The People's Committee of Thanh Hoa province in central Vietnam has approved an auction plan for the land use rights of two mixed-use apartment projects, designated B-HH and E-HH, located in Hac Thanh Ward in the province's administrative center.

The B-HH mixed-use residential project covers an area of over 46,323 sq.m, of which 22,724 sq.m will be auctioned for the development of apartment buildings and terraced houses. The remaining 23,598 sq.m is reserved for public facilities.

The E-HH project is smaller in scale, with a total area of 11,858 sq.m. The land plot has already undergone site clearance and features a well-connected transportation infrastructure, making it ready for the implementation of a mixed-use apartment building project.

The Provincial People's Committee has set the starting price for the B-HH project at over VND522.5 billion (over $19.76 million), while the E-HH project is set at VND256.15 billion (nearly $9.7 million). Bidders are required to submit a deposit equal to 20% of the land's starting price, which can be paid in cash or via a bank guarantee.

Eligible bidders include domestic economic organizations and individuals, overseas Vietnamese, and foreign-invested enterprises. All participants must demonstrate their financial capacity, possess owner's equity equivalent to at least 20% of the total project investment, and have prior experience in developing housing projects as required by regulations.

As per the regulations, the winning bidder must pay the land use fee in two installments: 50% within 30 days, and the remaining balance within 90 days of receiving notification from the tax authority. If the financial obligation is not fully met within 120 days, the auction results will be annulled, and the deposit will be forfeited.