Land lots on Nguyen Hue, Dong Khoi, and Le Loi Streets in downtown Ho Chi Minh City see their prices top the city’s new land price regime, which will be applicable from October 31 this year to December 31 next year, at VND687 million (US$27,000) per square meter.

The Ho Chi Minh City administration issued a decision adjusting the local land price regime on Tuesday morning.

According to the decision, the new land price for the three downtown streets will be VND120 million ($4,725) higher than the current VND567 million ($22,300) per square meter.

However, the new rate is lower than the VND810 million ($31,894) proposed in a draft plan.

If land price adjustment coefficient K is not taken into account, the new land prices will be 4-38 times the current rates, local media reported.

Compared with the proposed prices in the draft plan, the land prices in District 1, District 5, and District 10 fell 5-10 percent; those in District 3, District 6, District 7, District 8, Phu Nhuan District, Tan Binh District, Tan Phu District, and Binh Thanh District decreased 16-23 percent; and those in District 4 plunged 19-35 percent.

Meanwhile, land in the Thieng Lieng residential area in outlying Can Gio District will have the lowest price in the city, at VND2.3 million ($90.5) per square meter, VnExpress reported.

The price of land on a road parallel with National Highway 22 in outlying Hoc Mon District will reach VND30.3 million ($1,194) per square meter, surging 13-fold over the current price. 

The new land prices will be equivalent to half of their market rates, while the current prices are equal to some 30 percent of their market prices, according to the municipal Department of Natural Resources and Environment.

The prices of commercial and service land, land on which industrial parks, industrial clusters, and mines are located, military land, public land, and others were revised down.

The agricultural land prices were upped slightly to facilitate the agriculture sector’s stable development and ensure national food security.

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