Official Letter No. 5317/BTNMT-QHPTTND issued by the Ministry of Natural Resources and Environment regarding regulations on land prices under the jurisdiction of Provincial and Municipal People's Committees

Pursuant to Decree No. 71/2024/ND-CP on land pricing, the 2024 Land Law, and the related provisions of Decree No. 71/2024/ND-CP, the authority to regulate land prices has been assigned to the People's Committees of provinces and centrally-managed cities. MONRE, therefore, requests these authorities to take proactive and urgent measures to complete the formulation and issuance of land price regulations within their jurisdictions. These regulations must be developed and enacted timely, ensuring compliance with the quality and schedule requirements outlined in the 2024 Land Law and Decree No. 71/2024/ND-CP.

05/02/2025

Official Letter No. 5317/BTNMT-QHPTTND issued by the Ministry of Natural Resources and Environment regarding regulations on land prices under the jurisdiction of Provincial and Municipal People's Committees

The specific responsibilities assigned to provincial People's Committees regarding land prices are detailed in the Annex accompanying this Official Letter, including:
- Developing land price tables;
- Establishing sales and occupancy ratios, which must be implemented by January 1, 2025, at the latest;
- Setting percentage rates to determine business costs, loan interest expenses, and investor profits, while considering equity capital and business risks for project groups with the same primary land use purpose or for individual projects, to be applied no later than January 1, 2025;
- Identifying factors that influence land prices, determining the maximum allowable deviation for each factor to ensure consistency, and specifying adjustment methods for different levels of deviation in these influencing factors.

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For more information, please contact:

Hoang Pham (James) / Managing Partner at: hoang.pham@vselawyers.com

Attention: This legal update is not an advice and should not be treated as such.