HCMC – The HCMC People’s Committee has approved the land price adjustment coefficient to determine compensation rates for households and individuals affected by the Beltway No. 3 project.

The compensation will be applicable to land revoked by the city for the construction of component 1A under the Tan Van-Nhon Trach project, phase one of the HCMC Beltway No. 3.

Thu Duc City, a jurisdiction under HCMC, has the highest compensation rates, at a maximum of VND73.3 million per square meter for land on Nguyen Duy Trinh Street in Truong Thanh Ward and VND69.9 million per square meter for land on Nguyen Xien Street in Truong Thanh and Long Binh wards.

Urban land in Thu Duc City will be entitled to compensation rates ranging from VND22 million to VND60 million per square meter while land for resettlement in the city will have compensation rates between VND33 million and VND56 million per square meter.

Binh Chanh District will have a maximum compensation rate of VND42.6 million per sqm. Land for resettlement in the district will be compensated at between VND11 million and VND15 million per sqm.

Meanwhile, land in the Hoc Mon and Cu Chi districts will be compensated at a maximum of VND35.5 million and VND19.5 million per sqm, respectively.

Compensation ranging from VND21 million to VND26 million per sqm will be applied for land for resettlement in Hoc Mon, while Cu Chi will have lower rates from VND13 million to VND18 million per sqm for the same.

According to the Vietnam News Agency, the 47-kilometer-long Beltway No. 3 passing through HCMC will have 397 hectares of land cleared and 1,670 households and organizations affected.

Localities will start paying compensation this week, and by June 15, 70-85% of the total sites will be handed over for the execution of the project.