HCMC – HCMC will release a new land price list by October 15, according to a report from the HCMC People’s Committee.
The Department of Natural Resources and Environment plans to submit the revised land price list to the Appraisal Council by September 30. The council will review it by October 10, and the final version is expected to be published by mid-October.
The update follows the People’s Committee’s identification of three key issues with the current land price framework established under Decision 02/2020. The current prices have not been updated for nearly a decade and no longer reflect current market conditions. The existing land price cap in the city is VND162 million per square meter, which is far lower than actual market levels.
Moreover, the current price list does not consider land prices in resettlement areas, which are essential for compensation and public investment projects. Over the past five years, local authorities have approved specific land price plans for compensation calculation in land acquisitions and setting resettlement land prices. However, these prices have not yet been included in the current legal framework.
Continuing to use the existing price list until the end of 2025 could hinder compensation calculations for individuals relocated in the process of carrying out publicly funded projects due to the lack of adequate resettlement land prices.
The People’s Committee of the city also pointed out changes in the 2024 Land Law, which no longer permits the use of land price adjustment coefficients for properties valued under VND30 billion, as allowed by the 2013 Land Law.
HCMC has been a major driver of public investments, significantly contributing to the national economy. In the first nine months of the year, the city’s gross regional domestic product grew by 6.46% compared to the same period last year, contributing nearly one-fifth of the nation’s economic growth.
The lack of updated prices for resettlement land could impede future projects, warned the People’s Committee of HCMC.
