Land values in Vietnam’s Ho Chi Minh City could jump by up to 51 times their current values if new draft land prices for the city are approved next month, Tuoi Tre is reporting. Already pricey areas of HCMC would also jump by up to five times with high-end shopping strip Dong Khoi Street set to command up to VND 810 million, or US$32,000 per square metre. This is one outcome of the new Law on Land.
Of note, the Law on Land, was slated to come into effect from next year but has since been moved up to August 1. Among other things this will remove land pricing regulations that saw a central price set every five years based on which, using their own coefficients, local governments would determine the value of a piece of land. This had led to challenges with land values increasing faster than the centrally set price and, as a result, believing their land to be worth more, landowners had in the past refused to sell waiting for the next price revisions.
See also: Vietnam’s Law on Land 2024: Foreign Investor Cheat Sheet