Many places increase tenfold
The People's Committee of Vinh Phuc province has just issued an adjusted land price list, applicable in 2025. Most of the positions increased in price by 1.5 times compared to before, accounting for more than 84%; about 10% of positions increased by 1.5-3. The highest adjustment of 5-8 times was recorded at 54 locations, accounting for more than 1%.
The place with the highest land price belongs to Ngo Quyen Street, Vinh Yen City, the intersection with Nguyen Viet Xuan Street reached 52.8 million VND per square meter, an increase of 24% compared to before.
Some neighboring roads such as Me Linh cost 42.6 million VND per square meter, an increase of about 30%. Hai Ba Trung Street passing through Ho Chi Minh Square costs 26.4 million VND per square meter, an increase of 24%. Next is Nguyen Trai Street at 33 million VND per square meter, 1.3 times higher than the old price list.
For commercial and service land, the highest price in Vinh Yen City is 19.7 million VND per square meter on Ngo Quyen Street, an increase of 24% compared to before.
In Tam Dao town, land prices in the adjustment table also increased sharply. For example, the land from the Vinos hotel intersection running around the central park belt is 49 million VND per square meter, an increase of 1.4 times compared to before. Or the section from the intersection of the road leading to the school to the end of the town has about 35 million VND per square meter, nearly 3 times more than before.
Notably, in this price list, Duy Phien commune, Tam Duong district is the locality with the land price increased by about 11.1 times the old price. At location No. 2 of district road 23 Duy Phien - Tam Duong, with the current price in 2019 of 630 thousand VND/m2, the adjusted price is 7 million VND/m2. Some land locations in neighboring areas after price adjustment also recorded an increase of 8 to 10 times compared to the old price.
According to the leader of the Department of Agriculture and Environment of Vinh Phuc province, the 2025 land price list will be developed by about 1,000 officials based on actual research and surveys, ensuring compliance with local conditions. This price list will be adjusted annually.
Brokers in the real estate sector in Vinh Phuc assessed that some major streets in Vinh Yen City such as Ngo Quyen Street have prices of approximately 200 million VND/m2. However, in this prime location, there are very few real estate transactions. In Tam Dao town, although the land market has increased sharply, there are still many transactions, especially investors in Hanoi are interested.
Need to create key real estate products
Regarding the State management of urban planning and development in the area, Chairman of Vinh Phuc Provincial People's Committee Tran Duy Dong commented that the development of housing and urban projects still lacks research and accurate forecasting between supply and demand, real estate products are less attractive and lack competitiveness compared to neighboring localities.
Statistics show that up to now, the province has 79 housing and urban projects with a total land area of 2,357 hectares (of which, the residential land area accounts for about 1,120 hectares). After completion, the projects will be able to accommodate 256,000 people, but so far the rate of people coming to build houses is very low.
Meanwhile, the supply of social housing is still very limited, the real estate segment for needs outside the province such as ecological urban areas and resorts is still lacking.
One of the reasons why Vinh Phuc real estate is less attractive is because people's income is still low and difficult to access. In addition, there is no effective solution to attract mechanical population, lacking large-scale projects with synchronous infrastructure. The progress of housing and commercial projects is still slow, posing a potential risk of land waste.
From the above reality, the Chairman of Vinh Phuc Provincial People's Committee proposed to prioritize the development of new ecological urban and resort projects in the direction of "ward in the house, home in the park". Thereby creating key real estate products, with competition compared to localities in the region, creating momentum for socio-economic development...
