The People’s Committee of the city directs the Department of Natural Resources and Environment to urgently review and advise the People’s Committee of the city to issue a decision to adjust the land price table as stipulated in the Land Law 2024.
During the period when the decision to adjust the new land price table has not been issued, to resolve the financial obligations, taxes on land… the city agrees in principle to determine the land price as a basis for resolving the financial obligations, taxes on land in accordance with the provisions of Article 159, Land Law 2024.
This is: Land price in the land price table issued together with Decision No. 30/2019, Decision No. 20/2023 amending, supplementing and adjusting Decision No. 30/2019 multiplied by the land price adjustment coefficient stipulated in Decision No. 45/2024 (for land rent), Decision No. 46/2024 (for land use levy and personal income tax) of the People’s Committee of the city.
In case the transfer price stated in the real estate transfer contract, land use right or tax declaration dossier is higher than the land price determined according to the above principle, the taxable income shall be determined according to the transfer price stated in the contract or tax declaration dossier.
People doing land-related procedures at a land registration office in Hanoi. Photo: Hong Khanh |
The land price table according to Decision 30/2019 of the People’s Committee of Hanoi applies from January 1, 2020, to December 31, 2024. The land price in Hanoi, which is currently applied for the period 2020–2024, has the highest level at VND 162 million per square meter in some inner-city areas, and the highest agricultural land price is VND 252,000 per square meter.
According to the Land Law 2024, from 2026, the land price table will be issued by the People’s Committees of the provinces once a year to match the market, instead of once every five years as in the old regulation.
Currently, in many localities, the land price table issued by the People’s Committees of the provinces according to the provisions of the Land Law 2013 is still being applied.
In Ho Chi Minh City, at the end of October, after nearly three months of absorbing opinions, explaining and adjusting to suit, the People’s Committee of the city officially issued a decision to adjust the land price table for 2020. This land price table will be applied from October 31, 2024, to the end of December 31, 2025.
The highest residential land price in Ho Chi Minh City belongs to the land plots on three roads of Nguyen Hue, Dong Khoi, and Le Loi in District 1, with VND 687.2 million per square meter. Compared to the 2020 land price multiplied by the coefficient (VND 567 million per square meter), the residential land price after adjustment on these roads increased by VND 120.2 million per square meter, equivalent to 21%.
However, this number has decreased significantly compared to the draft submitted for comments in late July, when the residential land price on these three roads was proposed at VND 810 million per square meter.
The lowest residential land price in the city is in the Thien Liem residential area, Can Gio district, at VND 2.3 million per square meter. In the 2020 land price table multiplied by the coefficient K, the land price in this area was only VND 170,000 per square meter. After adjustment, the price increased by 13.5 times.
Hong Khanh
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