Vietnam’s Deputy Minister of Natural Resources and Environment, Le Minh Ngan, has recently issued a directive to provincial and municipal authorities, urging them to adjust, amend, and supplement the land price framework.
This directive comes in response to certain localities using the land prices from the current framework, which was established under the 2013 Land Law, as the starting price for land use right auctions when the State allocates or leases land for plots that have been technically invested in accordance with detailed construction planning regulations under the 2024 Land Law.
Illustration: Government.
The ministry’s document states, “Through our monitoring, we have observed that some localities are using land prices from the current land price framework (developed and issued in accordance with the 2013 Land Law and its guiding documents) as the starting price for land use right auctions when the State allocates or leases land for plots that have been technically invested in accordance with detailed construction planning regulations under Article 159, Clause 1, Point i of the 2024 Land Law. This has resulted in significant discrepancies between the starting price and the winning bid price, creating opportunities for land auction profiteering, disrupting the market, and impacting socio-economic development, the business environment, and the housing and real estate market.”
The main reason for this situation is the previous land price framework’s limitations, which constrained the flexibility of the price table and led to a disconnect from market realities. Additionally, some localities’ delays in updating land price fluctuations have exacerbated the issue.
To address this, the 2024 Land Law empowers localities to proactively adjust their land price frameworks to align with actual conditions, ensuring transparency and fairness in the land allocation and auction processes.
In early August 2024, land auctions in Hoai Duc and Thanh Oai attracted thousands of participants with numerous registration dossiers. In the most recent auction held in Hoai Duc on September 19, 19 land lots were successfully auctioned with prices hovering around VND 100 million per square meter, with the highest lot reaching over VND 135 million per square meter. This winning bid is 18 times higher than the starting price, sparking public discussion.
Experts deem this price surge as irrational, exceeding expectations, and misaligned with the area’s infrastructure and socio-technical context.
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