Decree No. 12/2024/NĐ-CP amends and supplements some articles of Decree No. 44/2014/NĐ-CP dated May 15, 2014 of the Government on land prices and Decree No. 10/2023/NĐ-CP dated April 3, 2023 of the Government amending and supplementing some articles of decrees guiding the implementation of the Land Law.

DECREE

Amending and supplementing some articles of Decree No. 44/2014/ND-CP dated May 15, 2014 of the Government on land prices and Decree No. 10/2023/ND-CP dated April 3, 2023 of the Government amending and supplementing some articles of decrees guiding the implementation of the Land Law.

Pursuant to the Law on Organization of the Government dated June 19, 2015; the Law Amending and Supplementing Certain Provisions of the Law on Organization of the Government and the Law on Organization of Local Administration dated November 22, 2019;

The Government issues this Decree on management and development of industrial clusters.

At the proposal of the Minister of Natural Resources and Environment;

The Government promulgates this Decree amending and supplementing some articles of Decree No. 44/2014/ND-CP dated May 15, 2014 of the Government on land prices and Decree No. 10/2023/ND-CP dated April 3, 2023 of the Government amending and supplementing some articles of decrees guiding the implementation of the Land Law.

Article 1. Amending and supplementing some articles of Decree No. 44/2014/ND-CP dated May 15, 2014 of the Government on land prices

1. Amending Clause 1 and supplementing Clause 4 of Article 3 as follows:

“1. The land plot to be appraised is a collection of land plots to be appraised within the same project using land.”

“4. Market transfer means transferring the right to use land or transferring the right to use land and houses, other assets attached to land after completing tax, fee, and stamp duty procedures at the tax authority or registering with the land registration office or signing a transfer contract between the real estate project developer and the customer or between the commercial housing developer and the customer.”

2. Amending and supplementing Clause 4 as follows:

“Article 4. Methods for appraising land prices

1. The comparison method is implemented by adjusting the price levels of land plots with the same land use purpose, similar in certain factors affecting market land prices, land use rights auctioned and the successful bidder has completed financial obligations according to the auction decision through analyzing and comparing factors influencing land prices after excluding the value of attached assets (if any) to determine the price of the land plot to be appraised.

2. The income method is implemented by dividing the average annual net income per unit area of land by the average interest rate of domestic currency savings deposits with a term of 12 months at state-owned commercial banks holding more than 50% of charter capital or the total number of voting shares on the provincial level for three consecutive years up to the latest quarter before the appraisal date.

3. The residual method is implemented by subtracting the estimated total development costs from the estimated total development revenues of the land plot based on the highest effective land use (land use coefficient, building density, maximum number of floors of buildings) according to the land use plan and detailed construction plan approved by competent authorities.

4. The land price adjustment factor method is implemented by multiplying the land price in the land price list by the land price adjustment factor. The land price adjustment factor is issued by the People's Committee of the province or centrally-run city (hereinafter referred to as the Provincial People's Committee) through comparing the land price in the land price list with the prevailing market land price.”

3. Amend and supplement Article 5 as follows:

“Article 5. Conditions for applying methods to appraise land prices

1. The comparison method is applied to appraise land plots with the same land use purpose, similar in certain factors affecting market land prices, and the successful bidder has completed financial obligations according to the auction decision (hereinafter referred to as comparable land plots), except in cases specified in points a, b, c, and d of Clause 4 of this Article.

2. The income method is applied to appraise agricultural land plots, non-agricultural land plots that are not residential land plots which cannot meet the conditions for applying the comparison method but can identify income and expenses from land use according to the lawful land use purpose at the time of appraisal, except in cases specified in points a, b, c, and d of Clause 4 of this Article.

3. The residual method is applied to appraise land plots for investment projects which cannot meet the conditions for applying the comparison method or the income method but can estimate total development revenues and total development costs of the project, except in cases specified in points a, b, c, and d of Clause 4 of this Article.

4. The land price adjustment factor method is applied to determine the land price of land plots listed in the land price list issued by the Provincial People's Committee and falling under one of the following cases:

a) Cases stipulated in point a of Clause 4 of Article 114 and Clause 3 of Article 189 of the Land Law;

b) Calculating annual land lease payments when the State leases land without conducting a land use rights auction;

c) Determining the starting price for a land use rights auction when the State allocates or leases land for a project where the land plot has been developed according to the detailed construction plan;

d) Determining the land price of a land plot whose total value calculated based on the land price in the land price list for the area subject to payment of land use fees or land lease fees is less than 30 billion VND for central cities, less than 10 billion VND for mountainous and highland provinces, and less than 20 billion VND for other provinces in the following cases:

Cases stipulated in point b and point d of Clause 4 of Article 114 and Clause 2 of Article 172 of the Land Law;

Calculating lump-sum land lease payments when the State leases land without conducting a land use rights auction.

e) Calculating compensation for land expropriation when multiple adjacent land plots with the same land use purpose are expropriated and cannot meet the conditions for applying the comparison method.

5. Comparable land plots for applying the land appraisal methods stipulated in Clauses 1, 2, and 3 of this Article must meet the conditions to exercise land user rights as prescribed by the Land Law.”

4. Supplementing Article 5a as follows:

“Article 5a. Determining factors affecting land prices in the comparison method

1. Factors affecting land prices in the comparison method include:

a) Location, site of the land plot, area: distance to the nearest administrative center, commercial center, market, healthcare facilities, educational institutions, sports facilities, parks, entertainment areas;

b) Traffic conditions: road width, road surface structure, adjacency to one or more roads;

c) Conditions for water supply and drainage, electricity supply;

d) Area, dimensions, shape of the land plot, area;

đ) Planning and construction-related factors including: land use coefficient, building density, construction boundary, height limit of buildings, number of basement floors allowed according to detailed construction planning approved by competent state authorities (if applicable);

e) Current environmental and security conditions;

g) Factors related to production conditions for agricultural land, including: irrigation system, topography, transportation system serving production;

h) Other factors affecting land value suitable with actual conditions, cultural traditions, customs of the locality;

i) Land use period. For agricultural land allocated to households or individuals within the land allocation quota, or agricultural land within the land transfer rights quota, the land use period shall not be considered;

k) Legal status regarding land use rights.

2. Organizations with functions to advise on land valuation or public service units with functions to advise on land valuation or inter-departmental teams assigned the task of determining specific land values (hereinafter referred to as land valuation units) propose factors influencing land value, adjustment ratios for each influencing factor in the explanatory report on developing the land pricing plan as a basis for the natural resources and environment authority to submit to the Land Valuation Review Board for consideration and unification to complete the land pricing plan to be submitted to the competent People's Committee for decision.

5. Supplement Article 5b as follows:

"Article 5b. Information for applying land valuation methods

1. Information on land prices, land lease prices, rent prices for floor space to apply comparative method, residual method, and to establish land price adjustment coefficients as stipulated in point b, Clause 1, Article 5e of this Decree includes:

a) Auction-winning price of land use rights when the auction winner has completed financial obligations according to the auction-winning decision;

b) Land price that has been processed for tax at the tax office or registered at the land registration office for cases of transferring land use rights;

c) Land lease price, rent price for floor space;

d) Market transaction price of land.

2. The information for applying land valuation methods as stipulated in Clause 1 of this Article is information within a period not exceeding twenty-four months from the valuation date, prioritizing the most recent information close to the valuation date and collected from the following sources:

a) National land database, price database;

b) Land Registration Office, unit organizing land use rights auctions, asset auction organizations;

c) Tax authority, agriculture and rural development authority;

d) Real estate trading centers, real estate enterprises;

đ) Organizations with functions to advise on land valuation, appraisal enterprises;

e) Credit organizations, real estate associations, research institutes;

g) Direct interviews with sellers or buyers for cases of market transactions.

3. Information on income and expenses from non-agricultural land use to apply the income approach is collected from the following sources:

a) Income from production and business activities recorded in financial statements or rental income from land and floor space collected over a continuous three-year period (from January 1 to December 31) immediately preceding the valuation date.

In case the income of the land plot, area to be valued is incomplete annually or does not reflect actual income from land use, collect information on rental prices of at least three land plots for comparison;

b) Costs to generate income from land use as stipulated in point a of this clause are determined based on standards and unit prices issued by competent state authorities or investment costs announced by the Ministry of Construction; if there are no standards, unit prices, or investment costs issued by competent state authorities, base it on average actual cost information from at least three land plots closest to the land plot, area to be valued as stipulated in point b of Clause 5 of this Article.

4. Information on income and expenses from agricultural land use to apply the income approach is collected from statistical agencies, tax authorities, agriculture and rural development authorities; if there are no statistical data or data from tax authorities, agriculture and rural development authorities, collect actual income and expense information commonly found in the market from at least three land plots closest to the land plot, area to be valued as stipulated in point b of Clause 5 of this Article, specifically as follows:

Over a continuous three-year period (from January 1 to December 31) immediately preceding the valuation date for annual crop land, aquaculture land, salt-making land, other agricultural land;

At least three consecutive harvests immediately preceding the valuation date for perennial crop land;

Within one exploitation cycle immediately preceding the valuation date for production forest land, industrial tree plantation land as prescribed by relevant laws.

5. When applying comparative method and residual method, prioritize selecting comparable land plots in the following order:

a) Similar in location, infrastructure conditions, area, dimensions, shape, land use coefficient, building density, building height, and other factors affecting land value compared to the land plot to be valued;

b) Closest to the land plot, area to be valued without being limited by administrative boundaries of communes, districts, provinces.

6. The unit determining the land price when collecting information to apply the land valuation method must be honest, objective, and bear legal responsibility for the accuracy of the survey information.

7. The Land Registration Office, units organizing the auction of land use rights, units/organizations conducting asset auctions; tax authorities, agricultural and rural development agencies; real estate trading floors, real estate businesses; organizations with functions to advise on land pricing, land appraisal companies; credit institutions, real estate associations, research institutes have the responsibility to provide information to serve the work of land valuation in writing or electronically within no more than five working days from the date of receipt of the request from the land price determination unit. The land price determination unit is responsible for storing, managing, and using the collected information and data in accordance with the provisions of the law.

6. Supplement Article 5c as follows:

"Article 5c. Procedure and content of determining land prices according to the comparison method"

1. Survey and collect information about the plot of land or area to be appraised, including:

a) Location, address, purpose of land use, area, dimensions, shape, transportation conditions, water supply and drainage, electricity supply, usage period;

b) Information on detailed construction planning approved by competent state agencies;

c) Other relevant information and documents affecting the price of the plot of land or area to be appraised (if any).

2. Survey and collect information on the comparable plot of land, including:

a) The value of the comparable plot of land collected in accordance with Clause 1 and Clause 2 of Article 5b of this Decree, the transfer date, auction win date;

b) Purpose of land use;

c) Factors affecting land prices as stipulated in Article 5a of this Decree.

3. In case the comparable plot of land has attached assets, determine the current value of the attached assets (if any).

a) For cases where the attached assets are construction works

The current value of the attached assets is determined as follows:

The calculation methods for new construction value and depreciation/amortization value of attached assets shall be carried out in accordance with the relevant laws.

In cases where there are no regulations or guidelines on the calculation methods for new construction value and depreciation/amortization value, the calculations shall be based on actual market information and data collected.

b) For cases where the attached assets are perennial crops or planted forests

For perennial crops, the current value of the attached assets is the remaining exploitable value of such perennial crops calculated based on income from harvesting the products of those perennial crops. If at the time of valuation, the perennial crops have not yet reached the harvest period, the current value of the attached assets will be determined by the total investment costs incurred for planting and caring for the crops up to the valuation date.

For planted forests or industrial trees, the current value of the attached assets shall be implemented in accordance with relevant laws; if there are no such regulations, the current value of the attached assets will be determined by the total investment costs incurred for planting and caring for the forest up to the valuation date.

c) The current value of the attached assets specified in point a and point b of this clause shall be calculated at the time of transferring land use rights or winning the land use rights auction.

4. Determine the price of the comparable plot of land as follows:

5. Based on factors affecting land prices as stipulated in Article 5a of this Decree and the characteristics of the plot of land or area to be appraised, the adjustment of the price of the comparable plot of land according to a percentage rate (%) shall be carried out according to the following principles:

a) Take the factors affecting the land price of the plot of land to be appraised as a standard to adjust the price of the comparable plot of land;

b) If the factors of the comparable plot of land are worse than those of the plot of land to be appraised, then increase the price of the comparable plot of land (addition); if the factors of the comparable plot of land are better than those of the plot of land to be appraised, then decrease the price of the comparable plot of land (subtraction);

c) If the factors of the comparable plot of land are similar to those of the plot of land to be appraised, then maintain the price of the comparable plot of land unchanged.

6. The estimated land price of the plot of land or area to be appraised is determined by adjusting the land price of each comparable plot of land due to different factors compared to the plot of land to be appraised and carried out as follows:

7. The land price of the plot of land to be appraised is determined by taking the arithmetic average of the estimated land prices of the plot of land to be appraised according to each comparable plot of land as determined in Clause 6 of this Article; the land price of the plot of land to be appraised must ensure that the difference with each estimated land price does not exceed 15%.

8. For cases where the non-agricultural land plot other than residential land is being appraised without having at least three comparable plots of land, the price of the plot of land to be appraised shall be determined as the price of residential land at the same location, then adjust the difference ratio (%) between the price of the type of land to be appraised and the residential land price in the land price list in the area where the plot of land to be appraised is located.

An example of applying the comparison method to determine land prices is set forth in Appendix I issued together with this Decree."

7. Supplement Article 5d as follows:

"Article 5d. Procedure and content of determining land prices according to the income method"

1. Survey and collect information on the income of the plot of land to be appraised in accordance with Point a of Clause 3 and Clause 4 of Article 5b of this Decree.

2. Survey and collect information on expenses from the use of the plot of land to be appraised in accordance with Point b of Clause 3 and Clause 4 of Article 5b of this Decree, including:

a) Taxes related to land use;

b) Production costs are based on quotas and unit prices issued by competent state agencies or investment capital for construction projects announced by the Ministry of Construction.

In cases where there are no quotas, unit prices, or investment capital for construction projects, they shall be based on statistical data from statistical agencies or actual cost information commonly available in the market, as provided for in point b, Clause 3, Article 5b of this Decree.

3. The determination of average annual net income shall be carried out as follows:

Where:

Average annual income is calculated as the arithmetic mean of surveyed and collected incomes under Clause 1 of this Article. For non-agricultural land, average annual income is calculated as the arithmetic mean of income from production and business activities or land rental fees and leasehold fees over a continuous three-year period (from January 1 to December 31) preceding the valuation date.

In cases where information about the income of the land to be valued is incomplete on an annual basis or does not accurately reflect actual income from land use, the average annual income of the land to be valued shall be calculated based on the rental fee or leasehold fee for one year determined according to the procedures and contents specified in Clauses 5, 6, and 7 of Article 5c of this Decree.

Average annual expenses are calculated as the arithmetic mean of surveyed and collected expenses as stipulated in Clause 2 of this Article.

4. The determination of the value of the land to be valued shall be carried out as follows:

Average savings deposit interest rate (r) of domestic currency deposits with a term of 12 months at commercial banks held by the State with more than 50% of charter capital or total voting shares on the provincial level for the three consecutive years up to the latest quarter with available data before the valuation date.

For non-agricultural production and business land with a limited-term usage, the average savings deposit interest rate shall be adjusted according to the following formula:

Where: n is the remaining term of land use of the land to be valued (in years) for the case of land leasing with payment made in full for the entire lease period.

5. The determination of the land price of the land to be valued shall be carried out as follows:

In cases where the land to be valued has been developed with assets attached to the land for production and business purposes, after determining the value of the land and the attached assets, the current value of the attached assets must be deducted according to Clause 3 of Article 5c of this Decree.

6. Commercial banks held by the State with more than 50% of charter capital or total voting shares on the provincial level shall be responsible for providing the average savings deposit interest rate information as stipulated in Clause 4 of this Article in writing within five working days from the date of receipt of the request from the entity determining the land price for the purpose of determining the land price using the income approach.

An example of applying the income approach to determine the land price is set forth in Appendix II promulgated together with this Decree.”

8. Supplement Article 5d as follows:

"Article 5d. Procedures and contents for determining land price using the residual method

1. Surveying and collecting information about the land plot and area to be valued; information on land use planning, detailed construction planning, overall layout planning, permission to change land use purposes, and construction regulations approved by competent state agencies to determine the highest land use efficiency.

2. Estimating the total development revenue of the land plot and area

a) The total development revenue of the land plot and area is determined based on the estimated transfer price, lease price, and changes in these prices during the project implementation period, including other factors forming revenue such as sales time, start of sales, sales ratio, occupancy rate.

b) The estimation of transfer price and lease price to determine the total development revenue of the land plot and area is conducted through comparison methods applied to the land plot and area that have been developed according to approved detailed construction plans or overall layout plans.

c) The estimation of changes in transfer price and lease price is based on data from statistical agencies, real estate market management agencies, or transaction prices already recorded in the market.

d) Based on local conditions, the Department of Natural Resources and Environment shall take the lead and coordinate with relevant departments to advise and submit to the Provincial People's Committee specific provisions regarding other factors forming revenue as stipulated in point a of this clause.

In cases where the Provincial People's Committee has not specified other factors forming revenue, the entity determining the land price shall propose sales time, start of sales, sales ratio, and occupancy rate in the explanatory report on building the land price plan, which will serve as the basis for the natural resources and environment department to submit to the Land Price Appraisal Council for review and approval to finalize the land price plan for submission to the competent authority for decision.

3. Estimating the total development expenses of the land plot and area

a) Investment construction costs for determining land price under this Decree include: infrastructure construction costs, social infrastructure costs, housing construction costs, other construction costs, equipment costs, investment consulting costs, project management costs, and other costs as specified in the investment capital for the case of using investment capital.

In cases where the land plot and area to be valued implement investment construction projects for selling or selling combined with leasing residential properties through land use rights transfer in the form of subdivided plots, housing construction costs shall not be included in the investment construction costs.

b) Business expenses include advertising, sales costs, and operational management costs calculated as a percentage of revenue consistent with the local average.

c) The investor's profit (including ownership capital costs and borrowed capital costs) is calculated as a percentage of the construction investment cost as stipulated in point a of this clause.

d) The total development costs of the land plot or land area specified in this clause do not include compensation, support, and resettlement funds according to the approved plan by the competent authority.

đ) Based on the actual situation at the locality, the Department of Natural Resources and Environment shall take the lead and coordinate with relevant departments to advise and submit to the provincial People's Committee for specific regulations on construction timeframes, progress; advertising and sales costs; operational management costs; and the investor's profit.

In cases where the provincial People's Committee has not specified construction timeframes, progress, advertising and sales costs, operational management costs, and the investor's profit, the unit proposing the land price must provide detailed information in the report explaining the land price proposal for the natural resources and environment agency to submit to the Land Price Appraisal Council for review and approval as the basis for completing the land price proposal to be submitted to the competent People's Committee for decision.

4. The determination of total construction investment costs shall be carried out as follows:

a) Construction investment costs according to detailed construction planning or overall site planning approved by the competent authority. The determination of construction investment costs as stipulated in point a of Clause 3 of Article 5b of this Decree shall be implemented in accordance with the laws on construction.

b) The estimation of total construction investment costs shall be based on the following priority order:

The construction budget that has been reviewed by the specialized construction management agency in accordance with the laws on construction.

The construction budget based on standards and unit prices issued and announced by the competent state agency and reviewed by an independent consulting agency.

The construction investment cost index published by the Ministry of Construction.

c) In cases where there are no bases as stipulated in point b of this clause, the unit proposing the land price shall collect information on the actual common costs of at least three similar projects closest to the land plot or land area to be appraised in accordance with Clause 5 of Article 5b of this Decree and propose it in the report explaining the land price proposal for the natural resources and environment agency to submit to the Land Price Appraisal Council for review and approval as the basis for completing the land price proposal to be submitted to the competent People's Committee for decision.

5. The estimation of revenues and expenses of the land plot or land area shall be carried out annually during the project implementation period and discounted to present value at the time of land valuation. The estimation of total development revenue and total development costs of the land plot or land area shall be carried out using the following formula:

Where:

TR_i is the revenue of year i of the project.

C_i is the expense of year i of the project.

r is the discount rate based on the average medium-term loan interest rate (from one to three years) of VND loans from commercial banks in which the State holds more than 50% of the charter capital or voting shares on the provincial level for the nearest five consecutive years ending in the latest quarter with available data prior to the valuation date for implementing real estate investment and business projects.

n is the number of years for selling the project (1, 2,..., n).

m is the number of years for constructing the project (1, 2,..., m).

6. Determining the land price of the land plot or land area to be appraised

The value of the land plot or land area to be appraised is determined by the following formula:

The land price of the land plot or land area to be appraised is determined by the following formula:

7. In cases where the land area includes land allocation with payment of land use fee and land lease, the land price of the land plot to be appraised as stipulated in Clause 6 of this Article shall be determined based on the total development revenue and total development costs of each part of the allocated land and leased land.

The allocation of infrastructure construction costs for each part of the allocated land and leased land shall be carried out using the following formula:

Where: Total infrastructure construction costs of the project are determined in accordance with Clause 4 of this Article.

8. Commercial banks in which the State holds more than 50% of the charter capital or voting shares on the provincial level shall be responsible for providing the average medium-term loan interest rate as stipulated in Clause 5 of this Article in writing within five working days from the date of receipt of the request from the unit proposing the land price to determine the land price using the residual method.

An example of applying the residual method to determine the land price is provided in Appendix III attached to this Decree."

9. Supplement Article 5e as follows:

"Article 5e. Procedures and contents for determining land prices using the land price adjustment coefficient method

1. Establishing the land price adjustment coefficient

a) For cases stipulated in points a, b, c, and d of Clause 4 of Article 5 of this Decree, the finance department shall take the lead in establishing and submitting to the provincial People's Committee for decision and publication of the annual land price adjustment coefficient after soliciting opinions from the same-level People's Council. If necessary, the provincial People's Committee may decide to adjust the previously issued land price adjustment coefficient to suit the actual land price situation in the locality.

The establishment and adjustment of the land price adjustment coefficient as stipulated herein shall be carried out in accordance with the laws on land use fees and land lease fees.

b) For cases stipulated in point đ of Clause 4 of Article 5 of this Decree, the natural resources and environment department shall take the lead in advising and submitting to the competent authority for decision on the land price adjustment coefficient for each project or area to be applied.

2. The procedure for determining the land price adjustment factor as stipulated in Point b Clause 1 of this Article is as follows:

a) Survey and collect information on the plots of land to be appraised according to their location, as specified in the land price table, including: location, area, type of land, and duration of use, as well as land prices listed in the land price table.

b) Survey and collect information on the land prices of at least three plots of land as prescribed in Clause 1 and Clause 2 of Article 5b of this Decree for each location.

In cases where the plot of land has attached assets, the value of such attached assets shall be deducted to determine the land price according to Clause 3 and Clause 4 of Article 5c of this Decree.

c) Determine the prevailing market land price for each location:

Compile the market land prices for each location based on the collected information as prescribed in Point b of this clause and determine the prevailing market land price for each location.

If the market land prices concentrate within a certain range, the prevailing market land price for each location will be determined by calculating the arithmetic mean of the land prices at that location.

d) Determine the land price adjustment factor

The land price adjustment factor is determined for each location by dividing the prevailing market land price by the land price in the land price table at that location.

3. The land price of the plot of land to be appraised at each location is determined as follows:

10. Amend and supplement Article 15 as follows:

"Article 15. Determining Specific Land Prices

1. Based on the principles of land valuation stipulated in Clause 1 of Article 112 of the Land Law, the conditions for applying the land valuation methods prescribed in Clauses 1, 2, 3, and Point d of Clause 4 of Article 5 of this Decree, the results of the land price appraisal committee's review of the land price plan, the provincial People's Committee decides specific land prices or the district People's Committee decides specific land prices in cases where the provincial People's Committee delegates authority according to the provisions of the Law on Organization of Local Administration.

2. Specific land prices are used as a basis for the cases stipulated in Clause 4 of Article 114, Clause 2 of Article 172, and Clause 3 of Article 189 of the Land Law; as the starting price for auctioning land use rights when the State grants land with payment for land use or leases land with payment made once for the entire lease period.

3. The natural resources and environment agency is responsible for assisting the same-level People's Committee in organizing the determination of specific land prices as prescribed in Clause 1 of this Article.

4. Agencies, organizations, and individuals authorized to determine, review, and decide specific land prices are responsible for applying the principles, methods of land valuation, procedures, and processes for determining specific land prices, reviews, and decisions on specific land prices as prescribed in this Decree; they are not responsible for other contents previously reviewed, approved, decided, or resolved by competent authorities.

5. The unit determining land prices is responsible for the accuracy and completeness of the information for applying land valuation methods; adhering to the principles, methods, procedures, and processes of land valuation prescribed in this Decree; maintaining independence, objectivity, and honesty in land valuation advisory activities; ensuring compliance with professional ethics by appraisers under their organization; being accountable under the law for the results of land valuation advisory services."

11. Amend and supplement Article 16 as follows:

"Article 16. Procedures and Processes for Implementing the Determination of Specific Land Prices

1. The procedures for implementing the determination of specific land prices as stipulated in Clause 1 of Article 15 of this Decree shall be carried out as follows:

a) Prepare the land valuation dossier;

b) Collect, compile, and analyze information about the plot of land and the information for applying the land valuation method prescribed in Article 5b of this Decree; apply the land valuation method;

c) Draft a report explaining the construction of the land price plan and a draft proposal on the land price plan;

d) Review the land price plan;

đ) Complete the land price plan dossier to submit to the competent People's Committee for decision;

e) The competent People's Committee decides on the land price.

2. The land price plan dossier to be submitted to the competent People's Committee for decision includes:

a) A proposal on the land price plan from the natural resources and environment agency;

b) A detailed explanatory report on the construction of the land price plan, revised and completed according to the land price plan review document of the specific land price appraisal committee;

c) The land price plan review document of the specific land price appraisal committee;

d) Minutes of the meeting of the specific land price appraisal committee."

12. Amend and supplement Article 17 as follows:

"Article 17. Preparing for Land Valuation, Selecting Organizations with Functions to Provide Advisory Services for Determining Specific Land Pricesconcerning the classification and determination of state management authority in the field of crop production về việc xác định giá đất cụ thể

1. The natural resources and environment agency prepares the land valuation dossier, which includes the following contents:

a) Purpose of land valuation, time frame, and budget estimate;

b) Decision on granting land, leasing land, changing land use purposes, recognizing land use rights, converting annual land lease payments to one-time payments for the entire lease period, extending land use periods, adjusting land use periods, and adjusting detailed construction planning;

c) Other relevant legal documents concerning the plot of land or the area to be valued.

2. Based on the land valuation dossier, the natural resources and environment agency selects organizations with functions to provide advisory services for determining specific land prices according to the laws on bidding. In cases where no such organization can be selected, the task is assigned to a public service unit with functions to provide advisory services for determining specific land prices, or a multi-disciplinary working group is formed to determine the specific land prices."

The inter-agency working group shall be established by the competent People's Committee at the appropriate level, comprising representatives from the natural resources and environment authority led by a representative of the leadership of that authority as the Group Leader, and a representative of the financial authority as the Deputy Group Leader, along with representatives from construction, planning and investment authorities at the same level, representatives from the leadership of the People's Committee of the commune where the land is located, and other members determined by the competent People's Committee. Members of the inter-agency working group shall not participate as members of the Land Price Appraisal Council.

3. The operating expenses of the inter-agency working group shall be guaranteed by the state budget according to the current budget classification; they shall be allocated in the annual state budget estimate of the natural resources and environment authority and used in accordance with the provisions of the law.

13. Supplement Article 17 as follows:

“Article 17a. Collection, compilation, and analysis of information about the land plot and information for applying valuation methods; preparation of a report explaining the land price plan

1. The collection and compilation of information about the land plot and information for applying valuation methods as stipulated in Clause 1, Clause 2, Clause 3, and Point d of Clause 4 of Article 5 of this Decree shall be carried out using Model No. 01 and Model No. 02 of Appendix IV issued together with this Decree.

2. The unit determining the land price shall prepare a report explaining the construction of the land price plan according to Model No. 03 of Appendix IV issued together with this Decree.

3. In cases where an organization with consulting functions to determine land prices is hired or a public service unit with consulting functions to determine land prices is assigned a task, a Land Valuation Certificate must be prepared according to Model No. 04 of Appendix IV issued together with this Decree and submitted to the natural resources and environment authority.

4. The natural resources and environment authority shall be responsible for checking the completeness of the content of the report explaining the construction of the land price plan as stipulated in Clause 2 of this Article; drafting a draft proposal on the land price plan.

5. The natural resources and environment authority shall be responsible for submitting the land price plan dossier to the Land Price Appraisal Council, including:

a) A document requesting the appraisal of the land price plan;

b) A draft proposal on the land price plan;

c) A draft report explaining the construction of the land price plan;

d) The land price determination dossier.”

14. Supplement Article 17b as follows:

“Article 17b. The Land Price Appraisal Council

1. The competent People's Committee shall decide to establish the Land Price Appraisal Council in either a permanent council form or a case-by-case council form based on the actual situation in the locality, consisting of the following components:

a) The Chairman of the People's Committee serves as the Chairman of the Council;

b) The head of the financial agency at the same level serves as the Deputy Chairman of the Council;

c) A representative of the financial agency serves as the standing member of the Land Price Appraisal Council;

d) Representatives of the leadership of agencies such as natural resources and environment, construction, planning and investment, tax at the same level, the leadership of the People's Committee of the lower-level locality where the land is located, and other members decided by the competent People's Committee, the People's Committee may invite representatives of organizations with consulting functions to determine land prices or experts in land prices to participate as members of the Council.

Representatives of organizations with consulting functions to determine land prices participating in the Council must meet the conditions for practicing land price consulting services as prescribed and not belong to organizations with consulting functions to determine specific land prices that have been hired. Experts in land prices participating in the Council must have at least five years of experience working in one of the fields of financial land management, price management, land management, and price appraisal, and not belong to the agencies specified herein.

2. The financial agency shall serve as the standing body of the Land Price Appraisal Council.

3. Based on the actual situation in the locality, the Chairman of the Council may decide to establish a Council Working Group (if necessary), comprising representatives from the financial agency at the same level serving as the Group Leader; representatives from natural resources and environment, construction, planning and investment, tax agencies at the same level, and other members decided by the Chairman of the Council.

The Chairman of the Council shall direct the activities of the Council Working Group. The Council Working Group shall be responsible for preparing the contents assigned to propose and report to the Land Price Appraisal Council for consideration at the meeting to review the land price plan. The operating expenses of the Land Price Appraisal Council and the Council Working Group shall be guaranteed by the state budget according to the current budget classification; they shall be allocated in the annual state budget estimate of the financial agency and used in accordance with the provisions of the law.

4. Procedures for the operation of the Land Price Appraisal Council

a) Within no more than three working days from the date of receipt of the land price plan, the standing body of the Council shall send the document and the land price plan dossier to the members of the Council to solicit opinions on the land price plan;

b) Within no more than five working days from the date of receipt of the land price plan, the members of the Council must submit their opinions in writing to the standing body of the Council;

c) Within no more than fifteen working days from the date of sending the document soliciting opinions from the members of the Council on the land price plan, the standing body of the Council shall compile the opinions of the members of the Council and report to the Chairman of the Council on organizing the Council meeting;

d) Within no more than ten working days from the date of receipt of the report from the standing body of the Council, the Chairman of the Council shall decide to organize the meeting to review the land price;

đ) The meeting to review the land price shall be held when at least two-thirds (2/3) of the members of the Council attend, including the Chairman of the Council or the Deputy Chairman of the Council in cases authorized by the Chairman of the Council, representatives of the standing body of the Council, representatives of the natural resources and environment authority, and representatives of the unit determining the land price;

e) The Appraisal Council works independently, objectively, under a collective system, deciding by majority; discussing publicly and voting to approve the minutes of the land price appraisal meeting. The Council concludes according to the opinion of the majority of members present who have voted and approved at the session. In case of equal votes, the opinion of the Chairman or Vice-Chairman of the Council, in cases where the Chairman has delegated authority, shall be decisive. Members of the Council have the right to reserve their opinions if they disagree with the conclusion decided by the Council.

5. The specific land price appraisal council implements the appraisal of the land price plan according to the following contents:

a) The completeness and legality of the land valuation file;

b) Compliance with the principles of land valuation;

c) Deciding on the application of land valuation methods proposed by the land price determination unit;

d) The appropriateness of the adjustment ratio of factors affecting land prices between the comparable plot and the plot to be valued for cases applying the comparison method; the appropriateness of the sales period, start of sales, sales ratio, occupancy rate, transfer price fluctuation, rental price, construction time, construction progress, advertising costs, sales costs, management operation costs, investor profit, common actual costs of similar projects for cases applying the residual method;

đ) The appropriateness, legality, and completeness of the collected information.

6. The permanent body of the specific land price appraisal council sends the land price plan appraisal document and the minutes of the specific land price appraisal council meeting to the natural resources and environment agency to perfect the land price plan for submission to the People's Committee at the same level for decision.”

15. Supplement Article 17c as follows:

“Article 17c. Perfecting the land price plan file and submitting it to the competent People's Committee for land price decision

1. After receiving the appraisal document and the minutes of the specific land price appraisal council meeting that are consistent with the land price plan, the natural resources and environment agency submits the land price plan file to the People's Committee at the same level for decision.

If the specific land price appraisal council's appraisal document requires amendments and improvements to the land price plan, the natural resources and environment agency requests the land price determination unit to adopt, explain, and improve the report detailing the construction of the land price plan and the Land Valuation Certificate; perfect the land price plan file according to the requirements of the specific land price appraisal council before submitting it to the People's Committee at the same level for decision.

2. The natural resources and environment agency is responsible for storing all results of specific land valuation in the locality. The Department of Natural Resources and Environment compiles and reports to the Ministry of Natural Resources and Environment on the results of specific land valuation in the locality before January 5 each year.”

16. Repeal Article 18.

17. Amend and supplement Clause 2 of Article 20 as follows:

“2. An individual may only engage in land price consulting work within an organization with the function of land price consulting in one of the following cases:

a) Having a Land Valuation Certificate issued in accordance with the laws on land;

b) Having a Price Appraiser Card issued in accordance with the laws on price.”

Article 2. Supplementing and abolishing certain phrases of Decree No. 10/2023/ND-CP dated April 3, 2023, amending and supplementing several articles of decrees guiding the implementation of the Land Law.

1. Supplementing the phrase "or multiple land plots to implement an investment project using land" after the phrase "for each individual land plot" at Point c Clause 3 Article 17a of Decree No. 43/2014/ND-CP as amended and supplemented by Clause 3 Article 1 of Decree No. 10/2023/ND-CP.

2. Amending and supplementing Clause 9 Article 1 as follows:

"Article 68a. Conditions and criteria for changing the purpose of land use from rice cultivation land, protective forest land, special-use forest land to other purposes to implement an investment project

1. Having an investment project that has been approved for investment orientation or granted an investment registration certificate in accordance with the laws on investment.

2. Being consistent with the land use plan at the district level, the investment project must be included in the annual land use plan of the district which has been approved according to the laws.

3. Having a replanting forest plan or a document completing the obligation to pay for replanting forests in accordance with the laws on forestry for cases where the purpose of protective forest land or special-use forest land is changed to other purposes; having a plan for utilizing surface soil layers in accordance with the laws on crop cultivation for cases where the purpose of specialized rice cultivation land is changed to other purposes.

4. Having a preliminary environmental impact assessment or an environmental impact assessment in accordance with the laws on environmental protection (if applicable).

5. The agency or person authorized to review and approve the change of purpose of protective forest land, special-use forest land, or rice cultivation land to other purposes shall only be responsible for the contents stipulated in Clause 2 and Clause 3 of this Article; they shall not be responsible for other contents previously reviewed, approved, decided, or resolved by the agency or person authorized."

Article 3. Transitional Provisions

1. In cases where the land price plan was submitted by the natural resources and environment authority to the competent People's Committee for specific land price determination before the effective date of this Decree, the competent People's Committee shall determine the specific land price according to the submitted plan; this Decree’s provisions shall not apply.

2. For cases where there have been decisions on land allocation, land lease, permission to change land use purpose, permission to convert from annual land rent to lump-sum payment for the entire lease period, extension of land use term, adjustment of land use term, or adjustment of detailed construction planning in compliance with the laws on land and other relevant laws but not due to land recovery by the State for violation of land laws before the effective date of this Decree but without specific land price determination, the following shall be implemented:

a) For cases of land allocation and lease in compliance with the Land Law No. 24-L/CTN and the Land Law No. 13/2003/QH11 and their implementing regulations, where the land was actually handed over by the competent state authority before January 1, 2005, the land price for calculating land use fees and land lease fees shall be based on the land price list for 2005 issued by the provincial People's Committee.

b) For cases of land allocation and lease in compliance with the Land Law No. 24-L/CTN and the Land Law No. 13/2003/QH11 and their implementing regulations, where the land was actually handed over by the competent state authority from January 1, 2005 to before the effective date of this Decree, the land price shall be determined at the actual time of land handover.

c) For cases where there have been decisions on land allocation, land lease, permission to change land use purpose, permission to convert from annual land rent to lump-sum payment for the entire lease period, extension of land use term, adjustment of land use term, or adjustment of detailed construction planning (referred to as the decision in this context) in compliance with the Land Law No. 45/2013/QH13 and its implementing regulations, but the competent authority has not yet submitted the land price plan to the competent People's Committee, the land price shall be determined at the time of issuance of the decision.

d) Determination of specific land prices for cases stipulated in Points b and c of this Clause, which do not fall under the application of the land price adjustment coefficient method prescribed by the laws on land prices before the effective date of this Decree, shall be carried out in accordance with the comparison, income, or residual methods prescribed in this Decree.

đ) The additional amount of money that land users must pay for the period during which land use fees or land lease fees were not calculated for cases stipulated in Points a, b, and c of this Clause shall be implemented in accordance with the Government's Decree on collecting land use fees and land lease fees.

3. The competent People's Committee shall be responsible for organizing a review of the cases stipulated in Points a, b, and c of Clause 2 of this Article to implement the land price determination decision.

Article 4. Implementation provisions

1. This Decree takes effect from the date of issuance.

2. Abolishing Clause 4 Article 3 of Decree No. 01/2017/ND-CP dated January 6, 2017, of the Government amending and supplementing several decrees detailing the implementation of the Land Law.

3. Abolishing the provisions regarding the application of the land price adjustment coefficient stipulated in Point c Clause 3 Article 3, Point b Clause 1 Article 4 of Decree No. 45/2014/ND-CP dated May 15, 2014, of the Government on land use fee collection; Clause 5 Article 4, Point a Clause 4 Article 12 of Decree No. 46/2014/ND-CP dated May 15, 2014, of the Government on land lease fee and water surface lease fee collection; Clause 1 Article 2, Clause 1 Article 3 of Decree No. 135/2016/ND-CP dated September 9, 2016, of the Government amending and supplementing several articles of decrees on land use fee collection, land lease fee collection, and water surface lease fee collection; Clause 1 Article 3 of Decree No. 123/2017/ND-CP dated November 14, 2017, of the Government amending and supplementing several articles of decrees on land use fee collection, land lease fee collection, and water surface lease fee collection.

4. Abolishing Clause 1 Article 2 of Decree No. 136/2018/ND-CP dated October 5, 2018, of the Government amending some articles related to investment conditions in the field of natural resources and environment.

Article 5. Responsibilities for Implementation

The Ministers, Heads of ministerial-level agencies, Heads of government agencies, Chairpersons of provincial People's Committees under the central government, organizations, and individuals related to this matter shall be responsible for implementing this Decree./.