News about land prices

Prime Minister Lê Minh Hưng said the State must manage and regulate land prices, since high real estate prices have serious consequences for economic development. Speaking to the National Assembly panel on the afternoon of October 22 about draft revisions to three laws on land, housing and real estate business, he said the draft Land Law would remove specific land price rules and let the State set prices under four principles, in line with Resolution 21. He argued that high land prices raise project costs and home prices, making it very hard to address housing for priority groups such as civil servants, workers, students and the armed forces. Under the draft Housing Law, which defines four housing categories, the State would prioritize social and rental housing, while commercial housing would follow market rules. The revised Land Law is expected to take effect in 2028.