite funds into the State budget and return investment capital to the city's Fund for Land Development.

The committee ordered the Fund to prioritise investment in projects that can be finished by this year. It also urged districts and townships without ‘clean land' and projects for auction to start investing in such projects to increase budget collection and build new rural areas. — VNS