The Ho Chi Minh City People’s Committee has recently submitted a proposal to Deputy Prime Minister Tran Hong Ha and the Minister of Agriculture and Environment, addressing challenges in implementing Article 63 of Decree 102/2024, which details provisions of the Land Law.
Identifying Obstacles
Article 63 of Decree 102/2024 outlines the land valuation method for cases specified in point b, clause 2, Article 257 of the Land Law.
According to the Ho Chi Minh City People’s Committee, nearly 100 files fall under Article 63. Since the land valuation dates back to before the 2013 Land Law took effect, gathering historical data to determine current land values has proven nearly impossible.
To ensure legal compliance, the Ho Chi Minh City People’s Committee has also requested Deputy Prime Minister Tran Hong Ha to direct the Ministry of Agriculture and Environment and relevant agencies to amend Decree 71/2024.
The committee proposes amending Article 63 to promptly resolve these issues, unlock land resources, and reduce barriers for citizens and businesses.
Specifically, for cases requiring valuation via the land price adjustment coefficient (K factor), the land price table issued by the provincial People’s Committee at the time of land allocation, lease, or purpose change will be used. This will be multiplied by the 2015 land price adjustment coefficient to calculate financial obligations.
Ho Chi Minh City approved a land price of VND 16.19 trillion for the Thu Thiem Eco Smart Complex project by Lotte Group (South Korea), after years of delays. Photo: QUOC ANH
Applying the 2015 K factor ensures alignment with the real estate market and balances stakeholder interests. It prevents city budget losses and avoids resource wastage.
The Ho Chi Minh City People’s Committee acknowledges that land valuation challenges have become a bottleneck for national socio-economic development.
In Ho Chi Minh City alone, hundreds of real estate projects are stalled or suspended due to prolonged land valuation processes. This delays project implementation, hinders urban development, and limits market supply.
Clearing the Bottleneck
Dao Quang Duong, Acting Head of the Land Economy Department at the Ho Chi Minh City Department of Agriculture and Environment, reported that since the beginning of the year, the city has approved over 70 land valuation plans, generating VND 52 trillion in revenue.
By year-end, the department expects to submit 70 more files, adding VND 34 trillion.
Duong noted that since the 2024 Land Law and Decree 71/2024 took effect, land valuation and approval have become faster and smoother. For example, the Ring Road 3 project’s land valuation was completed within a month, with public support.
However, Duong highlighted challenges with pre-2013 Land Law files due to incomplete comparative data when valuation shifted from the Finance to the Natural Resources and Environment sector (now Agriculture and Environment).
He cited 84 unresolved land allocation files from the 2003 Land Law era, lacking comparable data for areas like Binh Chanh, Hoc Mon, Thu Duc, and Go Vap, where apartment construction began in 2007-2010.
The Department of Agriculture and Environment has urged the Ho Chi Minh City People’s Committee to petition the Government, Ministry of Agriculture and Environment, and Ministry of Finance for solutions. The Prime Minister has directed the ministries to convene localities for resolution.
Resolving these 84 files, each with approximately 1,000 apartments, would enable Ho Chi Minh City to issue land use rights certificates (red books) to about 84,000 households.
Businesses have shown interest. Dang Anh Tu, CEO of Sai Gon 5 Real Estate JSC, believes resolving project bottlenecks will significantly aid developers in continuing projects, increasing housing supply, and completing legal procedures for red book issuance. This enables businesses to contribute to state revenue and enhance operational results.
Contributing to Development
A representative from Novaland Group noted recent progress in resolving legal issues for central Ho Chi Minh City projects, enabling red book issuance for thousands of customers.
By Q3, nearly 1,950 red books were issued for projects like Sunrise Riverside, The Sun Avenue, and Kingston Residence. Issuance is accelerating for Lucky Palace (commercial), Orchard Garden (Officetel), and Sunrise City North (Officetel).
Novaland anticipates issuing nearly 500 more red books soon. Expedited legal resolutions allow Novaland to fulfill financial obligations promptly.
This benefits customers and contributes to the city’s budget. “Ho Chi Minh City’s commitment to resolving legal issues helps businesses meet responsibilities, stimulate cash flow, and support economic stability and growth,” said the Novaland representative.
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