If people do not get a red book before 2026, they may have to pay more money.

This is one of the new points of the 2024 Land Law, effective from August 1.

Specifically, Clause 1, Article 257 of the 2024 Land Law stipulates that the land price list issued by the provincial People's Committee in accordance with the provisions of the 2013 Land Law shall continue to be applied until December 31, 2025. If necessary, the provincial People's Committee shall decide to adjust the land price list in accordance with the provisions of this law to suit the actual situation of land prices in the locality.

Article 159 of the 2024 Land Law stipulates that the Provincial People's Committee shall develop and submit to the People's Council of the same level for decision on the first land price list to be announced and applied from January 1, 2026.

Every year, the Provincial People's Committee is responsible for submitting to the Provincial People's Council for decision to adjust, amend and supplement the land price list for promulgation and application from January 1 of the following year.

Land price list is built according to area and location. For areas with digital cadastral maps and land price database, land price list is built for each plot of land based on value area and standard plot of land.

Currently, according to the provisions of the 2013 Land Law, the land price list is issued every 5 years based on principles, valuation methods, land price framework and is only adjusted when the Government adjusts the land price framework/land prices fluctuate.

Thus, the 2024 Land Law has abolished the land price framework. The land price list is issued based on the valuation method, not based on the minimum and maximum land prices of each type of land according to the current land price framework. Therefore, the new land price list will approach the market price, possibly increasing compared to the current price.

When registering for the first certificate of land use rights, house ownership rights and other assets attached to land (red book), there are three fees to be paid calculated according to the land price list: land use fee, land rent (if any) and registration fee. Of which, land use fee is usually the largest expense (except for some cases where it is not required to be paid).

Because it is based on the new land price table, if the land price table increases, land use fees, land rent (if any) and registration fees will all increase accordingly.