Vietnam: When shall the Government adjust the land price bracket?

According to Decree No. 44/2014/NĐ-CP of Vietnam’s Government, if the common market price of land increases by 20% or more in comparison with the maximum land price in the bracket or decreases by 20% or more in comparison with the minimum land price in the bracket, the Government shall adjust the land price bracket.

Adjustment to land price bracket include:

- Adjustment to the maximum, minimum prices of one, some or all of the types of land prescribed in the land price bracket.

- Adjustment to the land price bracket(s) of one, some or all of the economic regions or classes of urban areas.

According to Decree No. 44/2014/NĐ-CP, the procedure for adjusting the land price bracket includes:

- Defining the types of land, economic regions and class urban areas of which the price brackets need adjusting.

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

- Analyzing, evaluating the result of the current land price bracket.

- Formulating the adjusted land price bracket and sending a written request for the land price bracket adjustment.

- Conducting a survey into the draft land price bracket.

- Verifying the draft land price bracket.

- Completing the adjusted land price bracket and requesting the Government to promulgate it.

The application for promulgation of the adjusted land price bracket includes:

- A written request for the promulgation of the adjusted land price bracket;

- The draft of the adjusted land price bracket;

- A description of formulation of the adjusted land price bracket;

- A record on verification of the adjusted land price bracket.

The Ministry of Natural Resources and Environment shall formulate the adjusted land price bracket and request the Government to promulgate it. The Ministry of Finance shall verify the adjusted land price bracket.

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

Le Hai

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE