Information requirements for application of land pricing methods in Vietnam

Information requirements for application of land pricing methods in Vietnam
Dương Châu Thanh

On February 5, 2024, the Government of Vietnam promulgated Decree No. 12/2024/ND-CP on amendments to Decree No. 44/2014/ND-CP dated May 15, 2014 on land prices, which contains regulations on information requirements for the application of land pricing methods.

Information requirements for application of land pricing methods in Vietnam 

Decree No. 12/2024/ND-CP has also added Article 5b on information requirements for the application of land pricing methods. Information on land prices, land rentals, and ground rentals for the application of the comparison method, surplus-based method, and land price coefficient method includes:  

- Bid-winning prices for land use rights regarding cases where winning bidders have fulfilled financial obligations according to bid-wining decisions;

- Land prices after tax procedures at tax authorities or registration at land registration offices regarding cases of transfer of land use rights; 

- Land and ground rentals; 

- Prices of transferred land on the market. 

Decree No.12/2024/ND-CP stipulates that information requirements for the application of land pricing methods is the information within 24 months before the land pricing. It is prioritized to use the information closest to the land pricing, which is collected from the following sources:

- National databases on land and prices; 

- Land registration offices, land use right auction units, and property auction units; 

- Tax authorities and agriculture and rural development authorities; 

- Real estate exchange platforms and real estate enterprises; 

- Other advisory organizations regarding land price determination and land valuation enterprises; 

- Credit institutions, real estate associations, and research institutes/centers; 

- Direct interviews of transferring parties or receiving parties regarding cases of transferred land on the market. 

See more details in Decree No. 12/2024/ND-CP of Vietnam, effective as of February 5, 2024. 

Regulations on decisions on specific land prices 

Decree No. 12/2024/ND-CP stipulates the grounds for the land pricing principles prescribed in Clause 1 Article 112 of the Land Law, conditions for applying land pricing methods, appraisal results of land price schemes of Appraisal Councils for Specific Land Prices, People's Committees of provinces to decide on specific land prices or People's Committees of districts to decide on specific land prices when authorized by People's Committees of provinces according to the Law on Local Government Organization

Specific land prices shall be used as the grounds for cases prescribed in Clause 4 Article 114, Clause 2 Article 172, and Clause 3 Article 189 of the Land Law; reserve prices for land use right auctions when the State allocates land subject to land rent or collects a lump-sum payment for the whole lease term of land. 

Natural resources and environment authorities shall assist People’s Committees at the same level in determining specific land prices. 

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