Under a recent decision from the Hai Phong City People’s Committee, a third auction for a tourism and commercial services project in Cat Ba town in the northern port city’s island district of Cat Hai will be conducted after two previous failures.

The project covers an area of 50 ha, including 17.3 ha, or 34.5 per cent, for commercial services, 15.2 ha, or 30.5 per cent, of tree landscaping, beaches, and water surface area, and 17.5 ha, or 34.9 per cent, for urban road networks, public parking areas, and squares.

Under an auction plan approved by the Committee in its earlier decision in November 2022, the auction for the land use rights and assets attached to land on the project will be conducted with a total reserve price set at VND2.125 trillion (more than $87.6 million), including VND23.8 billion (more than $981,321) for the assets attached to land, and VND9.37 billion (more than $386,343) per year for the land use rights, if paid on an annual basis, or over VND2.092 trillion (nearly $86.3 million) for a one-time payment for the full leasing term.