Enterprises buying agricultural land from auctions have had their "bottlenecks" removed by Ho Chi Minh City

Investors who purchase auctioned assets, which are agricultural land use rights, from financial institutions to implement non-agricultural projects, and have not completed the procedures yet, will have their land use term extended to June 30, 2024.

On February 26, the Department of Natural Resources and Environment of Ho Chi Minh City sent a document to the Department of Information and Communications requesting to post information on the Ho Chi Minh City Electronic Information Portal about the City extending the time to use agricultural land purchased from auctioned assets of financial institutions whose land use term has expired, it will be extended until June 30, 2024.

An agricultural land planned for an urban project in Hoc Mon district, Ho Chi Minh City - Photo: Thanh Nguyen

The Department of Natural Resources and Environment said that on January 19, the Ho Chi Minh City People's Committee issued a document directing investors who purchase auctioned assets or assets subject to judgment enforcement, which are agricultural land use rights from financial institutions, credit institutions, etc. to implement non-agricultural projects but have not yet completed land allocation and land lease procedures and the land use term has expired, to continue using the land until June 30 to complete the procedures according to regulations.

The Ho Chi Minh City People's Committee assigned the city's departments, branches, and districts to urgently resolve procedures related to land, investment, planning, construction, etc. for organizations that have purchased auctioned assets, which are agricultural land use rights.

During the procedure, the investor is not required to carry out land use extension procedures.

The extension of agricultural land use is applied by the Ho Chi Minh City People's Committee according to the special mechanism of Resolution No. 98/2023/QH15 passed by the National Assembly in June 2023.

For many years, the use of agricultural land for non-agricultural projects by organizations has expired but there are no regulations on extension, causing difficulties for both the management of State agencies and the implementation of projects by enterprises.

After removing the "bottleneck" in the mechanism, Ho Chi Minh City hopes that the extension for investors in non-agricultural projects will create a boost to help the Ho Chi Minh City market develop in the coming time.

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