Regulations on adjusting, amending or supplementing land price lists in Vietnam as of January 1, 2025

Regulations on adjusting, amending or supplementing land price lists in Vietnam as of January 1, 2025 (Internet image)

On June 27, 2024, Hanoi issued Decree 71/2024/ND-CP on land prices in Vietnam.

Regulations on adjusting, amending or supplementing land price lists in Vietnam as of January 1, 2025

Article 16 of Decree 71/2024/ND-CP provides guidelines on adjusting, amending or supplementing land price lists in Vietnam as follows:

- The land price list is submitted by the provincial People's Committee to the People’s Council at the same level for decision on annual adjustments, amendments, and supplements to be publicized and applied from January 1 of the subsequent year or within the same year as follows:

• Adjust the land prices of each type of land in each area, location with market fluctuations for areas where the land price list is built according to the area and location; the land prices of each plot of land with market fluctuations for areas where the land price list is built to each plot of land based on the value regions and standard plots;

• Supplement land prices not yet specified in the current land price list of each type of land in each area and location for areas where the land price list is built according to the area and location; of each plot of land for areas where the land price list is built to each plot of land based on the value regions and standard plots;

• Maintain the land prices in the built, adjusted, amended, or supplemented current land price lists of each type of land in each area and location without market fluctuations for areas where the land price list is built according to the area and location; the land prices of each plot of land without market fluctuations for areas where the land price list is built to each plot of land based on the value regions and standard plots.

- The sequence and procedures for adjusting, amending, and supplementing the land price list are carried out according to the provisions of Articles 13, 14, and 15 of Decree 71/2024/ND-CP.

- In cases where the land price list applies, but at the time of land valuation, the plot or area needing valuation is not specified in the land price list, the competent state agency for land management at the provincial level, based on the actual situation in the locality, will determine the land price by referencing the land price in the land price list of regions and locations with similar infrastructure conditions to submit to the provincial People's Committee for decision, except in the case specified in Clause 3, Article 111 of the 2024 Land Law.

Procedures for formulating the land price list in Vietnam from January 1, 2025

Article 14 of Decree 71/2024/ND-CP stipulates the development of the initial land price list for publicization and application from January 1, 2026, as follows:

- The organization in charge of land valuation performs the following steps to develop the land price list:

• Investigate, survey, and collect information to serve the development of the land price list according to the area and location; develop the land price list to each plot of land based on the value regions and standard plots;

• Identify the type of land, area, and land location in each commune, ward, and town for areas where the land price list is built according to the area and location; determine the type of land, total number of plots, and number of plots of each type of land for areas where the land price list is built to each plot of land based on the value regions and standard plots;

• Synthesize and finalize the investigation, survey, and information collection results at the commune, district, and provincial levels; analyze and evaluate the implementation results of the current land price list for developing the land price list according to the area and location;

• Compile the investigation, survey, and information collection results; establish the value regions; select standard plots and determine prices for the standard plots; prepare the comparison ratio table to develop the land price list to each plot of land based on the value regions and standard plots;

• Draft the land price list and the explanatory report for building the land price list.

- The Department of Natural Resources and Environment is responsible for drafting the proposal on promulgating the land price list; posting the dossier for public comments on the draft land price list on the provincial People's Committee and Department of Natural Resources and Environment websites for 30 days; collecting written comments on the draft land price list from the provincial Vietnam Fatherland Front Committee, member organizations of the Fatherland Front, tax agencies, state notary organizations, and land price valuation consulting organizations; accommodating and completing the draft proposal on promulgating the land price list; and directing the land valuation organization to address and explain feedback, completing the draft land price list and explanatory report.

- The Department of Natural Resources and Environment submits the dossier to the Land Price Appraisal Council for reviewing the land price list; the Land Price Appraisal Council appraises the land price list and sends the appraisal document to the Department of Natural Resources and Environment.

- The Department of Natural Resources and Environment organizes the accommodation, explanation, amendment, and completion of the draft land price list according to the opinions of the Land Price Appraisal Council; and submits it to the provincial People's Committee.

- The provincial People's Committee submits the land price list to the People's Council at the same level for decision, publicization, and updating into the national land database.

More details can be found in Decree 71/2024/ND-CP, effective from January 1, 2025, except for the provisions specified in Clause 2, Article 39 of Decree 71/2024/ND-CP.

To Quoc Trinh

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