By the end of September, a draft decision to adjust the land price list in Ho Chi Minh City is expected to be presented again to the city's Land Price Appraisal Council. Following the council's appraisal, the Ho Chi Minh City People's Committee will issue the decision.

In relation to the process of adjusting the land prices for the year 2020, the Ho Chi Minh City People's Committee recently reported on the progress and content of the implementation to the City People's Council.

According to the People's Committee, the 2024 Land Law introduces several new features, such as perfecting the mechanism for determining land prices based on market principles and removing the land price framework regulation.

Additionally, under the new law, the land price list will be constructed and applied from January 1 each year to align with the market and serve as the basis for determining financial obligations for two groups of land users.

However, the 2020 price list currently in use in Ho Chi Minh City has three shortcomings: the prices are capped by the price framework, with residential land prices peaking at only 162 million VND per square meter, which is significantly different from market prices; the list has not been updated for resettlement land prices; and there are bottlenecks in pricing land plots valued under 30 billion VND according to the price list.

Addressing the need for price adjustments, the Ho Chi Minh City Department of Natural Resources and Environment (DoNRE) was tasked with drafting the proposal through an expedited process to ensure its issuance by August 1.

After soliciting written opinions and through review conferences, on July 30, the DoNRE submitted the decision to adjust the 2020 price list to the Ho Chi Minh City Land Price Appraisal Council. Subsequently, the department presented additional impacts of the revised prices.

At a meeting held on September 20, the council's advisory team provided feedback on the draft of the revised land price list, which the DoNRE has since incorporated into the proposal.

Regarding the timeline for the revised land price list, on September 30, the DoNRE will finalize the proposal to resubmit to the council. The council is expected to meet for appraisal before October 10, and the plan is for the Ho Chi Minh City People's Committee to issue the revised list before October 15.

In the interim, on September 21, the Ho Chi Minh City People's Committee approved the continued application of the current land price list and land price adjustment coefficients by various departments, the Thu Duc City People's Committee, and district authorities to determine financial obligations and taxes.

Anh Phuong – Ho Van