Since the economic reform in 1986, there have been important changes in the institutions for land-use in Vietnam, which set the foundation for the transition from “land as a means of production” to “land as an assest”. Along with the gradual transition of land-use rights, a dual land market prevails as a result of the coexistence between marketization and centralization. In that system, the gap of land prices between market and non-market tracks has created landed interests that are embedded intricately within the resultant built environment, coupled with the rent-seeking behavior of SOE land holders and developers. Through the empirical case studies of the land redevelopment projects led by the state-owned enterprises in Hanoi’s city center, the study shows the hidden logic of spatial transformation and conflicts between the planning control under state’s ideology and land-rent seeking behavior in the reality. From the perspective of land rights, it is observed that state assets going through spontaneously “informal privatization” under ambiguous property rights has caused hasty redevelopment, leading to the development control mechanism not working properly. As a result, the externalities of un-controlled development are not internalized, causing over-compaction in the city’s center and lowers the environmental quality. This paper suggests that clarification of property rights should be the goal for further institutional change and of strengthening the state's capacity in development control.

自 1986 年经济改革以来，越南土地使用制度发生了重大变化，为从“土地作为生产资料”向“土地作为资产”的转变奠定了基础。随着土地使用权的逐步过渡，市场化与集中化并存的双重土地市场盛行。在该系统中，市场和非市场轨道之间的土地价格差距造成了土地利益，这些土地利益错综复杂地嵌入到由此产生的建成环境中，再加上国有企业的寻租行为土地所有者和开发商。通过对河内市中心国有企业主导的土地再开发项目的实证案例研究，研究揭示了国家意识形态下的规划控制与现实中的土地寻租行为之间的空间转换和冲突的隐藏逻辑。从土地权的角度来看，在产权模糊的情况下，国有资产自发进行“非正式私有化”，导致仓促再开发，导致开发调控机制无法正常发挥作用。结果，不受控制的开发的外部性没有被内部化，导致市中心的过度压实，降低了环境质量。