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Sunday, July 21, 2024

Ministry proposes methods for determining land prices

By Thai Huy

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HCMC – The Ministry of Natural Resources and Environment has proposed four methods of land price establishment and coordinated with local authorities to build the initial land price list, according to Minister Dang Quoc Khanh.

During the National Assembly session, Minister Khanh addressed some key points regarding the draft of the revised Land Law. Building the initial land price list would require significant time and effort, particularly as it would be based on four proposed methods of price determination, he said. However, the minister assured that the annual adjustment of land prices would become easier once the initial list is established.

The Ministry of Natural Resources and Environment has outlined four methods for calculating land prices: direct comparison, income, deduction and coefficient.

However, some deputies expressed concerns that the use of multiple methods for calculating land prices could lead to difficulties in price management and potentially result in corruption and misconduct.

Minister Khanh further explained that a single method would not be suitable for all cases in reality. He provided an example, stating that the direct comparison method aligns with market principles and is closest to market prices, assuming accurate input data.

Meanwhile, the deduction method would apply to land lots with assets, which would be combined with the comparative method to calculate land prices.

The income method would be practical in underdeveloped or agricultural areas where land transactions are scarce, while the coefficient method would be utilized in areas with limited land transactions and relatively stable land prices.

Considering deputies’ feedback, the Ministry of Natural Resources and Environment pledged to conduct further research and incorporate relevant input data to determine land prices. The amended Land Law is expected to be approved by the National Assembly by the end of this year.

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