DNVN - Dr. Can Van Luc - Chief Economist of BIDV , Member of the National Financial and Monetary Policy Advisory Council, said that land valuation based on market principles is the most important new point in the 2024 Land Law. This new point creates conditions for land valuation close to market prices, removing land price inadequacies.
Speaking at the opening of the dialogue conference on “Propaganda, dissemination, and effective implementation of policies and laws on land, housing, and real estate business” on October 15, Dr. Nguyen Van Khoi - Chairman of the Vietnam Real Estate Association said that in the current period, when laws on land and housing begin to come into practice, organizing propaganda, dissemination, and extensive legaleducation among all classes of people and the business community is a particularly important task. This will help raise awareness and responsibility in law enforcement and law enforcement supervision.
Dr. Can Van Luc - Chief Economist of BIDV, Member of the National Financial and Monetary Policy Advisory Council said that among the new points of the 2024 Land Law, there is a provision on land pricing based on market principles. That is, the land price framework (issued every 5 years as at present) is abolished, replaced by the Land Price List announced annually from January 1, 2026.
The law clearly stipulates the responsibilities of land valuation consultancy organizations, land price appraisal councils/specific land prices. This provision of the law has helped land valuation consultancy organizations have a legal basis and basis to operate more safely, responsibly and effectively. Accordingly, the consultancy organization is not responsible for the accuracy of land prices, but is only responsible for consulting.
“It can be said that land valuation based on market principles is the most important new point, creating conditions for land valuation close to market prices, resolving land price inadequacies, especially the phenomenon of “two prices”. It serves as a basis for compensation, site clearance, financial obligations to the State, determining real estate prices, calculating project investment costs and efficiency, and clearly defining the responsibilities of related parties,” said Mr. Luc.
At the same time, expanding the land users is also a new point to help attract remittances and investment from overseas Vietnamese for real estate business development and the economy. Overseas Vietnamese are officially land users and enjoy relatively full rights as Vietnamese citizens.
The 2024 Land Law expands the limit for receiving the transfer of agricultural land use rights, allowing land accumulation. The limit for receiving the transfer of agricultural land use rights is expanded up to 15 times the limit for individual agricultural land allocation for each type of land, allowing accumulation and concentration of agricultural land through conversion, transfer, capital contribution, lease, and business cooperation of land use rights.
“This encourages organizations and individuals to apply science and technology to effectively use accumulated land funds, promoting more effective and sustainable agricultural development. At the same time, it contributes to improving the effectiveness of the national strategy on new rural construction,” Mr. Luc emphasized.
Sharing at the event, Ms. Pham Thi Thinh - Head of Land Registration Department, Department of Land Registration and Information Data, Ministry of Natural Resources and Environment said that the Land Law 2024 has made open changes for real estate businesses. Specifically, there are new points on land registration, assets attached to land related to the activities of real estate businesses.
After 8 years of implementing the 2024 Land Law, it is clear that there are some overlaps with regulations in different laws. The new Land Law supplements and amends many new regulations, especially related to land use auctions and bidding.
“According to the old Land Law, there were investment projects that could not negotiate 100% of the household's land area for the project. However, the new Land Law allows individuals to not be granted a certificate but can still transfer it to an enterprise but must meet the conditions to be granted a certificate.
These are significant contents in administrative reform in land access for real estate enterprises," said Ms. Thinh.
Ha Anh
Source: https://doanhnghiepvn.vn/kinh-te/bat-dong-san/luat-dat-dai-2024-thao-go-bat-cap-gia-dat/20241015115910674
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