This congestion may last until 2025 for the following reasons:
(Image of land lots in Thu Thiem, Ho Chi Minh City (HCMC))
HCMC People's Committee plans to put these land lots up for auction again. However, some experts believe that HCMC People's Committee cannot re-auction these land lots now because they have to wait for a decree amending Decree 44/2014 regulating land prices and amended Land Law.
Need to wait for the following 3 important legal documents to be passed
The Decree amending Decree 44/2014 regulating land prices is being revised for the Government to issue soon. So wait for the amendment decree to determine the starting price for the auction. In addition, the amended decree will help remove difficulties in calculating land prices and land rental prices in many localities.
The law amending and supplementing a number of articles of the Law on Asset Auctions has not yet been passed and may not be issued in time this year.
The Government is also making efforts to complete the draft Land Law (amended). Assuming the draft Land Law is submitted by the Government and approved by the National Assembly at the next session, the new law will need some more time to officially take effect. Besides, we also have to wait for decrees and circulars to guide implementation of the new land law.
Therefore, although there may be a specific mechanism, Ho Chi Minh City People's Committee or other provinces / cities need to consider the impact of legal changes in the general context before deciding to organize an auction, in order to limit the impact on auction activities, land prices and land use rights after new legal documents take effect. Especially in the context that the draft land law has new regulations on principles and bases for determining land prices and abolishing regulations on land price frames, building criteria for determining market prices...
New real estate projects will continue to be congested.
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