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 Question: We are considering participating in bidding to get land for implementation of some real estate projects that are listed by the provincial people’s committee. What are conditions that we need to satisfy to participate in bidding?

Answer:

According to Circular No. 03/2009/TT-BKH of Ministry of Planning and Investment dated April 16, 2006 guiding selection of investor to implement the projects using land, upon having need of investment in listed projects, the investors must satisfy following conditions to participate in the bidding:

(1)      Having legal person status for institutional investors or civil act capacity for individual investors.

(2)      Having their own capital to be used for implementation of the project, no less than 15% of the total investment capital of the projects that use the land of less than 20 ha or no less than 20% of the total investment capital of the projects that use the land of 20 ha or more.

(3)      Having investment capital proposed in bidding document or proposal document but no less than floor price as stipulated in bidding invitation document. In case of forming a joint venture to participate in bidding, the capital shall be calculated as the total capital that the investors of the joint venture commit to contribute as stated in joint venture agreement.

(4)      Ensuring the capacity of capital mobilization and other resources to implement the project through financing commitment of banks or financial institutions.

(5)      Being able to participate in bidding with only one bidding document as either independent bidder or joint venture of investors. In case of joint venture, the investors shall have enter into an agreement clearly stating head of the joint venture, common responsibility and particular responsibility of each member in the joint venture.

(6)      If the plan of the parcel of land is adjusted to increase land use coefficient or increase using area of construction works, upon being selected, the investors shall have to pay the State an amount corresponding to the added value due to the plan adjustment.

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