Earlier, in Dien Tho commune (Dien Ban town, Quang Nam province), an auction was held for the right to exploit sand for use as common construction material at the DB2B mine site. At the end of the auction early this morning, the sand mine, which had a starting price of 1.2 billion VND, was bid up to 370 billion VND.

According to a report by the Department of Natural Resources and Environment, the auction results for mineral exploitation rights at this mine site showed irregularities. The bids were many times higher than the starting price and the prices of construction materials announced by the authorities.

The final price also shows signs of market manipulation for profit, driving up the price of construction sand, negatively impacting economic security and social order.

To promptly inspect, handle and rectify this situation, Chairman of the People's Committee of Quang Nam province Le Van Dung has issued a document requesting the Department of Natural Resources and Environment to preside over and coordinate with the Department of Justice and relevant functional agencies and the People's Committee of Dien Ban town to inspect and review the records, processes and procedures related to the auction of mineral exploitation rights for the DB2B mine.

During the inspection, special attention should be paid to the financial capacity and equity capital of the bidding entities as stipulated in Article 53 of the 2010 Mineral Law, as well as any shortcomings in the procedures and processes for auctioning mineral exploitation rights in the province.

From there, we will advise the Quang Nam Provincial People's Committee to direct timely rectification and correction, and report to the Prime Minister and relevant ministries and agencies for consideration and research on amending and supplementing the regulations of the 2016 Law on Auction of Assets to ensure suitability.

The Chairman of the Provincial People's Committee also assigned the Provincial Police to investigate, verify, and clarify the motives and purposes of paying unusually high prices at this sand mine auction. If violations are discovered, cases of taking advantage of the auction to disrupt the market for personal gain will be strictly handled.

Meanwhile, while awaiting inspection by relevant authorities, Mr. Dung requested the Dien Ban Town People's Committee to temporarily refrain from issuing a decision recognizing the results of the auction for mineral exploitation rights at the DB2B mining site.

Sand mine auction price soars from 1.2 billion to 370 billion VND, causing astonishment: Quang Nam province orders investigation . The results of the recent sand mine auction in Quang Nam province have shocked many people, as the starting bid was only 1.2 billion VND, but the winning bid reached 370 billion VND.