Officials suggested that if land-related taxes and fees become burdensome, tax rates should be lowered rather than reducing land prices.

Hanoi’s revised land price table took effect on December 20 and will remain valid until the end of 2025.

The highest land price, recorded in Hoan Kiem District, is VND 695.3 million per square meter, applicable to ten streets.

This price applies to prime locations such as Le Thai To, Hang Ngang, and Hang Dao streets, marking a 3.7-fold increase from VND 187.9 million per square meter previously.

On Tran Hung Dao Street, the price has jumped from VND 114 million to VND 695.3 million per square meter, a six-fold increase.

Similarly, Nha Tho Street saw prices rise from VND 125.4 million to VND 695.3 million per square meter, a 5.5-fold increase.

Other streets, including Hai Ba Trung, Ly Thuong Kiet, and Dinh Tien Hoang, also now share the same peak price.

Land prices on 166 streets in Hoan Kiem District range from VND 100 million to VND 500 million per square meter.

Prices in Ba Dinh, Dong Da, and Hai Ba Trung districts increased by an average of 245%.

In Cau Giay, Thanh Xuan, and Tay Ho districts, prices rose by 225% on average.

Meanwhile, Long Bien, Hoang Mai, Ha Dong, Bac Tu Liem, and Nam Tu Liem districts saw an average increase of 210%.

Across Hanoi, residential land prices increased by 190-270% according to the new table.

These adjustments were based on surveys of 20,740 transactions conducted over the past two years.

Surveys covered 30 districts and 579 wards, examining market transfer prices for various types of land.

Residential land transactions in urban districts range from VND 35 million to VND 650 million per square meter.

In Hoan Kiem District, transactions on streets like Hang Bong ranged from VND 750 million to VND 1.03 billion per square meter.

Transactions on Hang Gai Street were even higher, ranging from VND 969 million to VND 1.2 billion per square meter.

In suburban areas such as Tram Troi (Hoai Duc District) or Trau Quy (Gia Lam District), prices range from VND 100 million to VND 120 million per square meter.

The department estimates that market transfer prices are about 250% higher than the rates in the city’s land price table.

Adjusting tax rates, not land prices

Concerns have been raised about the potential increase in land taxes and fees due to the new price table.

The Hanoi Department of Natural Resources and Environment stated that aligning land prices with market values is a legal requirement.

The revised table aims to reduce discrepancies and align official prices with market rates.

This adjustment supports uniform land management policies and balances the interests of the state, land users, and investors.

It is expected to increase state revenues through financial contributions from residents and businesses.

If taxes and fees become disproportionate to residents’ incomes, the department suggested adjusting tax rates rather than land prices.

In suburban areas, auction-winning land prices sometimes surpass rates in inner-city districts.

The new price table will not significantly affect compensation and resettlement payments for land acquisition.

Compensation is based on specific valuations, calculated through land valuation methods and adjusted with coefficients.

The revised table aims to facilitate land clearance, attract investment, and promote urban development.

The department stated that the rights of land users affected by land acquisition are better protected under the new rates.

The table also serves as a baseline for reserve prices in land-use rights auctions.

Officials emphasized that aligning land prices with market values is essential to ensure revenue from auctions.

Hong Khanh