The Ministry of Natural Resources and Environment has sent a document to the People’s Committees of provinces and centrally-run cities, requesting adjustments, amendments, and supplements to the land price framework.
According to the Ministry of Natural Resources and Environment, some localities have been using the land prices in the current land price framework (developed and issued in accordance with the 2013 Land Law and its guiding documents) as the starting price for auctions of land use rights under the 2024 Land Law.
“This has led to a significant gap between the starting price and the winning bid price, potentially leading to exploitation of land auctions for personal gain, disrupting the market, and impacting socio-economic development, the business and investment environment, and the housing and real estate market.” the document stated.
The auctioned land plot in Hoai Duc district saw a winning bid of up to 133.3 million VND per square meter, more than 18 times the starting price. Photo: Hong Khanh |
The ministry attributed the situation partly to the current land price framework, which was developed and issued in accordance with the 2013 Land Law and its guiding documents, being constrained by the government’s land price framework (which has been abolished under the 2024 Land Law).
Additionally, during the implementation of the land price framework, some localities have not timely monitored land price fluctuations in the market to make appropriate adjustments. As a result, land prices in the framework in some localities are still much lower than market prices.
To address this issue, the Ministry of Natural Resources and Environment requested the People’s Committees of provinces and centrally-run cities to direct a review of land prices. In cases where land prices are not in line with reality, the provincial People’s Committees should make adjustments in accordance with the 2013 Land Law, which will be applied until December 31.
At the same time, they should direct relevant agencies and units to review the organization of land use right auctions in their respective areas to ensure compliance with the law and transparency.
Furthermore, it is necessary to promptly detect and strictly handle cases of violations of legal provisions in land use right auctions, preventing the exploitation of land auctions for personal gain and disrupting the market, in accordance with the Prime Minister’s instructions.
Land auction prices near Hanoi ‘surpass’ land price framework in many areas of Hoan Kiem and Ba Dinh districts
Recently, there have been consecutive land auctions in districts on the outskirts of Hanoi, attracting thousands of registration dossiers, with winning bids several times higher than the starting price. The highest bid was up to 133.3 million VND per square meter, more than 18 times the starting price, as seen in Hoai Duc district.
Compared to the current land price framework of Hanoi, the winning bid in Hoai Duc is higher than the land prices in the inner-city districts. It even surpasses the land prices in many areas of Hoan Kiem, Ba Dinh, and Hai Ba Trung districts…
Tran Hung Dao Street (from Tran Thanh Tong to Le Duan) and Pho Hue Street have a land price of 114 million VND per square meter, lower than the highest winning bid in Hoai Duc.
Many other areas in Hoan Kiem district have land prices ranging from 90 to 98 million VND per square meter, such as Hang Ma, Ly Nam De, and Nguyen Huu Huan streets, which are still lower than the winning bids in Dan Phuong and Thanh Oai districts…
The land auction price of 133.3 million VND per square meter also “surpasses” the highest land price in Ba Dinh district (132.6 million VND per square meter), Hai Ba Trung district (106.7 million VND per square meter), Dong Da district (92.8 million VND per square meter), and Tay Ho district (78.8 million VND per square meter)…
Chart: Hong Khanh
Meanwhile, compared to the land price framework for rural residential areas in the communes where the auctioned land plots are located, the winning bids are significantly higher.
According to the land price framework, in Dan Phuong district, Ha Mo commune has a land price of approximately 1.7 million VND per square meter. In Phung town, the highest land price is 15.8 million VND per square meter, located on National Highway 32.
In Thanh Oai district, Thanh Cao commune has a land price of about 0.8 million VND per square meter. In Kim Bai town, the highest land price is 8 million VND per square meter, located on National Highway 21B passing through the town.
In Hoai Duc district, Tien Yen commune has a land price of 2.47 million VND per square meter. In Tram Troi town, the highest land price is 17.9 million VND per square meter, located on National Highway 32.
Hong Khanh
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