Which authority has the power to decide specific land prices in Vietnam?

Which authority has the power to decide specific land prices in Vietnam? (Internet image)

Which authority has the power to decide specific land prices in Vietnam?

Based on Clause 2, Article 160 of the Land Law 2024 on the authority to decide specific land prices in Vietnam:

- The Chairman of the Provincial People's Committee decides specific land prices in cases of land allocation, land lease, allowing the change of land use purpose, recognizing land use rights, extending land use duration, adjusting the land use term, adjusting the detailed construction planning, land recovery, determining the starting price for land use rights auction, determining the value of land use rights when equitizing enterprises under the jurisdiction of the Provincial People's Committee according to the provisions of the Land Law 2024;

- The Chairman of the District People's Committee decides specific land prices in cases of land allocation, land lease, allowing the change of land use purpose, recognizing land use rights, extending land use duration, adjusting the land use term, adjusting the detailed construction planning, land recovery, determining the starting price for land use rights auction under the jurisdiction of the District People's Committee according to the provisions of the Land Law 2024.

What are the 04 current methods of land valuation in Vietnam?

Current methods of land valuation in Vietnam include:

(1) Comparison method

Implemented by adjusting the price of parcels with the same land use purpose and certain similar factors affecting land price that have been transferred on the market, including the price of land use rights at auction where the highest bidder has completed financial obligations according to the auction winning decision, through analyzing and comparing factors affecting land price after excluding the value of assets attached to the land (if any) to determine the price of the parcel to be valued;

(2) Income-based method

Implemented by taking the average annual net income per land area divided by the average savings deposit interest rate for a 12-month term in Vietnamese Dong at commercial banks with over 50% state capital or total voting shares in the provincial area for the 03 consecutive years till the end of the nearest quarter with data before the land valuation time;

(3) Surplus-based method

Implemented by taking the estimated total development revenue minus the estimated total development cost of the land parcel or land zone based on the most effective land use (land use coefficient, construction density, maximum building height) according to the land use planning, detailed construction planning approved by competent authorities;

(4) Land price adjustment coefficient method

Implemented by taking the land price in the land price table multiplied by the land price adjustment coefficient. The land price adjustment coefficient is determined by comparing the land price in the land price table with the market land price;

Additionally, the Government of Vietnam can stipulate other methods of land valuation not mentioned above after obtaining the consent of the Standing Committee of the National Assembly.

(Clause 2, Article 158 of the Land Law 2024)

What are regulations on principles of land use in Vietnam?

- Land use must comply with the intended purpose.

- Sustainable, economical, and effective use of land and surface and underground resources.

- Protecting the land, protecting the environment, adapting to climate change, avoiding the abuse of pesticides and chemical fertilizers causing pollution and soil degradation.

- Exercising the rights and obligations of land users within the land use term according to the provisions of the Land Law 2024 and other relevant legal regulations; not infringing upon the lawful rights and interests of adjacent and surrounding land users.

(Article 5, Land Law 2024)

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