Binh Duong: Land prices to increase up to 247% from current prices.

If passed, the proposed Resolution will result in an increase in land prices in Binh Duong province, ranging from a minimum of 11% to a maximum of 247% compared to the current prices. This adjustment is aimed at aligning the land prices with the current reality, as some communes are upgraded to wards and towns.

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On February 3, representatives of the Binh Duong Provincial People’s Committee announced that the province is collecting feedback on the draft Resolution to amend and supplement Resolution No. 20, dated December 12, 2019, of the Provincial People’s Council regarding the land price list for the period 2020 – 2024, to be submitted to the Provincial People’s Council for consideration.

According to the draft Resolution, the basic structure of the Land Price list for the period 2020 – 2024 in Binh Duong province will still remain, to be applied from April 1, 2024.

The draft proposes adjusting the price of aquaculture equal to the price of rice and other annual crops. The adjusted land prices will increase from 4% to 191% (equivalent to an increase from 10,000 VND/m2 to 210,000 VND/m2).

The adjustment will ensure that the land prices in different districts and areas in the Northern region do not differ significantly. The adjusted land prices will increase from 11% to 95% (equivalent to an increase from 25,000 VND/m2 to 90,000 VND/m2) compared to the current prices.

The non-agricultural land prices in urban areas under Thu Dau Mot City and Di An City will be adjusted to the maximum price range set by the Government in Decree No. 96. The adjusted land prices will increase by an average of 73% for Thu Dau Mot City and by an average of 125% for Di An City compared to the current prices (equivalent to an average increase of 45% compared to the common market price).

The non-agricultural land prices in urban areas in other districts, towns, and cities, as well as the non-agricultural land prices in rural areas throughout Binh Duong province, will be adjusted to 45% of the common market price (equivalent to an increase from 55% to 247% compared to the current prices).

Binh Duong will adjust land prices in certain areas to better reflect the local situation.

The road classification in 4 communes: Vinh Tan, Hoi Nghia, Phu Chanh, and Tan Vinh Hiep will be upgraded to urban wards under Tan Uyen City and Tan Binh commune will be upgraded to urban town under Bac Tan Uyen district, in order to apply urban area pricing.

Adjustments and additions will be made for new roads that have been upgraded, named, or are missing; and for increasing or decreasing the road type according to the proposals of the People’s Committees of districts, towns, and cities, based on actual review.

This will be applied to state management agencies in land and real estate; agencies responsible for determining specific land prices; economic organizations, Vietnamese individuals residing abroad, foreign-invested enterprises, households, and individuals permitted by the state to change land use purposes, transfer land, lease land with land use fees, and rent land; as well as other relevant organizations and individuals.