YouMe Law Firm LLC replied:
Compensation prices for agricultural land are determined based on legal grounds including Articles 176 and 177 of the 2024 Land Law and Decree 71/2024/ND-CP of the 2024 Land Law.
Accordingly, the compensation price for agricultural land recovered by the State is calculated according to the formula:
Compensation price for agricultural land = Area of land recovered (m2) x compensation price (VND/m2)
In which: Compensation price = Land price specified in the land price list x Agricultural land increase/decrease coefficient each year x Other adjustment coefficients (if any).
From August 1, 2024, the Land Law officially takes effect with many new points to protect the rights of people related to agricultural land compensation.
The 2024 Land Law will remove the regulation on land price adjustment every 5 years and land will be priced according to market principles. Accordingly, each locality will decide on the price list and adjust it annually to match the market price.
Agricultural land compensation price list 2024 in Hanoi, Ho Chi Minh City
Compensation prices for agricultural land in 2024 in Hanoi and Ho Chi Minh City are different due to the economic, social and geographical characteristics of each region. Provinces and cities often develop compensation price frames based on the 2013 Land Law, however, some localities may apply higher price lists and adjust according to fluctuations in the real estate market.
Agricultural land compensation price list 2024 in Hanoi (According to Decision No. 30/2019 of Hanoi City People's Committee).
Compensation price list for agricultural land in 2024 in Ho Chi Minh City (According to Decision No. 02/2020 of Ho Chi Minh City People's Committee).
To know the exact compensation price for their land, people can contact the local land office or land clearance agency to look up the price list.
