The latest proposal regarding land price tables in Ho Chi Minh City.

According to HoREA, the land prices in the new land price list are generally 10-20 times higher than the current land price list of 2020 issued by the Ho Chi Minh City People's Committee. In particular, one district and four counties saw land prices increase by over 30 times in some locations, with some locations in Hoc Mon district experiencing increases of up to 51 times… However, according to the Department of Natural Resources and Environment, the new land price list only reflects about 70% of market land prices.

To date, HoREA has observed that only Ho Chi Minh City has announced the new land price list applicable from August 1st to December 31st, 2024.

According to the Department of Natural Resources and Environment, the 2024 Land Law no longer stipulates the land price adjustment coefficient and requires updating the land prices for resettlement. Failure to do so would lead to bottlenecks in determining the financial obligations of households and individuals, as well as in compensation for land clearance and resettlement.

However, according to Mr. Chau, Clause 1 of Article 257 of the 2024 Land Law allows the application of the Land Price Table… to continue until December 31, 2025. If necessary, the provincial People's Committee may decide to adjust it to suit the actual land price situation in the locality.

According to Mr. Chau, if the Department of Natural Resources and Environment has concerns about the responsibility of the Provincial People's Committee in issuing regulations under the 2013 Land Law, which may continue to be applied until December 31, 2025, and whether the regulations are sufficiently clear, it can completely develop a new price list using the following formula:

The land price in the new land price list = Land price in the current land price list x Current land price adjustment coefficient… This would both comply with the regulations in Clause 1, Article 257 of the 2024 Land Law, address the issue of excessively high land prices in the new price list, and avoid shocking people who need to apply for land use certificates (red book, pink book).

Furthermore, the recent announcement of the new land price list by the Department of Natural Resources and Environment will help the people of Ho Chi Minh City know that the new land prices, when applied according to the regulations of the 2024 Land Law, may increase many times over. This gives people who need to apply for land use certificates enough time, about a year and a half, to prepare the money to fulfill their financial obligations according to the new land prices.

Specifically, according to Mr. Chau, currently all land use fee calculation dossiers when the state recognizes land use rights for residential land or permits the conversion of land use purposes from agricultural land, non-agricultural land other than residential land to residential land for the area of ​​residential land exceeding the land allocation limit for households and individuals in Ho Chi Minh City are being suspended at the tax office pending a decision from the competent authority on whether or not to issue a new land price list and the time of application, if any.