Hanoi (VNA) –Domestic and foreign experts shared their experiences in land economy during aconference jointly held by the Ministry of Natural Resources and Environment(MoNRE) and the World Bank in Hanoi on July 13.

Addressing the event, MoNREMinister Tran Hong Ha said that in recent years, the legal policies related toland use have been completed so as to catch up with management methods oninternational standards.

Making land economysuitable to the market is now an urgent need, requiring the review of landvalue as well as policy and management solutions for Vietnam in order toencourage the efficient use of land.

Experts from the MoNREand other ministries, agencies, and research institutes, as well as foreignspecialists from France and Japan, discussed various issues related to the buildingof land prices, while sharing experience in defining land prices and regulatingadded value from land.

They also debated mattersregarding the amendments and supplementations to the Land Law; economicfoundation of land policies; and the management of public land and land prices.

Dang Hung Vo, anexpert from the World Bank held that Vietnam has yet to make full use ofresources from public land despite high potential.

Currently, land taxremains low, while losses in public land value are still occurring in various forms,mostly due to corruption.

Payments from allocationand lease of public land currently account for 85 percent of income from land,he noted, adding that the land use fee and land rent, which are equal to just30 percent of the market price.

He proposed that inthe time to come, the Land Law should be adjusted to help reform the landfinancing system, as well as overcoming any challenges and obstacles in thepublic mindset to create more chances for national development.

Vice President of theJapan Association of Real Estate Appraisers Yamashita Masayuki said that the mostimportant aspect in dealing with land economy issues is grasping the land pricetrend and gathering information related to land to clarify reasons behind landprice fluctuation.

Therefore, it isnecessary to improve the framework for land pricing and price listing towardspricing land in accordance with the market and take measures to adjust landfees in alignment with market fluctuations.

At the event,participants also gave recommendations on a number of topics, includingsupplementations of the Land Law and Government’s decree on land prices; theformation of a land price appraising council; and the in-depth research of landeconomy to serve as a foundation for regulation mechanisms and the building oflegal framework in the field.-VNA