Abstract
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.
Highlights
It is undeniable the importance of land as a factor of production
Vietnam is in economic renewal, so whether the country can produce as expected or not depends on how land is used
Transactions related to land exist two different types of markets: the service market and the land asset market
Summary
It is undeniable the importance of land as a factor of production. It can be considered as the source of all material and wealth. Transactions related to land exist two different types of markets: the service market and the land asset market. A service market is a rental market for use for a specified time. The sale of service land is understood as the land lease or transfer of land exploitation rights at a particular time. The land asset market occurs when there is a transfer of the land’s ownership from the seller to the buyer. Land markets exist in places where land use rights can be exchanged for the agreed amount or service (Robert et al, 2007)
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