At the meeting on Ho Chi Minh City’s socio-economic situation on August 1st, Mr. Vo Van Hoan, Vice Chairman of the Ho Chi Minh City People’s Committee, said that the new land price framework has been a topic of great interest to the public. As this information affects multiple stakeholders, it requires thorough discussion and consideration.
According to Mr. Hoan, the new land price framework warrants extensive discussion. He emphasized, “We need to be meticulous, provide clear explanations, and ensure that people understand. For any negative impacts, we must find a solution.”
Meanwhile, Mr. Nguyen Toan Thang, Director of the Ho Chi Minh City Department of Natural Resources and Environment, stated that, according to the Law on Land 2024, the People’s Committee of the province is authorized to consider using the old land price framework or adjust it. Ho Chi Minh City has decided to adjust the old land price framework.
Adjusting the land price framework involves seven steps. The Department of Natural Resources and Environment of Ho Chi Minh City has completed six steps so far. All data collected by the consulting unit across the city has been calibrated and transferred to the assisting group of the Ho Chi Minh City People’s Council for review and appraisal.
Mr. Thang clarified, “This time, we are adjusting the land price framework, and we have not yet developed a new one according to the Law on Land 2024. The new framework will be constructed and applied from January 1, 2026. The current adjustment is to update the old prices, taking into account current land transaction prices, approved compensation prices, and specific market prices to prevent losses due to the old prices being too low.”
The Director of the Department of Natural Resources and Environment of Ho Chi Minh City provided an example of roads where the old land price framework was only VND 1-2 million/m2, while the current transaction price has reached VND 120 million/m2. Therefore, this update aims to calibrate and provide the most suitable land price framework for Ho Chi Minh City.
The current adjustment is to update the old land price framework, and Ho Chi Minh City has not yet developed a new one according to the Law on Land 2024.
Previously, the Ho Chi Minh City Department of Natural Resources and Environment announced a draft decision to adjust Decision No. 02/2020/QD-UBND dated January 16, 2020, of the Ho Chi Minh City People’s Committee on land prices in the area.
According to the draft, the highest land price in Ho Chi Minh City’s urban area is VND 810 million/m2, located on central roads such as Dong Khoi, Nguyen Hue, and Le Loi in District 1. This price is five times higher than the current land price framework.
Some adjacent roads, such as Ton Duc Thang (from Me Linh Square to Nguyen Tat Thanh Bridge), are priced at VND 528 million/m2, an increase of VND 422.4 million/m2 compared to the current framework. Similarly, Pham Hong Thai Street is priced at VND 418 million/m2, an increase of VND 334.4 million/m2.
In Thu Duc City, the current land price framework ranges from VND 5-7 million/m2, with some places exceeding VND 20 million/m2. With the adjustment, Tran Nao Street is expected to have a price of VND 149 million/m2, a significant increase from the current range of VND 13-22 million/m2.
Streets in Thao Dien Ward, which previously had a land price of about VND 7.8 million/m2, are expected to increase to VND 88-120 million/m2. Street 13, Ward 4 (An Phu Ward) will see a rise from VND 5.2 million/m2 to VND 91 million/m2, an increase of 17.5 times.
Similarly, many roads in Districts 7, 4, and 12 are expected to be adjusted with prices increasing by 10-15 times compared to the current land price framework.
In Nha Be, Binh Chanh, Can Gio, and Cu Chi districts, the planned adjusted land prices in many places are 10-20 times higher than the land prices specified in Decision No. 02/2020/QD-UBND dated January 16, 2020, of the Ho Chi Minh City People’s Committee.
Hoc Mon district stands out with the highest expected increase compared to the old land price framework, with some roads seeing prices surge by more than 15-50 times. For example, the price of Do Van Day Street, from Cau Xang to Ngã Ba Lang Cha, is projected to increase from VND 780,000/m2 to VND 24.1 million/m2, and Nguyen Thi Thanh Street, from Dang Thuc Vinh Street to Tran Quang Co Canal, is expected to increase by more than 37 times, from VND 610,000/m2 to VND 22.4 million/m2.
Regarding the Law on Land 2024, Mr. Nguyen Toan Thang stated that Ho Chi Minh City is responsible for promulgating 14 documents to guide its implementation in detail, including appendices. The city’s policy is to allow a streamlined process, and by August 1, the deadline for collecting feedback from units will have passed. By August 15, all 14 documents must be issued to ensure the law’s enforcement. One of the 14 documents entrusts the People’s Committee of the province with adjusting the land price framework. Accordingly, Ho Chi Minh City has decided to adjust the old framework.
