Official land prices far below real values, gov’t says
Downtown Ho Chi Minh City, where official land prices are set at VND81 million per square meter, far below their market value
The highest official land prices, which are mainly used for tax purposes and site clearance compensation, are set at VND81 million per square meter, applied to some districts in Hanoi and Ho Chi Minh City, according to a report sent to legislators this week. The maxium rate has been left unchanged since last year.
Only a fewÂ among 63 cities and provinces in the country hire consultants to help do their land pricing. Some provinces continued to keep a very wide price range for a certain area, leading to inconsistent, arbitrary decisions in different cases, the report said.
Vietnam now allows provincial authorities to set land valuations every year. The valuations, however, have to be based on a price frame introduced by the central government and are not allowed to exceed the frame’s maximum limit by 20 percent.
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