Proposal to give people the right to determine land prices 5
At the seminar `Economic issues in land policy and law in Vietnam` organized by the National Economics University on January 17, many experts gave their opinions on land valuation and compensation.
According to current regulations, the Government issues a land price framework and this is the basis for provinces and cities to issue land price lists.
Land price lists are used in many cases such as: Calculating land use tax;
`In some places in Hanoi and Ho Chi Minh City, land prices are up to 1.3 billion to 1.4 billion VND per square meter but the highest land price bracket of the state is still only 162 million VND,` Mr. Xa said.
According to him, because the current land price list is not consistent with the market, Ho Chi Minh City has had to adjust the compensation level for site clearance many times to reach the lowest level of 8 million VND per m2.
The golden quadrangle 2-4-6 Hai Ba Trung, District 1, Ho Chi Minh City has the highest price of about 1.3 billion VND per m2.
Professor Dang Hung Vo, former Deputy Minister of Natural Resources and Environment proposed to implement a mechanism for people to register land prices under their use rights.
The expert said that allowing people to self-register land prices was proposed in the 2003 draft Land Law but was not approved.
`At that time, if people choose high land prices, when the state recovers, the compensation will be large, but they will have to pay more taxes,` Mr. Vo said and further explained that Indonesia and the Philippines collect land taxes 1
Professor Dang Hung Vo.
Associate Professor Nguyen Dinh Tho, Department of Economics and Land Fund Development, General Department of Land Management (Ministry of Natural Resources and Environment) also said that in Taiwan and Singapore, people declare their own real estate prices. If the price is high, they have to pay.
According to Mr. Tho, Vietnam can aim to implement Professor Dang Hung Vo’s proposal in the future `because it takes time to prepare the conditions`.
Besides, Vietnam is currently collecting taxes based on the land price list, so if you want to determine the price that people register, it must be stipulated in the law.
National Assembly delegate Nguyen Van Cuong, Vice Rector of the National Economics University, said that Vietnam needs to develop a Land Code because related policies have been continuously adjusted in recent times, but there are still many problems.
`The state budget revenue from land is currently insignificant, many inadequacies in land management still exist, causing frustration for people. We will continue to organize seminars to receive opinions from
Hoang Thuy
