A view of HCM City. The city will revise the land prices to be applied next year. — Photo cafef.vn

HCM CITY (Biz Hub) — The People's Committee of this southern city sought the revision of the framework governing local land prices to be applied next year during a working session on December 15.

The request of the committee to amend this framework was submitted to the Department of Natural Resources and Environment and other relevant agencies.

Decree No. 104/2014/ND-CP, which was issued by Prime Minister Nguyen Tan Dung on November 14, states that the rates for residential urban lands in the east-southern region of Viet Nam range between VND120,000 and VND162 million (between US$5.7 and $7,710) per square metre.

The natural resources department had earlier presented a land price table for 2015, which featured a few changes compared with the 2014 version that stipulated local land rates should range between VND110,000 and VND81 million (between $5.2 and $3,850) per square metre.

The decree will take effect on December 29. The city will be expected to present an amended land price table to be considered by the municipal People's Council on December 30. The public announcement will be done on January 1 next year. — VNS