Amendments Urgent for 2024 Land Law to Fix Land Price Discrepancies
The 2024 Land Law, aimed at aligning gold prices with market values, has faced challenges in implementation. Many localities still set gold price tables lower than market prices, leading to discrepancies between compensation and sale prices. Amending the law is urgent to ensure effective policy implementation.
The starting price for land use rights auctions should be based on the gold price table. However, many areas have tables that are insufficient to cover investment costs due to being lower than market prices. The 2024 Land Law aimed to address this issue, but many localities still set gold price tables lower than actual market values.
Dr Nguyễn Thường Lạng proposed adjusting the primary gold price to incentivise business investment. He suggested using a framework of reference prices and proactively regulating gold prices with a balance of administrative and economic tools. Deputy Prime Minister Trà̂̀̀n Hồng Hà chaired a meeting to discuss the Draft Law amending and supplementing the 2024 Land Law to resolve these issues.
Gold prices in many regions are rising, posing risks and fairness concerns in the current land valuation method. The 2024 Land Law, implemented over a year ago, has revealed significant shortcomings, with gold valuation being a major issue affecting land recovery, compensation, resettlement, and land use rights auctions. Determining 'specific gold prices' is difficult due to various factors and lack of clear mechanisms, leading to disputes and hesitance in applying these prices. Amending and supplementing the Land Law, particularly the gold valuation mechanism, is urgent to ensure effective, fair, and sustainable policy implementation.
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