Multiple Valuation Methods Needed
Ms. Ung Thi Xuan Huong, Vice President of the Ho Chi Minh City Lawyers’ Association, proposed adopting Option 1. This means keeping the current price table without adjustments based on Decision No. 02/2020. According to Ms. Huong, there is ample time until January 2026 to properly appraise land prices for each area and location.
Ms. Huong also suggested that, as the new land prices are higher, sufficient time is required to disseminate this information to the public to avoid confusion and shock. The new land prices must balance the interests of three parties: the state, the people, and businesses.
New land price table is expected to facilitate land clearance (Photo: Duy Phuong)
Regarding land valuation methods, Ms. Huong suggested: “Land prices should be appraised using multiple methods for comparison. One effective approach is for the Vietnamese Fatherland Front at all levels to organize feedback and discussions at the local level. People in each area, based on their specific locations, will be able to provide practical insights on land prices.”
People’s Right to Choose
For the remaining options, the city’s authorities plan to either use the price table from Decision 02/2020 and multiply it by an adjustment coefficient or refer to the actual situation in the locality.
HCMC residents want to provide feedback on land prices for specific locations (Photo: Duy Phuong)
Commenting on these methods, Mr. Mai Thanh Ha, a resident of Ward 7, District 5, expressed concern as land retrieval for public projects has often led to complaints. The four options will result in four different answers, and the question is whether the state will agree if the people choose the most beneficial option for themselves. Mr. Ha added, “Will the state use administrative decisions to present the optimal option, not for the people but for the state itself? This needs to be considered by the authorities because, up to now, when compensation options are presented, people hardly have the right to choose.”
There is a high demand for agricultural land conversion in the outskirts of HCMC (Photo: Duy Phuong)
Mr. Tran Viet Trung, a resident of Truong Tho Ward, Thu Duc City, suggested that the authorities should be cautious, regardless of the chosen option, as speculators might take advantage. Referring to a recent land auction in Hanoi, Mr. Trung worried about price manipulation. Therefore, he proposed a suitable timeline and roadmap for adjusting land prices in HCMC. “The state should gradually increase prices annually. For instance, if the current land price is 60 million VND/m2, it should be increased to 65 or 67 million VND/m2. This way, people can plan their finances instead of being expected to have the money readily available,” he explained.
Option 1 will keep the land price table unchanged, without adjustments based on Decision No. 02, which was issued in early 2020.
Option 2 will adjust the land price table according to Decision 02 by multiplying the prices in this table by a land price adjustment coefficient (coefficient K) as per Decision 56.
Option 3 will adjust the land prices of routes planned for resettlement based on actual land prices, while the land prices of routes according to Decision 02 will be multiplied by coefficient K.
Option 4 will adjust the land price table according to the provisions of this Law to match the actual land price situation in the locality.
The basis for the adjustment is the existing land price database, refined from various sources such as compensation prices, resettlement prices, specific land prices approved by the People’s Committees at different levels, actual land transfer prices from the land registration agency and the tax authority.
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