The Ho Chi Minh City administration has issued a decision to adjust the local land price regime, which will be effective from October 31 this year to December 31 next year. Under the new regime, land prices on prominent downtown streets such as Nguyen Hue, Dong Khoi, and Le Loi will top at VND687 million (approximately US$27,000) per square meter. This marks an increase of VND120 million ($4,725) from the current rate of VND567 million ($22,300) per square meter.

Despite the increase, the new rate is lower than the previously proposed draft plan, which suggested a rate of VND810 million ($31,894) per square meter. The adjusted land prices across the city will range from four to 38 times higher than current rates, depending on the area. Land in districts such as District 1, District 5, and District 10 saw decreases compared to the draft plan, falling by 5-10%.

In contrast, land in the Thieng Lieng residential area of outlying Can Gio District will have the lowest price at VND2.3 million ($90.5) per square meter. The price for land along a road parallel to National Highway 22 in Hoc Mon District will increase to VND30.3 million ($1,194) per square meter, a 13-fold surge over the current price. The new land prices are estimated to be about half of the market rates, whereas the current prices are approximately 30% of market value.

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