Collaborative development: Capturing the public value in private real estate development projects in Ho Chi Minh City, Vietnam

《Collaborative development: Capturing the public value in private real estate development projects in Ho Chi Minh City, Vietnam》

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关键字: Value capture; High-rise buildings; Ho Chi Minh City; Urban redevelopment; PROPERTY-RIGHTS; LAND ACQUISITION; URBAN; MARKET; POLICY; HANOI; INVESTMENT; IMPACTS; TRANSIT

作者单位: [Thanh Bao Nguyen; van der Krabben, Erwin] Radboud Univ Nijmegen, Inst Management Res, Nijmegen, Netherlands. [Thanh Bao Nguyen] Ho Chi Minh City Open Univ, Fac Civil Engn & Architecture, Ho Chi Minh City, Vietnam. [Spencer, James H.] Clemson Univ, Dept City Planning & Real Estate Dev, Clemson, SC USA. [Truong, Kien T.] Ho Chi Minh City Peoples Council, Urban Div, Ho Chi Minh City, Vietnam. [Spencer, James H.] East West Ctr, Environm Change Vulnerabil & Governance Program, Honolulu, HI USA. [van der Krabben, Erwin] Univ Ulster, Sch Built Environm, Coleraine, Londonderry, North Ireland. Nguyen, TB (reprint author), HCMC Open Univ, Fac Civil Engn & Architecture, Ho Chi Minh City, Vietnam. E-Mail: thanh.nb@ou.edu.vn; e.vanderkrabben@fm.ru.nl; jhspenc@clemson.edu; kientruong05@gmail.com

摘要: This article addresses a relative gap in the literature on real estate development and property rights in transitional economies, particularly on the "shadow" role of private developers in urban management at the local level. The paper argues that the development of high-rise buildings in Vietnam resulted from the national privatization policy shift known as Doi Moi that gave landowners greater rights. These changes in land rights policy are important constitutive elements for institutional functionality of value capture via privatization of land, to become viable and effective. Further, the paper describes how private developers (foreign and domestic) take advantage of vague and indistinct city governance regarding privatization of land, while the property rights of the original users of the land are insufficiently protected. These issues are illuminated and analyzed through the use of three case studies of commercial projects in Ho Chi Minh City. We suggest a further institutionalization of privatization of land and value capture in Vietnam.