Collaborative development: Capturing the public value in private real estate development projects in Ho Chi Minh City,Vietnam |
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| Affiliation: | 1. Institute of Management Research, Radboud University, Nijmegen, Netherlands;2. Faculty of Civil Engineering and Architecture, Ho Chi Minh City Open University, Viet Nam;3. Department of City Planning & Real Estate Development, Clemson University, Clemson, USA;4. Urban Division, Ho Chi Minh City People''s Council, Ho Chi Minh City, Viet Nam;5. Environmental Change, Vulnerability and Governance Program, The East West Center, HI, United States;6. School of the Built Environment, University of Ulster, Northern Ireland, United Kingdom;1. Graduate School of Life and Environmental Sciences, University of Tsukuba, Tsukuba, Japan;2. Center for Computational Sciences, University of Tsukuba, Tsukuba, Japan;3. Institute of Environment and Resources, Vietnam National University, Ho Chi Minh City, Vietnam |
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| Abstract: | 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. |
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