Decree No. 44/2014/ND-CP on land prices

DECREE

Provisions on land prices

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Pursuant to the Law on Organization of the Government dated December 25, 2001;

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

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

At the proposal of Issue a Decree to provide for provisions on land prices.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of Regulation

This Decree stipulates the methods for valuing land; establishing, adjusting the framework of land prices, land price lists; specific land valuation, and activities providing consultancy services for determining land prices.

Article 2. Applicability

1. State agencies responsible for managing land; agencies responsible for establishing, adjusting, and reviewing the framework of land prices, land price lists, and specific land valuation.

Organizations providing consultancy services for determining land prices, individuals practicing consultancy services for determining land prices.

MECHANISMS AND POLICIES REGARDING THE PRICE OF AUCTION SERVICES FOR ASSETS THAT MUST BE SOLD THROUGH AUCTIONS AS PRESCRIBED BY LAW

Article 3. Explanation of Terms

In this Decree, the following terms are understood as follows:

1. Vacant plot means a plot that at the time of valuation does not have houses or other assets attached to the land.

2. Net income is determined by subtracting total expenses from total revenue.

3. The prevailing market land price is the price that appears most frequently in transactions already transferred on the market, winning auctions for land use rights, and land prices determined from costs and revenues of plots with the same purpose of use in a specific area and within a certain period of time.

Article 4. Methods for Valuing Land

1. The direct comparison method is a valuation method that determines land prices through analyzing the prices of vacant plots similar in terms of land use purpose, location, profitability, infrastructure conditions, area, shape, and legality of land use rights (hereinafter referred to as comparable plots) that have been transferred on the market or won in auctions for land use rights, to compare and determine the price of the plot to be valued.

2. The subtraction method is a valuation method for plots with attached assets by excluding the value of the attached assets from the total value of real estate (including the value of the land and the value of the attached assets).

3. The income method is a valuation method that calculates the land price as the ratio between the average net income obtained annually per unit area of land compared to the annual average savings deposit interest rate at the point of valuing the land in VND term deposits of 12 months at state commercial banks with the highest savings deposit interest rates in the province.

4. The residual method is a valuation method for plots with potential for development according to land use planning, construction planning, or permitted changes in land use purposes to maximize and optimize use, by excluding estimated total costs from the assumed total revenue of real estate development.

5. The land price adjustment factor method is a valuation method that uses a land price adjustment factor (x) multiplied by the land price in the land price list issued by the People's Committee of the province or centrally governed city (hereinafter referred to as the provincial People's Committee).

Article 5. Application of land valuation methods

1. Requirements for information in applying land valuation methods:

a) Information about land prices that have been transferred on the market, auction-winning land prices, land prices in the land database, land prices on real estate trading floors, and land prices determined from costs and revenues of plots (hereinafter referred to as market land prices) must ensure objectivity and honesty.

In cases where there is insufficient information in the area being valued, information can be collected from adjacent areas to the area of the plot needing valuation.

b) When applying land valuation methods, priority should be given to selecting information specified in Point a of this Clause in the valuation area and at the nearest time to the valuation date.

2. Conditions for applying land valuation methods:

a) The direct comparison method is applied to value land when there are comparable plots that have been transferred on the market or won in auctions for land use rights.

b) The subtraction method is applied to value plots with attached assets in cases where sufficient data on the prices of similar real estate (including land and attached assets) that have been transferred on the market or won in auctions for land use rights are available.

c) The income method is applied to value land when it is possible to determine revenues and expenses from land use.

d) The residual method is applied to value plots with development potential due to changes in planning or land use purposes when the estimated total development revenue and total costs can be determined.

đ) The land price adjustment factor method is applied to value land for cases stipulated in Clause 2, Article 18 of this Decree.

Chapter II

CONSTRUCTION, ADJUSTMENT OF LAND PRICE FRAMEWORKS, LAND PRICE LISTS, SPECIFIC LAND VALUATION AND ADVISORY DETERMINATION OF LAND PRICES

Section 1

CONSTRUCTION, ADJUSTMENT OF LAND PRICE FRAMEWORKS

Article 6. Basis for constructing land price frameworks

The construction of land price frameworks must be based on the principles of land valuation prescribed in Article 112 of the Land Law, the land valuation methods prescribed in Clauses 1, 2, 3, and 4 of Article 4 of this Decree; the results of compiling and analyzing market land price information; natural, socio-economic, management, and land use factors affecting land prices.

Article 7. Content of land price frameworks

1. Prescribing minimum and maximum prices for the following types of land:

a) Agricultural land group:

- Framework for annual crop land prices including paddy fields and other annual crop lands;

- Framework for perennial crop land prices;

- Framework for production forest land prices;

- Framework for aquaculture land prices;

- Framework for salt-making land prices.

b) Non-agricultural land group:

- Framework for rural residential land prices;

- Framework for rural commercial and service land prices;

- Framework for non-agricultural production and business land prices not classified as commercial or service land in rural areas;

- Framework for urban residential land prices;

- Framework for urban commercial and service land prices;

- Framework for non-agricultural production and business land prices not classified as commercial or service land in urban areas.

2. The land price framework is defined according to the following economic regions and types of cities:

a) Economic regions include: North Midland and Northern Mountain region, Red River Delta region, North Central Coast region, South Central Coast region, Central Highlands region, Southeast region, and Mekong Delta region.

The definition of agricultural land price frameworks and non-agricultural land price frameworks in rural areas for each economic region is determined according to three types of communes: plain, midland, and mountainous.

b) Types of cities include: Special-class city, Class I city, Class II city, Class III city, Class IV city, and Class V city.

The definition of non-agricultural land price frameworks in urban areas is determined according to economic regions and types of cities.

3. The land price framework serves as a basis for provincial People's Committees to establish land price tables in their localities.

Article 8. Procedures and formalities for establishing the land price framework

1. The procedures for establishing the land price framework shall be carried out as follows:

a) Identifying types of land, economic zones, and types of urban areas in the establishment of the land price framework;

b) Surveying, compiling, and analyzing information on market land prices; natural, socio-economic, management, and land use factors affecting land prices;

c) Analyzing and evaluating the results of implementing the current land price framework;

d) Establishing the land price framework and preparing a proposal for issuing the land price framework;

đ) Organizing the solicitation of opinions on the draft land price framework;

e) Reviewing the draft land price framework;

g) Completing the land price framework to submit to the Government for issuance.

2. The dossier for establishing the land price framework to be submitted to the Government for issuance includes:

a) A proposal for issuing the land price framework;

b) The draft land price framework;

c) A report explaining the establishment of the land price framework;

d) Documents reviewing the land price framework.

3. The Ministry of Natural Resources and Environment is responsible for organizing the establishment and submission to the Government for issuance of the land price framework every five years. The Ministry of Finance is responsible for organizing the review of the land price framework.

Article 9. Adjusting the land price framework

1. When the prevailing market land price increases by 20% or more compared to the maximum land price or decreases by 20% or more compared to the minimum land price in the land price framework over a period of 180 days or longer, the Government adjusts the land price framework.

2. Contents of adjusting the land price framework:

a) Adjusting the minimum and maximum prices of one type of land or several types of land or all types of land in the land price framework;

b) Adjusting the land price framework in one economic zone or several economic zones or all economic zones; in one type of urban area or several types of urban areas or all types of urban areas.

3. The procedures for adjusting the land price framework shall be carried out as follows:

a) Identifying types of land, economic zones, and types of urban areas that need to have their land price framework adjusted;

b) Surveying, compiling, and analyzing information on market land prices; natural, socio-economic, management, and land use factors affecting land prices;

c) Analyzing and evaluating the results of implementing the current land price framework;

d) Establishing the adjusted land price framework and preparing a proposal for adjusting the land price framework;

đ) Organizing the solicitation of opinions on the draft adjusted land price framework;

e) Reviewing the draft adjusted land price framework;

g) Completing the adjusted land price framework to submit to the Government for issuance.

4. The dossier for adjusting the land price framework submitted to the Government for issuance includes:

a) A proposal for issuing the adjusted land price framework;

b) The draft adjusted land price framework;

c) A report explaining the construction of the adjusted land price framework;

d) Documents reviewing the adjusted land price framework.

5. The Ministry of Natural Resources and Environment is responsible for organizing the establishment and submission to the Government for issuance of the adjusted land price framework. The Ministry of Finance is responsible for organizing the review of the adjusted land price framework.

Section 2

CONSTRUCTION AND ADJUSTMENT OF THE LAND PRICE TABLE

Article 10. Basis for establishing the land price table

The construction of land price lists must be based on the principles of land valuation prescribed in Article 112 of the Land Law, the land valuation methods prescribed in Clauses 1, 2, 3, and 4 of Article 4 of this Decree, the land price framework prescribed by the Government; the results of compiling and analyzing market land price information; natural, socio-economic, management, and land use factors affecting land prices.

Article 11. Content of the land price table

1. Regulations on the land price table for the following types of land:

a) The land price table for annual crop land including paddy fields and other annual crop land;

b) The land price table for perennial crop land;

c) The land price table for production forest land;

d) The land price table for aquaculture land;

đ) The land price table for salt-making land;

e) The land price table for residential land in rural areas;

g) The land price table for commercial and service land in rural areas;

h) The land price table for non-agricultural production and business land that is not commercial or service land in rural areas;

i) The land price table for residential land in urban areas;

k) The land price table for commercial and service land in urban areas;

l) The land price table for non-agricultural production and business land that is not commercial or service land in urban areas;

In addition to the land price lists prescribed in this Clause, the provincial People's Committee may issue detailed land price lists for various types of land classified under Article 10 of the Land Law, in accordance with local realities.

2. The land price table is established based on the location of the land. For localities that already have cadastral maps and have human resources and financial conditions, the land price table can be established for each individual plot of land.

3. Regulations on land prices in the land price table:

a) The land prices in the land price table are set according to the principle that land belonging to a certain type of land shall apply the land price framework of that type of land as stipulated in Article 7 of this Decree and must be consistent with the land price framework.

For residential land in urban areas; commercial and service land in urban areas; non-agricultural production and business land that is not commercial or service land in urban areas with high profitability and advantages for use as production, business, commercial, and service premises, based on local realities, the provincial People's Committee may set higher land prices but not exceeding 30% above the maximum price of the same type of land in the land price framework; if setting a higher price than 30%, it must report to the Ministry of Natural Resources and Environment for consideration and decision.

For agricultural land within residential areas, within the administrative boundaries of wards, based on local realities, the provincial People's Committee may set higher land prices but not exceeding 50% above the maximum price of the same type of land in the land price framework;

b) For protective forest land and special-use forest land, the provincial People's Committee bases the determination of land prices on the prices of productive forest land in nearby areas already specified in the land price list and applies the land valuation methods.

c) For other types of agricultural land, the provincial People's Committee bases the determination of land prices on the prices of other types of agricultural land in nearby areas already specified in the land price list.

d) For land used for public purposes with business objectives, land for constructing agency headquarters, and land for constructing public works, the Provincial People's Committee shall base on the price of production and business land for public land with business objectives or the residential land price for agency headquarters and public works construction land in nearby areas as specified in the land price table to determine the land price level;

đ) For river, stream, canal, creek, and spring water bodies specifically used for aquaculture purposes, the aquaculture land price range shall be applied; if used for non-agricultural purposes or combined with aquaculture, the Provincial People's Committee shall base on the non-agricultural land price in nearby areas to determine the land price level;

4. For unused land, when competent state agencies transfer or lease land for use, the Provincial People's Committee shall base on the valuation method and the price of the same type of land for the same purpose that has been transferred or leased in nearby areas to determine the land price level;

5. The land price table shall be used as a basis for application in cases stipulated in Clause 2, Article 114 of the Land Law;

Article 12. Procedures and formalities for establishing the land price table

1. The procedures for establishing the land price table shall be carried out as follows:

a) Determining the type of land and location according to plains, midlands, mountainous regions, and types of urban areas within the administrative unit of the province;

b) Surveying, compiling, and analyzing market land price information; natural, socio-economic, management, and land use factors affecting land prices;

c) Analyzing and evaluating the implementation results of the current land price table;

d) Establishing the land price table and the proposal for issuing the land price table; handling land prices in border areas according to the provisions of Article 13 of this Decree;

đ) Organizing the solicitation of opinions on the draft land price table;

e) Completing the draft land price table for submission to the provincial People's Committee;

g) Reviewing the draft land price table;

h) Submitting the land price table to the provincial People's Council for approval;

i) The provincial People's Committee decides to issue the land price table.

2. The dossier for establishing the land price table submitted to the provincial People's Committee includes:

a) Proposal for issuing the land price table;

b) Draft land price table;

c) Report explaining the establishment of the land price table;

đ) Document reviewing the land price table;

3. The dossier for establishing the land price table submitted to the provincial People's Council for approval includes: Proposal from the provincial People's Committee; draft land price table and Report explaining the establishment of the land price table.

4. The review of the land price table shall be carried out by the Land Price Table Review Board, which is established by the decision of the Provincial People's Committee and includes the following components:

a) A representative from the leadership of the Provincial People's Committee serving as the Chairman of the Board;

b) A representative from the leadership of the Department of Finance serving as the permanent member of the Board; representatives from the leadership of the Department of Natural Resources and Environment, the Department of Justice, and the People's Committee of districts, towns, and cities under provincial jurisdiction (hereinafter referred to collectively as the People's Committee of districts); organizations with functions to advise on land pricing or experts in land pricing, and other members decided by the Provincial People's Committee;

5. The Department of Natural Resources and Environment shall be responsible for organizing the construction, submission to the Provincial People's Committee for issuance of the local land price table every five years, and public announcement on January 1st of each period;

Article 13. Handling land prices in border areas between provinces and centrally governed cities when establishing the land price list

1. The border area between provinces and centrally governed cities (hereinafter referred to as the border area) shall be defined according to the following types of land:

a) For agricultural land in border areas determined from the administrative boundary line between provinces and centrally-administered municipalities inward up to a maximum of 1,000 meters within each province and municipality;

b) For non-agricultural land in border areas determined from the administrative boundary line between provinces and centrally-administered municipalities inward up to a maximum of 500 meters within each province and municipality;

c) For border areas separated by rivers, lakes, canals with a width mainly not exceeding 100 meters, the border area land shall be determined from the riverbank, lakebank, canal bank of each side of the river, lake, canal according to Points a and b of this Clause. In cases where the width of the river, lake, or canal mainly exceeds 100 meters, it will not be classified as border area land;

2. Land in border areas with the same usage purpose, profit-making capacity, and income from land use shall have the same price level. If there are differences in the aforementioned factors, the land price level in border areas may differ but the maximum difference shall not exceed 30%;

3. The Provincial People's Committee shall be responsible for sending the draft land price table of the locality to the Provincial People's Committee of adjacent areas; posting the draft land price table on the website of the Provincial People's Committee and the Department of Natural Resources and Environment;

In case the difference in land price levels in border areas in the draft land price table exceeds the limit set forth in Clause 2 of this Article, the Provincial People's Committee of the adjacent area must proactively unify the land price level in the border area;

In case unification cannot be achieved, report to the Ministry of Natural Resources and Environment before September 15th of the year when the land price table is being developed for resolution. If the Provincial People's Committee and the Ministry of Natural Resources and Environment cannot reach an agreement on the land price in the border area, the Ministry of Natural Resources and Environment shall report to the Prime Minister for consideration and decision;

4. The provincial People's Committee is responsible for coordinating to handle the difference in land price levels in the border area during the process of establishing the land price list.

Article 14. Adjusting the land price list

1. Cases for adjusting the land price list:

a) When the Government adjusts the land price range and the adjusted land price increases by 20% or more compared to the highest price in the land price table of similar land types or decreases by 20% or more compared to the lowest price in the land price table of similar land types;

b) When the market price of land generally increases by 20% or more compared to the maximum land price or decreases by 20% or more compared to the minimum land price in the land price list over a period of 180 days or more.

2. Content of adjusting the land price list:

a) Adjusting the price of one type of land or several types of land or all types of land in the land price list;

b) Adjusting the land price list at one location or several locations or all locations.

3. The land prices in the adjusted land price table must comply with the land price range and the regulations on the maximum price difference in border areas stipulated in Clause 2, Article 13 of this Decree;

4. The procedure for adjusting the land price list shall be implemented as follows:

a) Identifying the type of land and location of land that need adjustment in the land price list;

b) Surveying, compiling, and analyzing information on market land prices; natural, socio-economic, management, and land use factors affecting land prices;

c) Analyzing and evaluating the implementation results of the current land price table;

d) Preparing the adjusted land price list and the Memorandum on issuing the adjusted land price list;

đ) Organizing opinions on the draft adjusted land price list;

e) Completing the draft adjusted land price list for submission to the provincial People's Committee;

g) Reviewing the draft adjusted land price list;

h) Submitting to the Standing Committee of the Provincial People's Council for approval and reporting to the Provincial People's Council at the nearest session;

i) The provincial People's Committee decides to issue the adjusted land price list.

5. Documents for adjusting the land price list submitted to the provincial People's Committee include:

a) Memorandum on issuing the adjusted land price list;

b) Draft adjusted land price list;

c) Report explaining the construction of the adjusted land price list;

d) Document reviewing the adjusted land price list.

6. The documents for adjusting the land price table submitted for approval by the Standing Committee of the Provincial People's Council include: the proposal of the Provincial People's Committee; the draft of the adjusted land price table; and the explanatory report on the construction of the adjusted land price table;

7. The Department of Natural Resources and Environment is responsible for organizing the construction and submitting to the provincial People's Committee for issuance of the adjusted land price list in the locality.

Section 3

SPECIFIC LAND VALUATION

Article 15. Determining specific land value

1. Based on the principles of specific land valuation stipulated in Article 112 of the Land Law, the methods of land valuation stipulated in Clauses 1, 2, 3, and 4 of Article 4 of this Decree, and the results of compiling and analyzing information about the plot of land and market land prices, the Provincial People's Committee shall decide on the specific land price;

2. The specific land price shall be used as a basis for cases stipulated in Clause 4, Article 114, Clause 2, Article 172, and Clause 3, Article 189 of the Land Law; and as the starting price for auctioning the right to use land when the State transfers land with payment for land use rights or leases land with one-time payment for the entire lease period;

Article 16. Procedures and formalities for implementing the determination of specific land value

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

a\. Determine the purpose of valuing specific land;

b\. Investigate, compile, and analyze information about the plot of land and market land prices; apply the method of land valuation;

c\. Develop a land price plan to submit to the People's Committee of the province;

d) Review the land price plan;

d\. Finalize the draft land price plan to submit to the People's Committee of the province for decision;

e\. The People's Committee of the province decides on the land price.

2\. The dossier for determining specific land value to be submitted to the People's Committee of the province for decision shall include the following:

a\. A proposal on the land price plan;

b\. A draft land price plan;

c) Explanatory report on building the land price plan;

d\. An appraisal document on the land price plan.

3. The review of the land price plan shall be carried out by the Land Price Review Board, which is established by the decision of the Provincial People's Committee and includes the following components:

a) The Chairman of the Provincial People's Committee serving as the Chairman of the Board;

b) A representative from the leadership of the Department of Finance serving as the permanent member of the Board; representatives from the leadership of the Department of Natural Resources and Environment and the People's Committee of the district where the land is located; organizations with functions to advise on land pricing or experts in land pricing, and other members decided by the Provincial People's Committee;

Article 17. Selection of organizations with functions to advise on specific land valuation

1. Based on the need for specific land valuation in the locality, the Department of Natural Resources and Environment shall prepare a specific land valuation plan, submit it to the Provincial People's Committee for approval, and organize the implementation of the approved plan.

2\. The selection of organizations with functions to advise on specific land valuation shall be carried out in accordance with the laws on bidding.

Article 18. Determination of specific land value using the land price adjustment coefficient method

1. On the basis of the prevailing land prices on the market, economic and social conditions in the locality, and the land price list, the Provincial People's Committee shall stipulate and decide on the adjustment factor for land prices to determine specific land prices.

2. Specific land prices are determined using the land price adjustment factor method prescribed in Clause 5, Article 4 of this Decree, which applies to the following cases:

a) The cases prescribed in Points a, b, c, and d of Clause 4, Article 114, Clause 2, Article 172, and Clause 3, Article 189 of the Land Law where the plot of land or project area has a value (calculated based on the land price in the land price list) under VND 30 billion for central cities; under VND 10 billion for mountainous and highland provinces; under VND 20 billion for other provinces; in cases of leasing land with annual rent payments requiring the determination of the rental price to adjust for the next cycle; the starting price for auctioning the right to use land when the State leases land with annual rent payments;

b) The case prescribed in Point đ of Clause 4, Article 114 of the Land Law for projects with adjacent plots of land having the same purpose of use, profit potential, and income from land use.

3. Annually, the Provincial People's Committee shall stipulate the land price adjustment factor to apply to the cases prescribed in Point a of Clause 2 of this Article.

For the case prescribed in Point b of Clause 2 of this Article, the Provincial People's Committee shall decide on the land price adjustment factor to apply to each project at the time the State decides to reclaim land.

4\. Responsibilities for building the land price adjustment coefficient:

a) The Department of Finance shall take the lead and coordinate with the Department of Natural Resources and Environment and relevant departments to establish and submit to the Provincial People's Committee the land price adjustment factor prescribed in Point a of Clause 2 of this Article;

b) The Department of Natural Resources and Environment shall take the lead and coordinate with the Department of Finance and relevant departments to establish and submit to the Provincial People's Committee the decision on the land price adjustment factor prescribed in Point b of Clause 2 of this Article.

5\. The Ministry of Natural Resources and Environment shall take the lead and coordinate with the Ministry of Finance to guide the construction of the land price adjustment coefficient prescribed in this Article.

Section 4

LAND PRICE APPRAISAL CONSULTATION

Article 19. Principles of operation for land price appraisal consultation

Organizations with the function of providing land appraisal advice on land prices must comply with the following principles when conducting such advice:

1. Adhering to the principles, methods of land valuation, procedures, and contents for establishing the framework of land prices, land price lists, and specific land valuations;

2. Independence, honesty, and objectivity;

3. Implement the obligations prescribed in Clause 2, Article 116 of the Land Law.

Article 20. Conditions for Engaging in Land Appraisal Advice on Land Prices Activities, and Individuals Practicing Land Appraisal Advice on Land Prices

1. An organization may engage in land price appraisal consultation if it meets the following conditions:

a) Having the function of providing land appraisal advice on land prices, or valuation review, or real estate valuation consultancy;

b) Has at least three qualified land price appraisal consultants as prescribed in Clause 2 of this Article.

2. An individual may only practice land price appraisal consultation within an organization authorized to provide such services and must meet the following conditions:

a) Possess civil capacity;

b) Possess good moral character, integrity, honesty, and objectivity;

c) Have a bachelor's degree or higher in land management, pricing, valuation, cadastral surveying, real estate business, real estate economics, or related fields;

d) Have at least 36 months of practical work experience in the field of study after obtaining the relevant degree as prescribed in Point c of this Clause;

đ) Hold a Price Appraiser Certificate issued according to the laws on pricing or a Real Estate Valuation Certificate issued according to the laws on real estate business or a Land Valuation Certificate.

Chapter III

IMPLEMENTATION

Article 21. Responsibilities of Ministries, Sectors, and Provincial People's Committees

1. The Ministry of Natural Resources and Environment shall be responsible for:

a) Organizing the establishment and adjustment of the land price framework to be submitted to the Government for issuance;

b) Guide methods for land valuation; the establishment, adjustment of land price lists; specific land valuation according to regulations; land price appraisal consultation activities; construction, updating, management, and exploitation of land price databases in the land information system; creation of land price maps;

c) Inspect, examine, and handle violations in the application of land valuation methods; the application of land price lists and specific land prices, land use rights auctions, and land price appraisal consultation activities as prescribed by law;

d) Issuing training programs on land laws and land valuation;

đ) Building, updating, managing, and utilizing the national land price database in the land information system.

2. The Ministry of Finance shall be responsible for:

a) Reviewing the land price framework and adjusted land price framework;

b) Leading and coordinating with the Ministry of Natural Resources and Environment to guide the content of reviewing land price lists and specific land valuations by the Land Price List Review Council and the Land Valuation Review Council.

3. Provincial People's Committees shall be responsible for:

a) Organizing the establishment, adjustment, and issuance of land price lists; deciding specific land prices and proposing adjustments to the land price framework; determining and deciding land price adjustment coefficients;

b) Guiding and inspecting the implementation of legal provisions on land prices at the local level; resolving issues arising from land prices within their authority;

c) Inspect, examine, and handle violations regarding land prices and land price appraisal consultation activities at the local level;

d) Organize the construction, updating, management, and exploitation of local land price databases, creation of land price maps as prescribed by the Ministry of Natural Resources and Environment; publish land price market fluctuation indices;

đ) Annually reporting to the Ministry of Natural Resources and Environment on the implementation of legal provisions on land prices at the local level.

4. Funding for the organization of land price framework and list construction, adjustment, and review; specific land valuation; monitoring and updating local land prices, publishing land price market fluctuation indices; construction of land price databases and creation of land price maps shall be allocated from the state budget.

Article 22. Handling certain issues arising after this Decree takes effect

1. Specific land prices proposed by competent authorities before July 1, 2014, which have not been decided by the Provincial People's Committee, shall continue to be used to submit to the Land Price Appraisal Board for examination before the Provincial People's Committee makes a decision.

2. For localities that had signed contracts with organizations for land price appraisal consultation before July 1, 2014, they may continue to implement according to the signed contracts; the consulting results on land prices can be used to submit to the Land Price Appraisal Board for examination before the Provincial People's Committee makes a decision.

3. The land price list for 2014 issued by the provincial People's Committee shall be applied until December 31, 2014.

Chapter IV

IMPLEMENTING PROVISIONS

Article 23. Effectiveness of Implementation

1. This Decree takes effect from July 1, 2014.

2. This Decree replaces Decree No. 188/2004/ND-CP dated November 16, 2004, of the Government on the method of determining land prices and the framework of land prices for various types of land, and Decree No. 123/2007/ND-CP dated July 27, 2007, of the Government amending and supplementing certain provisions of Decree No. 188/2004/ND-CP; abolishes the provisions on land prices in Clause 6, Article 1 of Decree No. 189/2013/ND-CP dated November 20, 2013, of the Government amending and supplementing certain provisions of Decree No. 59/2011/ND-CP dated July 18, 2011, of the Government on converting wholly state-owned enterprises into joint-stock companies.

Article 24. Responsibility for Implementation

Ministers, Heads of ministerial-level agencies, Heads of agencies under the Government, Chairpersons of provincial and centrally-administered city People's Committees, organizations, and individuals concerned are responsible for implementing this Decree./.