Vietnam Land Law draft aims to prevent price manipulation

A new draft amendment to the Land Law aims to prevent land price manipulation and the formation of “artificial prices” by removing previous requirements for market-based pricing methods and specific land price application cases.

The draft proposes that land prices determined by the State must adhere to four core principles: ensuring honesty, objectivity, publicity, and transparency; following correct valuation procedures; utilizing relevant land and specialized data; and balancing the interests of the State, land users, and investors.

To increase the responsibility of state management agencies and public service units in developing land price tables and adjustment coefficients, the draft removes regulations regarding land valuation consultants and their professional practice conditions. This move is intended to institutionalize previous central government resolutions and streamline business conditions.