On July 24, Lao Cai Ward People's Committee coordinated with An Nam Partnership Auction Company to organize an auction of land use rights for 14 land plots in the area.
The land plots put up for auction have a total area of 1,440.4m2, all urban residential land with long-term use. The total starting price of 14 land plots is more than 28.4 billion VND.
The auction session is organized in the form of indirect voting, applying the up-pricing method. The winning bidder is identified as the person who bids the highest valid price according to regulations.
The auction organization process takes place publicly, transparently, in accordance with the law, ensuring the legitimate rights and interests of participating organizations and individuals.
As a result, all 14 land plots were successfully auctioned with a total winning bid of VND 38,830,314,000, higher than the starting price of VND 10,411,779,000, equivalent to an increase of about 36.6%.
According to the People's Committee of Lao Cai ward, revenue from land use right auctions will contribute to supplementing the local budget, creating more resources to invest in infrastructure, develop socio-economics and improve the quality of works serving people.
