The highest residential land price in Ho Chi Minh City has been fixed at VND162 million (roughly US$7,600) per m², according to a new land price list recently announced by the local People’s Committee. The top price is applied to land on Nguyen Hue, Dong Khoi, and Le Loi Streets in downtown District 1, according to the new price list, which has been effective since January 1, 2015 and will be valid until December 31, 2019. Meanwhile, the lowest land prices in 19 inner and five outlying districts of the city are VND1.5 million ($70.2) and VND60,000 ($2.8) per m², respectively. Pursuant to this list, the price of commercial and service land is now equal to 80 percent of that of the adjacent residential land, and the price of non-agricultural land used for production and business purposes equals 60 percent of that of the residential land nearby. Meanwhile, the agricultural land prices stay the same as those in 2014. The new prices of land in inner and outlying districts are 1.64 times and 1.55 times higher than those in 2014 on average. According to the People’s Committee, the new land quotes are equal to 30 percent of the market prices. The list prices are mainly used for calculating amounts payable by the people to the State such as land use fees, registration fees, fines for administrative violations of land regulations, and others, the committee said. During the valid term of the new price list, only when the market prices of land increase by at least 20 percent compared to the maximum quote or fall by at least 20 percent compared to the minimum rate for 180 consecutive days, then competent agencies will make appropriate adjustments to the list prices, the Ho Chi Minh City authorities said. The city’s new land price list was issued based on Government Decree 44 dated May 15, 2014 specifying the new land price frame, which serves as a legal basis for authorities in centrally-run provinces and cities to set out their own land price lists. Under the frame, the highest residential land price is set at VND162 million per m² – which Ho Chi Minh City has applied – and the lowest rate is VND40,000 ($1.87) per m².

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