Applying the Lessons Learned from the Economics Nobel Prize 2020 to Land Use Right Auction in Vietnam

Abstract

This paper mainly relies on qualitative research methodology and secondary data. The paperexamines the existing legal framework for land use right auction in Vietnam and its practicalimplementation, focusing on acquiring agricultural land for non-agricultural purposes. It shows thelimitations of sharing information and the disadvantages in distributing and balancing the benefits amongdifferent stakeholders who participated in the land use right auction. Also, this paper analyses andpropounds the key lessons learned from the 2020 Economics Nobel Prize in creating the informationsharing and benefit-sharing mechanism among participants. The paper applies these lessons learned fromthe 2020 Economics Nobel Prize to create a foundation for policy change the legal regulations of land useright auction in Vietnam in order to bring benefits to households, investors, and the State.