The National Assembly Standing Committee has just given its opinion on explaining, accepting and revising the Land Law Project (amended). One of the contents that still has many concerns is the valuation of land close to market price.
According to a survey by the Ministry of Construction , more than 50% of real estate projects are facing difficulties, obstacles, and slow implementation due to the difficulty in determining the method of land valuation according to market prices.
However, experts say that pricing land close to market price is difficult but not without solutions.
Prof. Dr. Dang Hung Vo, former Deputy Minister of Natural Resources and Environment , stated: Using valuation services under the inspection and supervision of tax authorities is the only solution to make real estate values transparent.
Citing some countries that have done this, Mr. Vo said that in Australia and New Zealand, the law requires parties involved in the transaction to hire a real estate valuation service so that both the buyer and seller have their own valuation certificate. The valuer is legally responsible for the valuation certificate he has signed. The transaction registration office only relies on the results of the valuation certificate to decide whether it is acceptable or not.
Using land valuation services is a way to be transparent and price close to market price.
In Vietnam, Mr. Vo said that the tax authority can be assigned to control the valuation certificate. If there is any doubt, the tax authority will assign it to a third-party valuation service provider to review and make a conclusion.
“ All valuation costs are paid by the parties involved in the transaction. Initially, such a valuation mechanism will only apply to high-value real estate, and will gradually expand its scope to all types of real estate ,” Professor Dang Hung Vo recommended.
Sharing the same view, Associate Professor Dr. Ngo Tri Long also said that land valuation close to market price is an important requirement in the Land Law project (amended) and this is not a simple issue.
According to Mr. Long, the best solution is that land prices will be determined by independent professional land valuation organizations and agencies.
These organizations are also obliged to comply with the standards, principles, and valuation methods in the "Vietnam Property Valuation Standards", ensuring consistency in land valuation such as honestly reflecting market prices, the principles of independence and objectivity of land price consulting and determining entities, and compliance with inspection and supervision mechanisms...
Only then can land valuation activities ensure objectivity, transparency and accurately reflect market value.
From another perspective, Mr. Le Hoang Chau - Chairman of the Ho Chi Minh City Real Estate Association (HoREA) said that land valuation should only be regulated by one State agency, and the most reasonable thing is to assign the Department of Natural Resources and Environment to preside over and coordinate with the Department of Finance and related agencies to implement.
At the same time, the representative of the Department of Natural Resources and Environment acts as the permanent member of the Land Valuation Council, ensuring smooth land valuation and land valuation activities.
Summarizing the practical experience of nearly 10 years of implementing the 2013 Land Law, it is shown that the specific land price regulations are a point of failure.
The specific land price decided by the provincial People's Committee is used as the basis for calculating compensation, support and resettlement when the State recovers land without the consent of many people whose land is recovered; disputes and complaints related to compensation, support and resettlement prices still account for a high proportion (about 60% of people's complaints) because the specific land price is determined lower than the actual land use right transfer price on the market.
Chau Anh
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