Update on Decision 79 issuing the new land price list for Ho Chi Minh City, Vietnam from October 31, 2024

Update on Decision 79 issuing the new land price list for Ho Chi Minh City, Vietnam from October 31, 2024 (Image from the internet)

Update on Decision 79 issuing the new land price list for Ho Chi Minh City, Vietnam from October 31, 2024

Decision 79/2024/QD-UBND amends Decision 02/2020/QD-UBND regarding the land price list in Ho Chi Minh City, effective from October 31, 2024, including:

- Amendment and addition to Article 1 of Decision 02/2020/QD-UBND dated January 16, 2020, by the People's Committee of the City concerning the land price list in Ho Chi Minh City for the period 2020–2024;

- Amendment and addition to certain articles of the Regulations on the land price list in Ho Chi Minh City issued with Decision 02/2020/QD-UBND dated January 16, 2020, by the People's Committee of the City;

- Transitional provision: In cases where a competent state authority has received the land user's applications before Decision 79/2024/QD-UBND comes into effect, the land prices for calculating financial obligations and land taxes shall continue to be applied as per the regulations at the time of application submission.

According to the new land prices, for instance, the highest price for urban residential land on Nguyen Hue, Le Loi, and Dong Khoi streets (District 1) can reach 687.2 million VND/m2, which is more than four times the current land prices.

Ham Nghi and Han Thuyen streets (District 1) also have a price of about 430 million VND/m2, quadrupling the previous land prices.

Significant changes are also observed in suburban districts. Specifically, on Song Hanh National Route 22, the highest price is 32 million VND/m2, or on Dang Cong Binh street, it is 18.5 million VND/m2.

The price of urban residential land in Can Gio area is relatively lower compared to some other districts, with examples from Thieng Lieng hamlet residential area at 2.3 million VND/m2, and in Thanh Binh and Thanh Hoa residential areas at 3 million VND/m2.

What are the uses of  new land price list for Ho Chi Minh City, Vietnam?

According to Decision 79/2024/QD-UBND, this land price list is used as a basis in the following cases:

- Land price for calculating land levy at resettlement locations for individuals compensated for urban residential land or individuals allocated resettlement urban residential land in cases not eligible for compensation is determined per the land price list at the time of plan approval for compensation, support, and resettlement;

- Calculation of land levy when the state recognizes the land use rights of households, individuals; changes in land use purposes of households, individuals;

- Calculation of land rent when the state leases land with an annual land rent collection;

- Calculation of land use tax;

- Calculation of income tax from the transfer of land use rights by households, individuals;

- Calculation of fees in land management and use;

- Calculation of administrative penalties in the land sector;

- Calculation of compensation to the state for damages in land management and use;

- Calculation of land levy, land rent when the state recognizes land use rights in cases of land allocation with the collection of land levy, one-time land rent payment for the entire lease period for households, individuals;

- Calculation of starting prices for land use right auctions when the state allocates or leases land where the land parcel or land zone has been invested with technical infrastructure as per detailed construction planning;

- Calculation of land levy for land allocation without land use right auctions for households, individuals;

- Calculation of land levy for selling state-owned houses to tenants.

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