According to Point e, Clause 1, Article 160 of the 2024 Land Law, specific land prices will be applied in cases of calculating compensation when the State reclaims land.
At the same time, according to Article 30 of Decree 71/2024/ND-CP, specific land valuation must be carried out in accordance with the provisions of Article 158 of the 2024 Land Law and Articles 4, 5, 6, 7 of Decree 71/2024/ND-CP; results of synthesizing and analyzing information on market land prices; factors affecting land prices.
Specific land prices are determined according to each land use purpose, land area is determined in the records of land allocation, land lease, recognition of land use rights, permission to change land use purpose, land use extension, adjustment of land use term, adjustment of detailed planning, permission to change land use form, equitization of state-owned enterprises, land use right auction plan, land recovery notice, investigation, survey, measurement and inventory results.
Accordingly, in Clause 5, Article 7 of Decree 71/2024/ND-CP, the specific land price is determined by the land price adjustment coefficient method applied to the case of calculating land compensation when the State recovers land, calculated as follows:
Land price of the land plot to be appraised (1m2) = Land price in the land price list of the land plot to be appraised x Land price adjustment coefficient
In there:
- Land prices in the land price list are developed by the Provincial People's Committee and submitted to the People's Council of the same level for decision on the first land price list to be announced and applied from January 1, 2026. Accordingly, each locality will decide on the land price list and adjust the price list once a year to match the market land price (instead of every 5 years and based on the minimum - maximum land price issued by the Government as at present).
- Land price adjustment coefficient is determined according to each land type, land location, and area by dividing the market land price by the land price in the land price list at that land location and area.
