Vietnam Capital City Announces Land Price Frame for 2011

14 Dec
VNREAuthorities of Vietnam’s capital city of Hanoi have approved land price frame for next year, which are almost unchanged from this year.
The minimum land prices are set at VND2.3 million ($117.9) per square meter while the prices will be VND81 million ($4,150) at maximum.

The minimal price is imposed on land areas along the road No. 72 running through Duong Noi ward in Ha Dong district while the maximal is set for land areas along Hang Ngang and Hang Dao Streets in Hoan Kiem district.

Land prices in townships are an applied to the inner city including Tu Liem, Thanh Tri, Dong Anh and Hoai Duc. They range from nearly VND1.7 million per square meter and VND26.4 million while the threshold for land areas in Tu Liem, Gia Lam and Thanh Tri districts are between VND2 million and VND31.2 million.

The price frame of over VND1.5 million to VND15.6 million has been imposed on land in Son Tay Township which is rather far from the inner city. Prices of land for businesses are begin at VND40.5 million per square meter and top-off at VND525 million.

Agriculture land prices have been kept the same as that of 2010, of which land for water rice, annual plant and perennial plant growing range from VND54,400 ($2.79) per square meter and VND252,000; for aquaculture from VND36,000 and VND201,000; and for preventive, specialized and production forests from VND30,000 and VND60,000.

However, Vu Hong Khanh, vice chairman of the municipal People’s Committee, said the frame is not realistic and unfair because it is much lower than the real price on the market.

Hong noted that the land price frame has triggered people’s disagreement with compensation for project site clearance.

“Almost all people’s claims call on the municipal government to apply site clearance compensations closely or in line with the prices on the market,” he said, adding that the government allows cities and provinces to only adjust land price frames by 20%.

Source: Banking Times | VCCI

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