SATRA must return the land if it does not meet the conditions to continue the Tax Trade Center project.

The People's Committee of Ho Chi Minh City has just issued a document assigning Saigon Trading Group - One Member Co., Ltd. (SATRA) to work with the Department of Finance and the Department of Construction to review the conditions for continued land use stipulated in the Law on Public Asset Management and the Law on Investment to implement the Tax Trade Center Project at 135 Nguyen Hue and 39 Le Loi, Saigon Ward.

After review, if the conditions for continuing to implement the Project as prescribed are not met, SATRA will issue a document to return the land as prescribed in Clause 2, Article 82 of the 2024 Land Law.

The land for the Tax Trade Center Project has been abandoned for many years in the center of Ho Chi Minh City. Photo: Le Toan

In case SATRA returns the land, the Ho Chi Minh City People's Committee will assign the Chairman of the Saigon Ward People's Committee to preside over and coordinate with relevant units to organize a field inspection of the land, prepare a dossier to recover the land according to their authority and hand over the land to the City Land Fund Development Center for management.

As Investment Newspaper has reflected in previous articles, the Tax Trade Center Project was planned by SATRA since 2006.

According to the design, this is a complex of high-end commercial center, class A office and 5-star hotel, with 40 floors, height of 165 m, directly connected to the tunnel of metro line 1, with a helipad and a 1,000-seat hall. The project has a total investment of 10,024 billion VND in 2013.

In January 2016, SATRA broke ground on the project and expected it to be completed in 2020. However, for nearly a decade, the "golden land" of more than 8,000 square meters located right on Nguyen Hue walking street is still abandoned.

According to SATRA's report, up to now, all investment preparation stages such as architectural design, construction survey, infrastructure connection, environmental impact assessment, demolition of old works and site clearance are ready and only waiting for the Project to be licensed to start construction.

However, due to regulations related to non-core investment of state-owned enterprises, SATRA is currently a state-owned enterprise under the People's Committee of Ho Chi Minh City.

In May 2025, SATRA proposed that the Ho Chi Minh City People's Committee recommend the Government to allow enterprises to invest on public land area (7,630 m2) and approve SATRA to lease land without auctioning land use rights according to the provisions of Point p, Clause 3, Article 124, Land Law 2024.

Source: https://baodautu.vn/satra-phai-tra-lai-dat-neu-khong-du-dieu-kien-tiep-tuc-du-an-thuong-xa-tax-d405670.html