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Hanoi to sell off state-owned properties to balance budget

By VnExpress   February 8, 2017 | 06:46 pm PT
Hanoi to sell off state-owned properties to balance budget
Hanoi is going to sell state-owned estates this year to beef up its coffers. Photo by Reuters
The capital city is hoping to raise at least $440 million from these sales this year.

Hanoi has announced a plan to auction off 68 state-owned properties around the city in an attempt to improve funding.

The vacant lots and residential and commercial estates cover a combined area of 102 hectares (252 acres).

The city has estimated their total value at roughly VND10 trillion ($440 million).

Hanoi plans to rely on selling nearly half billion dollars worth of these properties by the end of the year to find funding sources to upgrade its infrastructure, develop new urban residential areas, and invest in other public projects.

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