According to statistics from the Vietnam Real Estate Research Institute, as of January 6, 2025, 25 localities nationwide have officially announced adjusted land price lists.
Notably, land prices in many areas have increased many times higher than the old land price list and each locality has a different price increase.
From the above reality, the Vietnam Real Estate Research Institute pointed out that, besides the positive impacts, the application of the new land price list does not synchronize the principles of land price determination, especially the market principle and the principle of ensuring harmony of interests of all parties.
The consequence of this is that land prices are determined at a high level, making it impossible for poor people to pay for land finance after completing the procedures for granting land use right certificates, and making it difficult for low-income people to access land.
According to Associate Professor, Dr. Nguyen Quang Tuyen - Head of the Faculty of Economic Law, Hanoi Law University, the adjustment of the land price list with a high increase margin as it is now has caused many difficulties for businesses that rent land and pay annually, leading to a sudden increase in land rent, significantly affecting the business plan of the unit.
Adjusting the land price list is an important issue that directly affects the real estate market. Accordingly, experts believe that it is necessary to unify the principles for determining the land price list.
Firstly, there needs to be more specific and clear regulations on how to determine “market price” to ensure objectivity and fairness.
Second, to ensure fairness for businesses implementing different projects, a new land price list needs to be built based on detailed land group classification.
This will allow more accurate determination of land prices for each specific land group, reflecting the actual value and land use potential of each type of project.
Prof. Dr. Hoang Van Cuong - Member of the Finance and Budget Committee of the National Assembly - said that when building a land price list, it is necessary to base it on market value (with stability) instead of fluctuating factors - price. It is necessary to distinguish between price and market value of land when building a land price list.
“The land price list needs to be published every year to accurately reflect land distribution, transactions and effective use. Management agencies need to build a digital database, put information on land prices and taxes for each plot of land each year into this database to limit asking - giving, and personal interests in land valuation,” said Mr. Cuong.
To ensure that land prices are close to the market, Mr. Tran Kim Chung - former Deputy Director of the Central Institute for Economic Management - recommended focusing on collecting land price information accurately and transparently.
Accordingly, information needs to be collected from various sources such as actual transactions, land auctions, price consulting activities... In particular, this process needs to be carried out regularly and continuously to update market fluctuations.
In addition, there needs to be a strict control mechanism to ensure the authenticity of information, especially the declaration of land purchase and sale prices.
“There needs to be a comprehensive design for land price zone allocation to build a real land price map. Overcome the leveling in zoning and subdivision in land price regulations. Build weighted and realistic indexes,” Mr. Chung emphasized.
