The land price frameworks set by local authorities in some cities and provinces are much lower than market prices as local authorities have been slow in updating information about pricing.

A new profession has appeared in Vietnam – land price inflator or bidding buyers at land auctions, who artificially push land prices up and then resell the auctioned land at high prices for profit.

In response to evolving real estate dynamics, Ho Chi Minh City is poised to adjust its land pricing framework.

Investors and brokers have seized on these figures to justify price hikes across Hanoi, raising concerns about a speculative bubble forming.

The HCM City Department of Natural Resources and the Environment said the new land price framework will adequately assess real estate market prices and won’t lead to property price increases.

The Ministry of Public Security (MPS) has requested information about the assets of 11 individuals involved in the case of the Vietnam Rubber Group (VRG), and to stop business transactions of these people.

The Vietnamese Government agreed on Friday to propose that the National Assembly put the Law on Land, the Law on Housing and the Law on Real Estate Business into force from July 1 this year.

In November 2023, the National Assembly- passed new Law No. 29/2023/QH15 on Real Estate Business and the Housing Law 2023 which will come into effect from 1 January 2025 are expected to help the real estate market develop sustainably.

The domestic real estate market will have four land valuation methods instead of the current five methods, according to a new decree issued by the Government on February 5.

The compensation prices for land coverage remain significantly below the market rates, and the procedures for land recovery and compensation for damages during land recovery lack transparency.

If localities had identified tourism as a key local economic engine, then tourism projects should be granted their appropriate standing among the socio-economic development priorities.

The prime minister has directed two ministries to jointly explore the feasibility of establishing a trading platform for land use rights.

The HCMC Department of Natural Resources and Environment has proposed auctioning dozens of land plots and a staggering 3,790 apartment units in Thu Thiem New Urban Area, just opposite to the central business district.

The Ministry of Natural Resources and Environment has issued a decision approving and announcing the results of land area statistics for 2021, which states that nearly 1.2mil hectares of land had been not used yet as of Dec. 31, 2021.

The Ministry of Finance has proposed developing a new property tax law to separate the tax on land from that on buildings.

The Ministry of Finance has proposed extending the 30% land use fee reduction for businesses, households and individuals this year to further facilitate the country’s economic recovery.

Thousands of unimplemented projects in Hanoi, including those without clear information about investors, will be revoked, said Hanoi’s Chairman Tran Sy Thanh.

Since 2015, the Prime Minister issued a ban on licensing for coastal projects, especially emphasising that it needed to withdraw licences of the projects if necessary to keep the coast’s space clear.

Real estate developers and experts anticipate that the real estate market will be rescued once the task force is established.