Announcement of the President's Order on the Land Law

At the press conference, by order of the President, the representative of the Office of the President announced the full text of the President's Order on promulgating the Land Law and the Law on Credit Institutions.

Deputy Head of the Office of the President Pham Thanh Ha chaired the press conference. Photo: TH.

Expanding land use rights

The Land Law consists of 16 chapters and 260 articles, of which 180/212 articles of the 2013 Land Law are amended and supplemented, and 78 new articles are added.

Introducing the basic contents of the Land Law, Deputy Minister of Natural Resources and Environment Le Minh Ngan said that the Law has perfected the rights of Vietnamese people residing abroad in the following direction: For Vietnamese people residing abroad with Vietnamese nationality, they have full rights related to land like citizens in the country (individuals in the country).

Regulations stipulate that groups of land users including household members have the same rights and obligations as individuals using land.

Regarding land reclamation and land requisition, Deputy Minister Le Minh Ngan said that the law has specifically stipulated cases where the State reclaims land for socio-economic development for national and public interests, to implement public construction projects, to build headquarters of State agencies, and public works. Other cases include many groups of criteria such as housing, production areas, land fund development, minerals, underground works and cases where the State reclaims land for auction and bidding to increase budget revenue...

Regarding compensation, support and resettlement when the State acquires land, the new law has amended and supplemented the compensation principles in the direction of diversifying forms. In which, compensation is made by land with the same purpose as the acquired land or by money, by other land or by housing. Specifying the principle of "having a place to live, ensuring income and living conditions equal to or better than the old place of residence" through regulations on resettlement area criteria regarding technical infrastructure, social infrastructure, and resettlement locations. Resettlement areas can be arranged for one or more projects.

Regulations on land valuation methods

Regarding financial issues on land and land prices, the law has removed the Government's regulations on land price frameworks. The law specifically stipulates principles, bases, and methods for land valuation; stipulates that land price tables are built annually and the first land price table is announced and applied from January 1, 2026, and the land price table is adjusted, amended, and supplemented from January 1 of the following year.

Deputy Minister of Natural Resources and Environment Le Minh Ngan introduces the basic contents of the Land Law. Photo: TH.

The 2024 Land Law also stipulates land valuation methods, including:

The comparison method is implemented by adjusting the price of land plots with the same land use purpose, certain similarities in factors affecting the price of land transferred on the market, winning the auction of land use rights where the auction winner has fulfilled the financial obligations according to the auction winning decision through analyzing and comparing the factors affecting the land price after excluding the value of assets attached to the land (if any) to determine the price of the land plot to be appraised;

The income method is implemented by taking the average annual net income per land area divided by the average savings interest rate of 12-month term deposits in Vietnamese Dong at commercial banks in which the State holds more than 50% of charter capital or total voting shares in the provincial area for 3 consecutive years up to the end of the most recent quarter with data before the valuation time;

The surplus method is implemented by taking the total estimated development revenue minus the total estimated development cost of the land plot or land area on the basis of the most effective land use according to the land use planning and detailed construction planning approved by the competent authority;

The land price adjustment coefficient method is implemented by multiplying the land price in the land price table by the land price adjustment coefficient. The land price adjustment coefficient is determined by comparing the land price in the land price table with the market land price;

In addition, the Law also specifically regulates land allocation and lease through land use rights auctions, the right to choose the form of land rental payment...

*The Law on Credit Institutions (amended) consists of 15 chapters and 210 articles regulating the establishment, organization, operation, early intervention, special control, reorganization, dissolution, and bankruptcy of credit institutions; the establishment, organization, operation, early intervention, dissolution, and termination of operations of foreign bank branches; the establishment and operation of representative offices in Vietnam of foreign credit institutions and other foreign organizations with banking activities; the handling of bad debts and collateral of bad debts of credit institutions, foreign bank branches, and organizations in which the State owns 100% of the charter capital and has the function of buying, selling, and handling debts.

The Law takes effect from July 1, 2024. Clause 3, Article 200 and Clause 15, Article 210 take effect from January 1, 2025./.

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