[REVISION HISTORY]

Investigation into Ninh Binh land auction anomalies

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2026-11-08 05:25 UTC → 2026-11-09 04:25 UTC · added ~~removed~~

~~Land auctions in~~ Investigation into Ninh Binh ~~province~~ land auction anomalies

Authorities in Ninh Binh province initiated plans to auction 360 residential land plots in a new area east of the provincial Sports Training Center. The total area of approximately 5.2 hectares was estimated to have a starting price exceeding 3 trillion VND, with individual plot prices ranging from 44 million to 94.65 million VND per square meter. Following these developments, a separate auction of 70 land plots in Ly Nhan commune resulted in highly unusual bidding activity. At least four plots saw prices reach between 1 billion and 1.468 billion VND per square meter. Trương Tuấn Lực, Chairman of the Ly Nhan Commune People's Committee, suggested these extreme bids might have occurred because participants did not fully grasp the auction regulations, noting that individuals attempted to claim errors after the bidding period had closed. On November 7, 2026, local authorities launched a formal investigation into the auction. The investigation involves the commune police, the Economic Department, and the auction organizer, Phuc Hung Partnership Auction Company. The inquiry focuses on unprecedented bids, such as one for plot LK01-1, which had a starting price of approximately 9.625 million VND per square meter but received a bid of 1.468 billion VND per square meter. Such a bid would value the 182-square-meter plot at over 267 billion VND. The local government intends to report these findings to Ninh Binh provincial leaders for further direction.

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