Annual Land Rental Equals 1.5 Pct of Land Price

Under a new regulation, the annual land rent unit will be equal to 1.5 percent of the land price according to the purpose of the rented land, promulgated by the provincial-level People's Committees in accordance with the Government on the methods of determining land prices and price brackets.

 

For land in urban areas, commercial or service centres, traffic hubs, and densely populated areas that may yield special profits or be used for production, business and/or service activities, the provincial-level People's Committee presidents will decide based on the local situation to make decision if land rent rates higher than the set rates. The price unit of each project will be maintained in 5 years. After this period, provincial people committees will decide new rates, basing on regulations.