Notably, the authorization granted by the Hanoi People's Committee to the district-level People's Committees includes the decision on the starting price for auctioning land use rights for land allocation with land use fees or land lease to households and individuals; and the decision on the starting price for auctioning land use rights when the State allocates or leases land in cases where the land parcel or area has already had technical infrastructure invested according to the detailed construction plan.
Trading was active but not frenzied.
According to the Hanoi People's Committee, the district-level People's Committees are responsible for consolidating the Land Valuation Council and other related matters (if any), and directing the Departments of Natural Resources and Environment (TNMT), Finance and Planning, and other relevant departments and agencies to organize the implementation. Before December 10, 2024, the Department of Natural Resources and Environment, together with other departments, agencies, and district-level People's Committees, will conduct a preliminary assessment of the results and report to the Hanoi People's Committee for consideration of continued delegation of authority as a basis for implementation in the following period.
In Hanoi, land is always a hot topic. Not only are apartment prices and land prices in the inner city constantly rising, but land transactions in the suburbs are also very active. Since the beginning of April 2024, land auctions for households and individuals in districts such as Dong Anh, Hoai Duc, Ung Hoa, Phu Xuyen... and even in remote areas like Ba Vi have been quite lively.
In Hoai Duc district, the District Land Development Center successfully auctioned off 23 plots of land, totaling 2,441.8 square meters (held on March 18th), generating 179.2 billion VND for the budget. In April, the Center continued to announce the auction of land use rights for 34 plots, totaling 3,366.7 square meters, with an expected revenue of 200 billion VND for the budget.
Similarly, in Dong Anh district, in February and March, successful land use rights auctions were held for a total area of 2,872.2 square meters, generating over 143 billion VND for the budget, exceeding the projected amount by nearly 69 billion VND.
Ba Vi, a remote district of Hanoi, has also successfully auctioned off 37 plots of land (in Dong Bang village, Dong Thai commune), generating over 99 billion VND for the state budget.
According to Mr. Nguyen Huy Hoang, Director of the Land Fund Center of Hoai Duc District, the reason for the rapid increase in land transactions and prices is that the city and local authorities are accelerating the implementation of many key transportation infrastructure projects, including the Ring Road 4 - Capital Region and Ring Road 3.5. This has led to more convenient connections with the inner city.
However, as of May 2025, land auctions in suburban districts did not experience any sudden spikes. For example, in Hoai Duc district, compared to some central districts, the starting price was over 60 million VND/m2, compared to the common price of over 100 million VND/m2 in the inner city. Some plots of land had a starting price of 42.8 million VND/m2, but the winning bidder only bid one increment higher, reaching 42.9 million VND/m2. This demonstrates that while land auctions proceeded smoothly, they were not "feverish"; there was no unusual price increase, speculation, or price manipulation, unlike previous land price surges where prices increased 2-3 times from the starting price.
Following the auction, the rate of forfeited deposits and non-payment is high. Specifically, in 2022 and 2023, up to 70% of land auctions in suburban areas had no participants or the number of participants did not meet the eligibility requirements for the auction.
Regarding land auctions, not many people are fully aware of the process. For example, in Me Linh district, during an auction on the afternoon of December 30, 2023, someone bid 4.28 billion VND/m2 for a 102m2 plot of land, while the starting price was 30 million VND/m2, and became the winning bidder. However, at the request of the winning bidder, Me Linh district agreed to cancel the result and return over 600 million VND in deposit money.
This person stated that it was their first time participating in a land use rights auction, so they were nervous and flustered, leading to a mistake in the calculation. "I calculated over 4.28 billion VND for the entire plot of land, not realizing that the auction regulations stipulated calculation per square meter, so I made a mistake," they explained.
The aforementioned case should also serve as a lesson in participating in land use right bidding, especially since the Hanoi People's Committee has delegated the authority to the district-level People's Committees to determine the starting price for land use right auctions.
Hanoi will hold several rounds of land use rights auctions.
Many believe that the Hanoi People's Committee's delegation of authority to district-level People's Committees to determine the starting price for land use rights auctions will revitalize and improve the health of the real estate market. This could begin in June, especially since the auctioned land plots have already been planned and developed with integrated technical and social infrastructure, connecting to major transportation routes and facilitating the formation of modern new residential areas.
According to the Hanoi People's Committee, this year the city has been allocated 408,547 billion VND in state budget revenue; of which, domestic revenue accounts for 378,530 billion VND. Recognizing that revenue from land is the main source of investment for districts, counties, and towns, the Hanoi People's Committee has requested the Department of Finance and the Department of Natural Resources and Environment to take the lead and coordinate with other units to compile data related to the feasibility of bidding and auctioning land revenue in 30 districts, counties, and towns.
With these positive developments, auctioned land is considered the leading product in the Hanoi land market in 2024.
The locations for land use bidding are quite clear. Nearly 180 plots of land in the districts of Chuong My, Dong Anh, Me Linh, and Son Tay town were put up for auction with a starting price of 33 million VND/m2. In an auction held in March 2024, the highest winning bid was 56.1 million VND/m2.
In Me Linh district, there are 30 plots of land: in the Quan Cho area (Bong Mac hamlet, Lien Mac commune), the starting price is 19-22.5 million VND/m2. In Quang Minh town, the starting price is 26-27 million VND/m2.
In Dong Anh district, 72 plots of land were also put up for auction for land use rights, with starting prices ranging from 23.5-24.5 million VND/m2. In some places, the starting price was as high as 28-33 million VND/m2.
Meanwhile, in Phuc Tho district, 14 plots of land were auctioned for land use rights, with starting prices of 17.2 million VND/m2 and 18.5 million VND/m2...
Implement the new policy promptly.
Land prices have long been a matter of great concern to society as a whole. The government and the National Assembly have also been very attentive to this issue.
On May 24, 2024, presiding over a nationwide online meeting to hear reports and provide feedback on the draft Decree regulating land prices, Deputy Prime Minister Tran Hong Ha requested the Ministry of Natural Resources and Environment to seriously incorporate the feedback received throughout the drafting process, promptly finalize the draft Decree, and urgently implement the new and groundbreaking policies and guidelines in the 2024 Land Law.
Previously, on May 8th, at a combined in-person and online conference with 63 localities to gather opinions on the draft Decree regulating compensation, support, and resettlement when the State recovers land; and the draft Decree regulating land prices; Deputy Prime Minister Tran Hong Ha stated that the Prime Minister had issued a directive to ministries and agencies to urgently develop detailed guiding documents, ensuring that the conditions are met for the National Assembly to consider and allow the Land Law of 2024 to take effect on July 1st, 2024 (5 months earlier than the previous date, January 1st, 2025).
The 2024 Land Law, with its many new and groundbreaking policies, benefits the people during the development process and harmonizes the interests of all parties involved in project implementation. Regulations on land prices ensure objectivity and transparency, balancing revenue from land for the State, the people, and businesses, preventing volatile land prices, and balancing input costs for socio-economic development projects. The new land valuation methodology must be clear, simple, and concise to protect those involved in the valuation process.
Returning to the issue of the Hanoi People's Committee authorizing district-level People's Committees to determine land prices and starting prices for land use right auctions, it further demonstrates that this process needs to be transparent but also closely monitored. In reality, for many years, corruption and economic crimes related to land have been prevalent. Complaints in this area also account for the highest percentage of all complaints, while their handling and resolution are very time-consuming. Due to the complexity of the issue, many cases are difficult to resolve completely.
On September 13, 2022, the report of the Committee on Citizen Petitions at the thematic supervision of the National Assembly Standing Committee on "The implementation of laws on receiving citizens and resolving complaints and denunciations from July 1, 2016 to July 1, 2021" showed that complaints, denunciations, petitions, and feedback mainly arose related to land management and the implementation of land acquisition, compensation, support, resettlement, and site clearance when implementing projects (accounting for over 69.5%).
According to Mr. Le Bao Long, a real estate expert, the government's regulation requiring provincial People's Committees to implement land price lists differs from the previous system because it must refer to the land price framework and be updated annually. This empowers local authorities, allowing land prices to be more closely aligned with the actual situation in each locality than before. Specific regulations will ensure transparent, clear, and realistic land valuation. Mr. Long predicts that real estate prices will increase after the new laws come into effect, with land plots being the most significantly impacted. However, even with the increase, there will not be an unreasonable surge in prices.
Source: https://daidoanket.vn/minh-bach-trong-gia-dat-dau-gia-dat-10280937.html
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