HCMC promulgates new land valuation regime for 2009

Ho Chi Minh City’s 2009 land valuation regime was Tuesday officially promulgated by Nguyen Thanh Tai, permanent Vice Chairman of Ho Chi Minh City People’s Committee.

Ho Chi Minh City View from Reinassance Hotel.

The valuation framework, which comes into effect on January 1, will be used to calculate land use fees, taxes on the transfer of land use rights and some other property-related taxes.

Under the new valuation framework, the value of some properties in HCMC will rise by less than 10 percent, while in prime locations valuations will increase by more than 100 percent.

In the districts of Go Vap, Binh Thanh, Tan Phu, Binh Chanh, Cu Chi and Nha Be, land values will rise by less than 10 percent. In districts 6, 8, 9, 12, Thu Duc, Binh Tan, Can Gio and Hoc Mon, land valuations will increase by between 10 percent and 30 percent, while in districts 1, 3, 4, 5, 10, 11 and Phu Nhuan, valuations will jump by 50 percent to 100 percent. In District  7 and Tan Binh District, land values will leap by more than 100 percent.

Under the new regime, urban land values will range from VND1.2 million a square meter to VND81 million a square meter.

The highest land values will be VND81 million a square meter in Dong Khoi, Le Loi and Nguyen Hue streets in downtown District 1. In 2008, land in these streets was valued at VND67.5 million a square meter.

The lowest values will be VND110,000 dong a square meter in Thieng Lieng residential area of Can Gio District. This year, the land value in the area was VND100,000 dong a square meter.

The 2009 land valuation framework of Ho Chi Minh City will apply to 2,740 stretches of roads and streets.

By Nhung Nguyen – Translated by Thanh Huong

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