Vietnam: 02 cases in which the land price list shall be adjusted

According to Decree No. 44/2014/NĐ-CP of Vietnam’s Government, cases in which the land price list shall be adjusted include:

- The land price bracket adjusted by the Government increases by 20% or more in comparison with the maximum land price or decreases by 20% or more in comparison with the minimum land price in the land price list of the similar land.

- The common market price of land increases by 20% or more in comparison with the maximum land price or decreases by 20% or more in comparison with the minimum land price in the land price list after 180 days.

Adjustment to the land price list includes: adjustment to the price of one, some or all of the land types in the land price list; adjustment to the price of one, some or all of the land locations.

Note: The land prices in the adjusted land price list must comply with the land price bracket and regulations on the difference in the bordering land price prescribed in Clause 2 Article 13 this Decree.

Decree No. 44/2014/NĐ-CP stipulates that the common market price of land is the most frequent price in the among successful transactions on the market, successful bids for land use rights, land prices derived from costs, income of the plots of land with the same purpose in a region and in a certain period.

Besides, Decree No. 44/2014/NĐ-CP also stipulates the application and the procedure for adjusting the land price list as follows:

- Procedure for adjusting the land price list:

+ Defining the land type, the location needing adjustment in the land price list;

+ Investigating, analyzing, synthesizing the information about the market price of land, the natural, economic, and social factors, management and use of land that affect land prices;

+ Analyzing, evaluating the result of the implementation of the current land price list;

+ Formulating the adjusted land price list and making a written request for the promulgation of the adjusted land price list;

+ Conducting a survey into the adjusted land price list;

+ Completing the draft land price list and submitting it to the People’s Committee of the province;

+ Verifying the draft of the adjusted land price list;

+ Submitting the draft of the adjusted land price list to the Permanent People’s Council at the same level for approval and reporting it to the People’s Council in the upcoming meeting;

+ Promulgating the adjusted land price list.

- Application for the adjustment to the land price list submitted to the People’s Committee of the province consists of:

+ A written request for the promulgation of the adjusted land price list;

+ The draft of the adjusted land price list;

+ A description of the compilation of the adjusted land price list;

+ A record of the inspection of the adjusted land price list.

- Application for the adjustment land price list submitted to the Permanent People’s Council of the province for approval consists of: a written request of the People’s Committee of the province, the draft of the adjusted land price list and a description of the adjusted land price list.

The Department of Natural Resources and Environment shall formulate the local adjusted land price list and request the People’s Committee of the province to promulgate it.

View more details at Decree No. 44/2014/NĐ-CP of Vietnam’s Government, effective from July 01, 2014.

Le Hai

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