Hanoi (VNA)ಌ - When setting land prices, localities must carefully consider the stability of the legal system and impact on purchasers, and then local businesses to ensure the maintenance of socioeconomic development, according to insiders.

The standardisation of land prices under the 2024 Land Law, which took place as of August 1 this year, has been a special focus of attention of the public throughout the country. Yet authorities in many localities still find themselves in a tangle with the implementation of the law. In many parts throughout Vietnam, the “wave” of auctioning with abnormally high prices is prevalent. Facing that fact, Deputy Minister of Natural Resources and Environment Le Minh Ngan stressed that local authorities should carefully consider pricing as well as its full impact on the society and socioeconomic development in the country. One of the breakthrough content of the 2024 Land Law is the acceleration of power delegation and administrative procedure reform, which all bring into play the role, responsibility and proactiveness of all-level local authorities in the land management and utilisation. However, as there are many new points, many localities find themselves in difficulties in the initial stages. The provincial People’s Authorities must adjust the prices to suit the realities in the locality, he said, adding that this can help prevent prices from skyrocketing and loss of revenue for the State coffers. The Deputy Minister highlighted that his ministry has been joining hands with other relevant authorities to recommend the Government to issue decrees on the implementation of the 2024 Land Law. The ministry has also released various circulars guiding the localities in the implementation of the law.

According to reports, from January 18, 2024, to July 31, 2024, there had been 12 localities that issued new land price tables under Point 1, Article 257 of the 2024 Land Law. And since August 1, there have been four more regions that release land price tables without any problem. The ministry recently held a national conference to announce the implementation of the 2024 Land Law, Ngan said, adding that so far, the guidelines related to land pricing were relatively sufficient. The ministry has also issued a decision on the establishment of a working group to take in feedback and proposals from localities so as to provide timely guidance and help them solve problems with issuance, the official said. Land pricing is a core policy that help stabilise regional assessments, Ngan said, adding the work is underpinned by market principles and harmonised by the interests between the State, the people, and real estate firms. It is important now for the sides involved to focus their attention and efforts on the implementation of the law and its policies, Ngan stressed, adding prudent adjustments after the promulgation will ensure stability of the legal system and avoid undesirable impacts on the socioeconomic development and the investment environment. Local authorities, when implementing land law policy, should carefully consider its full impact and utilise a rational roadmap, ensuring unanimity between the State and society, Deputy Minister Ngan concluded./.