Accordingly, the land price rates introduced by provincial People’s Committees in compliance with the 2013 Land Law will still be effective until the end of December 31, 2025. If necessary, provincial People’s Committees are authorized to adjust their own land price list in accordance with the provisions of this law to suit the actual land price situation in the locality.
The procedure for adjusting the land price list in this case (if any) shall be carried out in compliance with the provisions of Article 17 of the Government’s Decree No.71/2024/ND-CP on land prices.
On August 12, the Vietnam Fatherland Front – HCMC held a public discussion on the draft Decision for the amendments of Decision No.02/2020/QD-UBND, issued on January 16, 2020 by the HCMC People’s Committee about setting the land price rates in HCMC.
In the meeting, Vice Chairman Nguyen Vinh Huy of the HCMC Businesses Association said that the average real estate price in Vietnam is currently about 30 times as high as the average income of people; compared to 6.3 times and 5.2 times in Thailand and Singapore, respectively. The issuance of a new land price list without measures to bring land prices back to their true value will obviously continue to push land prices up.
Vice Chairwoman Nguyen Thi Kim Thuy of the Vietnam Fatherland Front – HCMC also stated that over the time adopting Decision No.02/2020, stipulating the land price list in HCMC, various inadequacies and limitations have arisen, making this list unsuitable for the provisions of the law and practical requirements.
In particular, the current land price rates in the city do not correlate with the real market prices, while their applications are rather limited. Therefore, it is difficult to update market fluctuations, and there is a lack of resettlement land prices to promptly disburse public investment capital for key projects and works in the city
Vice Chairwoman Thuy expressed her hope that the updated land price list will contribute to promoting compensation and site clearance for many projects in the city because the new prices are closer to the market ones, making it easier to earn the people's agreement as the levels of support and compensation will all increase.
