Ninh Binh land auction sees price plunge after mass deposit withdrawals

On 19 July, authorities auctioned the use rights for 167 parcels of land in An Hoa 13 village, Kim Sơn district, Ninh Bình province. The auction attracted 274 buyers who submitted about 2,100 bids, an average of 12.5 bids per parcel. Of the lots offered, 102 had previously seen bidders withdraw their deposits.

Compared with a similar auction in December 2025, winning prices fell sharply. Prime parcels now sold for roughly VND 15‑17 million per square metre, while inner parcels fetched VND 8.5‑9.5 million per square metre, down from earlier levels that implied reductions of VND 500‑600 million per lot and, in one case, a drop of nearly VND 900 million. Overall participation halved relative to the 2025 auction, which had attracted about 1,000 participants and 3,800 bids. Attendees said the lower prices better reflect the land’s true value and curb herd‑driven bidding.