One-time land lease payment for Novaland's $5 billion project

Accordingly, based on the policy of the Standing Committee of Binh Thuan Provincial Party Committee on resolving problems related to the NovaWorld Phan Thiet project, the Department of Natural Resources and Environment requested Delta Valley Binh Thuan Company Limited to create a map to determine the specific location and area of ​​land areas for construction of resort villas and commercial areas according to the detailed planning of the project and send it to the Department of Natural Resources and Environment of Binh Thuan for review and consultation to report to the People's Committee of Binh Thuan province.

The People's Committee of Binh Thuan province will consider and resolve the adjustment of the form of land lease from annual payment to one-time payment for the land area for construction of resort villas and commercial areas according to the provisions of Article 172 of the 2013 Land Law.

Novaland 's project is considered for one-time payment instead of annual land rental payment.

At the press conference on the first 6 months of the year on the economic - cultural - social situation recently held by the People's Committee of Binh Thuan province, the Department of Natural Resources and Environment informed about the removal of obstacles at the NovaWorld Phan Thiet project.

Recently, the People's Committee of Binh Thuan province has proposed the Prime Minister's Working Group to resolve problems related to investment policies, land lease, conversion of land use form to one-time land lease payment; temporary collection of land rent and issuance of land use right certificates and specific land prices.

On July 21, the Prime Minister's Working Group chaired by Deputy Minister of Construction Nguyen Van Sinh worked with the delegation of Binh Thuan province to guide and remove obstacles and recommendations of the province.

Regarding the project's investment policy, the Working Group concluded to maintain the investment policy according to Decision No. 934 issued by the People's Committee of Binh Thuan Province in April 2019, which means that the project's objective is not to change, which is to invest in villas and commercial areas for sale and business during the project's life cycle. During the implementation process, if there is any adjustment that falls under the case of adjusting the investment policy, it will be implemented in accordance with the provisions of law.

Regarding the permission to change the form of land lease from annual land rent payment to land lease with one-time land rent payment for the entire lease term, it is implemented in accordance with the provisions of the law on land and under the authority of the People's Committee of Binh Thuan province.

The working group proposed that the People's Committee of Binh Thuan province consider and decide according to its authority based on the provisions of Article 172 of the 2013 Land Law.

Regarding the issuance of land use right certificates, the working group requested Binh Thuan province to proactively review and consider handling within its authority at the appropriate time the land use right certificates that have been issued in accordance with the provisions of law.

Regarding the time and method of determining land prices, the working group requested the Ministry of Natural Resources and Environment to issue specific instructions according to the proposal of the People's Committee of Binh Thuan province.

The NovaWorld Phan Thiet project has a scale of 1,000 hectares, with a total investment of more than 5 billion USD. After a period of temporary suspension, last May, Novaland, MB, Hoa Binh Construction Group, Mechanical and Construction Investment Joint Stock Company No. 9, Tan Ha Investment Company Limited, Tai Viet Tin Construction Company Limited signed a cooperation agreement to restart the NovaWorld Phan Thiet project. This is also a project that the People's Committee of Binh Thuan province has put into pilot for night-time economy.

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