Ho Chi Minh City expects to collect 86,000 billion VND from land prices.

Illustration photo.

Progress improved thanks to new legal framework

According to information announced by the Department of Natural Resources and Environment at the socio -economic meeting on the afternoon of October 2, since the beginning of the year, Ho Chi Minh City has approved more than 70 land valuation records, bringing in revenue of about VND52,000 billion. If 70 more records are completed from now until the end of the year, the figure could reach VND86,000 billion.

Mr. Dao Quang Duong, Head of the Department's Land Economics Division, said that the progress of processing dossiers has improved significantly thanks to the 2024 Land Law and Decree 71/2024/ND-CP. Thanks to the new legal framework, many dossiers from land allocation to price approval take less than two months.

“There are files, from the time the land allocation decision is made until we submit the land price, it takes less than two months for approval. So, with complete files, determining the land price is not difficult.

However, the files with land allocation decisions under the 2003 Land Law, before the 2013 Land Law took effect, have not yet determined the land price. The reason is that the valuation work was previously transferred from the financial sector to the natural resources and environment sector, so it has been delayed for a long time," said Mr. Duong.

Resolving backlog will add 84,000 apartments to people

Currently, the city still has about 84 land allocation and land use conversion records from 2003 to 2013 that have not been priced. With these backlog records, Ho Chi Minh City has repeatedly requested the Central Government to allow the application of the method of taking the land price list and multiplying the adjustment coefficient - a solution that has been applied in many localities since 2015.

Recently, on September 16, the city continued to have 2 documents reporting to the Prime Minister and ministries, in which it proposed to remove the problem by using a price list with a coefficient for easy application, transparency and consistency. The Department also received information that the Prime Minister had directed relevant ministries and branches to take action. In the near future, the Ministry of Natural Resources and Environment and the Ministry of Finance will invite localities to meet to discuss and handle this content.

According to Mr. Duong, the final settlement of these 84 backlog cases is of great significance, equivalent to resolving the land fund for about 84,000 apartments, providing accommodation for more than 300,000 people.

More importantly, land valuation not only increases budget revenue but also promotes investment, housing development, accelerates site clearance and makes land management transparent. The city hopes that when bottlenecks are removed, land resources will be exploited more effectively, thereby creating more momentum for socio-economic development in the coming years.

“If resolved, 84 backlog cases - estimated to be equivalent to about 84,000 apartments, with more than 300,000 places of residence - will be resolved, while at the same time promoting land resources, contributing to promoting socio-economic development.

In fact, after the 2024 Land Law took effect, the work of determining land prices for compensation and site clearance took place quickly, transparently, and with the consensus of the people. For example, the Ring Road 3 project had a land price plan approved within just one month and received high support" - said a representative of the Department of Agriculture and Environment of Ho Chi Minh City.

Source: https://vtv.vn/tp-ho-chi-minh-du-kien-thu-86000-ty-dong-tu-gia-dat-100251003082135533.htm