Open AccessVietnam Land Market: Definitions, Characteristics, and Effects
Author(s) -
Tuan Tran Nguyen
Publication year - 2021
Publication title -
journal of asian development
Language(s) - English
Resource type - Journals
ISSN - 2377-9594
DOI - 10.5296/jad.v7i1.18209
Subject(s) - commodity , commodity market , market mechanism , volatility (finance) , price mechanism , business , decentralization , investment (military) , economics , land tenure , resource (disambiguation) , natural resource economics , market economy , market price , agriculture , geography , finance , political science , computer network , archaeology , politics , computer science , law
The land is a vital resource, and the world’s powers that want to develop must rely on land as their core. Vietnam is in economic renewal, so whether the country can produce as expected or not depends on how land is used. The land conversion is continuously changing, leading to the constant volatility of the land market. Besides, the land is a unique commodity, and in a socialist country like Vietnam, only land use rights can be bought and sold. The article uses descriptive and explanatory methods to highlight the results that need research. This article also shows Vietnam’s land market characteristics through the primary market and the secondary market. This market decentralization creates a two-price mechanism, meaning that a piece of land is priced differently depending on the organization that uses it. This mechanism has created difficulties in producing an available land bank, leading to a reduction in investment attraction in this potential country.