Circular No. 114/2004/TT-BTC dated November 26, 2004 of the Ministry of Finance guiding the implementation the Decree No. 188/2004/ND-CP dated November 16, 2004 on methods of determining land prices and assorted-land price bracket
THE MINISTRY OF FINANCE
SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
Hanoi, November 26, 2004
188/2004/ND-CP OF NOVEMBER 16, 2004 ON METHODS OF DETERMINING LAND PRICES AND ASSORTED-LAND PRICE BRACKET
In furtherance of the Government’s Decree No. 188/2004/ND-CP of November 16, 2004 on methods of determining land prices and assorted-land price brackets; after consulting the Ministry of Natural Resources and Environment, the Finance Ministry hereby guides the methods of determining land prices, determining the prices of assorted land categories by the People’s Committees of the provinces and centrally run cities (hereinafter called the provincial-level People’s Committees for short) for decision on and publicization of specific land prices in localities as follows:
I. METHODS OF DETERMINING THE LAND PRICES
1. Direct comparison method
1.1. The land price determination by direct comparison method must go through the following steps:
a) Step 1: Survey and collection of information:
- Determining the locations of the land plots or land areas, which are comparable with be- valuated land plots, land areas in order to gather information.
To select from 3 to 5 land plots or land areas, which are identical in land category, land acreage, infrastructure and legal grounds and lie adjacent to, or in the vicinities of, the to be-valuated land plots, land areas and have conditions similar to and comparable with those of the to be-valuated land plots, land areas with the land use rights being already transferred, or to organize transactions on real estate transaction floor, organize successful land use right auctions in order to gather necessary information.
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