On June 27, 2024, the Government issued Decree no. 71/2024/ND-CP on land valuation.
-
The area to build the land price list for each land plot based on the value area, the standard land plot must ensure the following conditions:
Having a Digitized Cadastral Map: The map must be revised and updated when there are changes in the shape, size, area of the plot, and other relevant factors, and it must be updated into the national land database according to the regulations on cadastral maps.
Having a Land Price Database: This includes land prices recorded in land use rights transfer contracts, auction-winning land prices after fulfilling financial obligations, and land price information collected through surveys and investigations within 24 months before the valuation time.
-
Conditions for Individuals to Practice Land Valuation Consulting in a Land Valuation Organization:
Educational Requirements: Possessing a university degree or higher in land management, cadastral studies, real estate, valuation, economics, finance, accounting, auditing, or banking.
Practical Experience: Having at least 36 months of practical work experience in the relevant field after obtaining a degree in land management, cadastral studies, real estate, valuation, economics, finance, accounting, auditing, or banking up to the date of registration as a valuer.
Certification: Holding a certificate of completion for training and professional development in land valuation issued by accredited training institutions.
Specific Procedures for Land Valuation:
The decree outlines specific procedures for land valuation as follows:
(1) Collecting, Summarizing, and Analyzing Information:
- Required information includes data on the plot to be valued and input data for applying land valuation methods.
Information collection and summarization about land plots and input information to apply land valuation methods is carried out according to forms from Form No. 02 to Form No. 03, Appendix I issued with Decree 71.
- The organization conducting land valuation is responsible for the accuracy and completeness of the information used for valuation methods and must provide input information to the land management authority to update the land price database.
(2) Choosing the Land Valuation Method:
Based on the land use purpose for valuation, characteristics of the plot or area to be valued, collected information, and conditions for applying land valuation methods as stipulated in Clause 6, Article 158 of the Land Law 2024, the organization conducting the valuation is responsible for analyzing and selecting the appropriate valuation method to propose to the specific Land Valuation Appraisal Council for decision.
(3) Preparing the Valuation Plan Report and Draft Land Valuation Certificate:
- Organize the implementation of land valuation to build a report explaining the development of land price plan, draft land valuation certificate and send it to the agency with land management function;
- Report explaining the development of the land price plan is made according to Form No. 16, Appendix I issued with Decree 71. Land valuation certificate is made according to Form No. 17, Appendix I issued with Decree 71.
This Decree takes effect from July 1, 2024.
