Xác định các yếu tố ảnh hưởng và đề xuất giải pháp cho định giá đất trong điều kiện nền kinh tế thị trường – trường hợp nghiên cứu tại thành phố cần thơ TT TIENG ANH

MINISTRY OF EDUCATION AND TRAINING CAN THO UNIVERSITY SUMMARY OF DOCTORAL THESIS Major: Land Management Code: 62850103 PHAM THANH THAO DETERMINATION OF INFLUENCING FACTORS AND PROPOSAL OF SOLUTIONS FOR LAND VALUATION IN THE CONTEXT OF THE MARKET ECONOMY - A RESEARCH CASE IN CAN THO CITY Can Tho, 2021 THE THESIS WAS COMPLETED AT CAN THO UNIVERSITY Supervisor: Assoc Prof Dr Phan Trung Hien The thesis is defended before the university-level doctoral thesis grading committee Location: ……………………………… , Can Tho University At Review 1: Review 2: The thesis can be found at: Learning Resource Center, Can Tho University Vietnam National Library THESIS-RELATED PUBLICATIONS: Pham Thanh Thao, Phan Trung Hien, 2020 Impact assessment of land valuation in Can Tho City Vietnam Journal of Soil Science No 61/2020 ISSN 2525-2216 Pages 148-152 Pham Thanh Thao, Phan Trung Hien, 2021 Determination of influencing factors on land prices in Can Tho city Science Journal of Can Tho University, Volume 57, No 1/2021 Pages 815 Pham Thanh Thao, Phan Trung Hien, 2021 Application of multi – criteria analysis in assessment of factors affecting land price in Can Tho city Vietnam Journal of Soil Science No 61/2020 ISSN 2525-2216 Pages 165-170 Chapter Introduction 1.1 Introduction Land is a commodity with distinct characteristics: each parcel of land has a particular location and attributes that cannot be compared to other parcels of land, as can be performed with ordinary goods As a result, land market prices are highly individual, based on the market value of the land parcel as well as subjective elements such as trader psychology As a result, obtaining a common price for all land parcels, similar to the common price for common items, will be challenging (Hoang Van Cuong, 2019) It is necessary to assess the market value of the land parcel in order to compute the land price in terms of the market economy The market value of land, on the other hand, is decided by market factors (such as profitability, location, area, shape, land use purpose, supply and demand relationship, and government rules) In the meantime, land valuation in our country is still administrative in nature and lacks independence, making it impossible to prevent mistakes due to subjectivity or lack of transparency The issue currently is how to make land valuation more scientific, suitable, and more accurately reflect market realities while decreasing the gap between the stateregulated price and the market price On that basis, the topic “Determination of influencing factors and proposal of solutions for land valuation in the context of the market economy - a research case in Can Tho city” is conducted with the goal of determining the factors influencing land prices in the market economy as a foundation for proposing solutions to improve the efficiency of land valuation in Can Tho city 1.2 Research objectives Overall objective: is to assess the current situation of land valuation, determine the factors and extent affecting land prices, propose solutions for land valuation in the context of the market economy – a research case in Can Tho city Specific objectives: - Asset the current situation of land price and valuation in Can Tho, Vietnam - Determine the factors that influence land price in Can Tho - Determine the weight of each influencing factor and its extent of influence - Propose strategies for increasing the efficiency of land valuation in market economy 1.3 Research scope Factors affecting the land price in the context of the market economy of three typical areas are urban area (Ninh Kieu district), rural area (Co Do district) and peri-urban area (Cai Rang district) in Can Tho city, serving the purpose of state land management in land valuation The data were collected from June to December 2019 1.4 New contributions of research The difference between the influencing factors of the current land valuation and the factors affecting the land price in the conditions of the market economy The research applies a combination of two methods of Exploratory Factor Analysis (EFA) and Multi Criteria Evaluation (MCA), Analytic Hierarchy Process (AHP) to determine the factors affecting land prices and determine the weights for three distinct areas, namely urban area, peri-urban (or transitional) area and rural area in Can Tho city Chapter Literature review 2.1 The operation of the real estate market according to the market mechanism Real estate is recognized as one of the assets engaging in the market under the 2015 Civil Code through conversion, transfer, lease, sublease, donation, mortgage, and capital contribution Accordingly, contracts on land use rights, ownership of houses, and other land-attached assets are used in real estate transactions The real estate market is one of the economy's system of market types The real estate market's movement must also comply with the market mechanism, therefore it is influenced by the laws of competition, supply and demand, and price The real estate market's movement according to the market mechanism is manifested in two aspects: - The positive aspect: (i) The real estate market governs the functions of using high-value real estate by automatically distributing labor, materials, and capital to the appropriate areas The scarcity or abundance of real estate goods can thus be seen; (ii) The market mechanism acts as a lever to stimulate the development of science and technology, production, and business, increase labor productivity, and increase the level of specialization in production and business in the real estate industry - The negative aspect: (i) Because the market mechanism is based on profit, it has resulted in the destruction of natural resources and the environment, despite violations of the law; (ii) As the market mechanism is based on competition, it has resulted in social polarization, with a widening gap between rich and poor, increasing inequality in society (Le Hoang Chau, 2019) 2.2 Research related to the determination of factors affecting land prices Many research using the Hedonic model method to determine the factors affecting land prices have been conducted around the world in recent decades such as the research of Maddison, D., 2000, Gaoa, X and Asami, Y., 2007, Choumert, J and Phélinas, P., 2015, Jin Han Park, et al., 2017, Sheng, Y., Jackson, T and Lawson, K., 2018, Inagaki, K and Sadohara, S., 2019 The majority of the research findings indicate that location and area are the two factors that have the greatest impact on land pricing According to several papers published in Vietnam by Phan Thi Thanh Huyen, Lo Thi Hong, and Ho Thi Lam Tra in 2017, there are four groups of factors that influence urban land prices: social factors, economic factors, regional factors, and separate factors According to Bui Ngoc Tuan (2019), the following three types of factors influence land prices in the market economy: The first is natural, economic, and legal factors; the second is market-related factors such as supply and demand, as well as the impact of the land supply-demand connection on the market; and the third is state-related regulations and laws However, while many types of research focus on the construction of the land price equation, none have looked into the differences between the influencing factors of existing land valuation and those under the market mechanism Simultaneously, in prior researches, the identification of models and factors affecting land prices is frequently done using Classical Linear Regression Model However, the factors impacting land price in these researches are frequently incorporated directly in the regression model, and the suitability of the observed variables with the research object has not been assessed Therefore, the research uses a combination of two methods of Exploratory Factor Analysis (EFA) and Multi Criteria Evaluation (MCE), Analytic Hierarchy Process (AHP), to determine the factors influencing land prices and weights for three distinct regions, namely urban, peri-urban (or transitional), and rural areas, as well as to compare differences in influencing factors of current land valuation and market mechanism to support more favorable land valuation Chapter 3: Methodology 3.1 Research time and place The thesis was carried out from June 2017 to December 2020 in Can Tho city 3.2 Contents and methodology 3.2.1 Contents Content no 1: Evaluation and analysis of secondary data gathered to understand the real situation of land price fluctuations over time as prescribed by the Law on Land, as well as the current situation of land valuation in Vietnam in general and Can Tho in particulars Content no 2: Building and testing the scale based on the evaluation of documents and the results of expert consultation, exploratory factor analysis for collected primary data sets to discover the factors affecting land prices in Can Tho city Content no 3: Conducting a hierarchical analysis to determine the weight of the influencing factors and indicate the influence extent of each factor Content 4: Based on the research results obtained in the above contents, solutions have been proposed to improve the efficiency of land valuation in the context of the market economy - a research case in Can Tho city 3.2.2 Methodology 3.2.2.1 Data collection method - Secondary data is gathered from state agencies involved in the research field, such as maps, current land use status, reports, land price information, and so on - Direct interviews with experts and land users are used to get primary data 3.2.2.2 Data processing methods (i) Exploratory Factor Analysis (EFA) - Scale (factor) quality test: The scale is assessed as having good quality when the Cronbach's Alpha coefficient of the integer is  0.6 (Nunnally and Bernstein, 1994) and the measurement variable has a correlation coefficient of the total variable  0.3 In this step, it helps to remove unsuitable variables from the model - Exploratory Factor Analysis (EFA) In order for the EFA model to ensure reliability, attention should be paid to: + The KMO value satisfies the condition 0.5 < KMO < + Significance level of Bartlett test < 0.05 + The extracted variance value must be greater than 50% + Factor loading > 0.5 is considered to be of practical significance (Hair et al., 1998) (ii) Multi Criteria Evaluation (MCE) Expert consultation, local authorities in charge of land value, and previous research to sort the selected criteria should be used to assess the priority and importance of the criteria According to Saaty (1980), the relevance of the following factors must be classified: Table 3.1 Factors affecting land prices in terms of market economy for the three studied areas First level factor Nature Urban area 1.1 Facade size 1.2 Shape 1.3 Distance to center 1.4 Position (1, 2, 3, 4) Second level factor Pre-urban area 2.1 Facade size 2.2 Shape 2.3 Distance to center 2.4 Position (1, 2, 3, 4) Rural area 3.1 Facade size 3.2 Distance to center 3.3 Position (1, 2, 3, 4) First level factor Economics (Technical/socia) infrastructure State legal and regulatory policies Urban area 1.5 Area 1.6 Distance to main road 1.7 Length 1.8 Profitability 1.9 Ability to attract investment 1.10 Market fluctuation (domestic and international market) 1.11 Market demand Second level factor Pre-urban area 2.5 Area 2.6 Distance to main road 2.7 Length 2.8 Profitability 2.9 Ability to attract investment 2.10 Market fluctuation (domestic and international market) domestic and international) 1.12 Speculation /Broker 1.13 Urbanization (Density of population ) 1.14 Technical infrastructure (traffic conditions, road width) 1.15 Social infrastructure (electricity, water, telecommunications, internet, school, market, hospital) 2.11 Speculation /Broker 2.12 Urbanization (Density of population ) 2.13 Technical infrastructure (traffic conditions, road width) 2.14 Social infrastructure (electricity, water, telecommunications, internet, school, market, hospital) 1.16Environmental quality, public landscape 1.17 Feng Shui 1.18 Tax policy (transfer tax, land use fee) 1.19 Planning Policy (land use planning, construction planning) 2.15 Environmental quality, public landscape 2.16 Feng Shui 2.17 Tax policy (transfer tax, land use fee) 2.18 Planning Policy (land use planning, construction planning) 1.20 Policy for each type of land use purpose 1.21 Legal documents 2.19 Policy for each type of land use purpose 2.20 Legal documents Rural area 3.4 Area 3.5 Distance to main road 3.6 Length 3.7 Profitability 3.8 Ability to attract investment 3.9 Market volatility (market 3.11 Urbanization (Density of population ) 3.12 Technical infrastructure (traffic conditions, road width) 3.13 Social infrastructure (electricity, water, telecommunicatio ns, internet, school, market, hospital) 3.14Environmenta l quality, public landscape 3.15 Planning Policy (land use planning, construction planning) 3.16 Policy for each type of land use purpose 3.17 Legal First level factor Urban area of the land lot Second level factor Pre-urban area of the land lot 1.22 Loan/interest policy 2.21 Loan/interest policy Rural area documents of the land lot 3.18 Loan/interest policy Figure 3.1: The implementation process of the thesis contents Table 4.1 Difference between land prices according to State regulations and market transaction prices in Can Tho city Unit: VND/m2 Name of street Ninh Kieu District Huynh Cuong Mac Thien Tich Nam Ky Khoi Nghia Street of Bun Xang Lake Cai Rang District Ly Thai To Mai Chi Tho Lo Dinh Nuoc Van Vu Dinh Lieu Co Do District Resettlement area in Thoi Hoa B hamlet Nguyen Van Nhung (CLN) Remaining rural residential land Co Do Market Market land price in 2018 Market land price in 20192020 Decision no 19/2019/QĐ -UBND 45.000.000 50.000.000 85.000.000 40.000.000 55.000.000 60.000.000 87.000.000 85.000.000 17.600.000 9.000.000 35.500.000 10.000.000 3,13 6,67 2,45 8,50 40.000.000 25.000.000 5.000.000 20.000.000 58.000.000 49.000.000 8.000.000 30.000.000 5.000.000 5.000.000 2.200.000 5.000.000 11,6 9,8 3,6 6,0 4.000.000 8.000.000 1.900.000 4,2 300.000 900.000 138.600 6,5 400.000 900.000 300.000 3,0 15.000.000 20.000.000 2.450.000 8,16 Ratio (%) (Source: Survey data, 2020) The average land price is to times higher than the land price set by the Can Tho City People's Committee in Decision 19/2019/QD-UBND, as shown in Table 4.1 When compared to the actual value of the land lot, land prices in areas with infrastructure projects increase 8-9 times Table 4.2 Land prices regulated by the State and market land prices in An Binh New Urban Area project Unit: VND/m2 Land price that the State allocates land to Investor 2,200,000 The land according to the Land Price List 4,500,000 Land price Land price offered offered by by secondary buyers Investor 30,000,000 35,000,000 (Source: Survey data, 2019) The two land price systems are clearly depicted in Table 4.2 It is evident that the current land price method causes the state to lose a significant amount of income, while the gains go to the investor and secondary investors If the existing land pricing mechanism is used, 10 project affected citizens and the state will gain no advantages from urban projects 4.1.3 Remaining limitations in land valuation - The principle of land price determination stipulated in Article 112 of the Law on Land in 2013 is: “Being consistent with the common land price in the market ”, which is deemed infeasible and causes numerous difficulties in land valuation because: under current conditions in Vietnam, a database of market land prices has not been built for management and information Land users tend to declare at the same land price as prescribed by the State to decrease personal income tax, hence data on land prices on transfer contracts cannot be used - Regulation on land pricing authority: The Law on Land in 2013 specifies the rights of the land owner's representative, including the right to set land prices (Clause 5, Article 13 of the Law on Land of 2013) Because only administrative agencies and units under this agency are susceptible to requests for valuation, it is impossible to enforce the “principles of independence, honesty, and objectivity” in consulting to determine land prices in Vietnam (Phan Trung Hien, 2016) - Land prices in the land price list are not affected by market changes in land prices: When the common land price in the market increases by 20% or more in comparison to the maximum land price or decreases by 20% or more in comparison to the minimum land price in the land price range for a period of 180 days or more, the Government adjusts the land price range (Clause 1, Article of Decree 44/2014/NĐ-CP) However, in light of the current situation, this adjustment is ineffective The land price list of the provincial People's Committee in general, and of Can Tho city in particular, is based on the land price range; thus, localities and the entire city of Can Tho are unable to increase land prices in line with market prices, even when market prices exceed 20% - Inadequacies in current land valuation methods: + Direct comparison method: Due to the two-price mechanism in the Vietnamese land market, the database on market land prices is not updated on a regular basis Because no two parcels of land have exactly 11 the same characteristics to compare, the appraiser adjusts for variances based on his experience As a result, it's difficult to avoid subjective imposition, resulting in different prices being offered for the same piece of land by different appraisers (Phan Trung Hien, 2018) + Income method: To use the income method, it is necessary to calculate the income generated from the land, the households' production investment expenses, and the appropriate capitalization rate Because there are many various types of products produced on the same piece of land, different production seasons, and production costs involve both outsourced labor and family work, it is difficult to determine income and expenses in reality (Tran Thi Minh Thu, 2019) + Deduction method: The comparison principle is used in this mechanism as well, thus the challenges and problems are comparable to those of the direct comparison method + Residual method: The accuracy of this method is dependent on estimating asset value in the future As a result, the cost of the chance of poor accuracy is extremely significant (Phan Trung Hien, 2018) + The land price adjustment coefficient method: This method lacks scientific support because it is impossible to define a specific land price based on the results of mass land valuation, and it is not covered by international, regional, or Vietnamese valuation technical rules (Dang Hung Vo, 2019) The right to private property is recognized as the most basic right in the vast majority of countries around the world In terms of land ownership regime, the multi-ownership model of land ownership has been used in developed countries That is to both acknowledge private land ownership and state-owned land, using market land prices and market land pricing; Therefore, land valuation is often based on market information that has been collected, stored and analyzed, applying an equivalent valuation method, comparing similar cases Particularly in Vietnam, the land ownership regime is one in which the entire population owns the land, the subject of land ownership is the state, and land prices are set by provincial People's Committees Land 12 valuation is primarily influenced by legal factors, such as the mechanism for managing land valuation according to current regulations; however, land pricing in a market economy must be based on natural factors, market rules, supply and demand, the development of the infrastructure system; input factors and real estate development costs; market real estate prices; and state policy Thus, it is obvious that, in addition to market economy factors, land pricing in Vietnam today is influenced by state management, according to the existing mechanism 4.2 Determination of factors affecting land prices in the conditions of market economy in Can Tho city 4.2.1 The selection of factors that fit the model Table 4.3 Results of testing the reliability of the independent variable scale Symbol TN KT XH HT PLCS K Evaluation criteria Nature Economy Society Infrastructure Legislation, State policy Particular factor Cronbach's Alpha coefficient 0,863 0,856 0,838 0,746 0,879 0,792 The test results have groups of factors and 28 observed variables that meet the conditions, are consistent with Cronbach's Alpha coefficient in the range [0,6-0,95] and with the total correlation coefficient (Corrected Item-Rest Correlation) greater than 0.3 This proves that all data is reliable The results of Cronbach's Alpha analysis of dependent variable group: Cronbach's Alpha coefficient of land price (GĐ) is 0,899, which is consistent with Cronbach's Alpha coefficient in the range [0,6-0,95] and Corrected Item-Rest Correlation is greater than 0,3 This result proves that the variables fit the research model, so the next exploratory factor analysis will be conducted 4.2.2 Exploratory factor analysis for independent variables Table 4.4 Results of exploratory factor analysis for independent variables Parameter Kaiser-Meyer-Olkin Measure of Sampling Adequacy, 13 Value 0,791 Parameter Approx, Chi-Square df Sig, Factor no Factor no.2 Factor no.3 Factor no.4 Factor no.5 Factor no Factor no Factor no.2 Factor no.3 Factor no.4 Factor no.5 Factor no Total Bartlett's Test of Sphericity Eigenvalue Total Variance Explained Value 3,837,734 351 0,000 4,872 3,257 3,043 2,401 2,096 1,667 14,788 12,614 11,382 8,701 8,554 8,171 64,21 The results of the parameters all satisfy the conditions in the exploratory factor analysis with: - KMO is in the range 0,5 < 0,791 < 1,0 - Bartlett's Sig = 0,000 < 0,05 - Eigenvalue coefficients of groups of factors have values > - The Total Variance Explained of groups of factors is 64,21% > 50%, which means that these factors explain 64,21% of the variation of the research data Factor loading > 0,5 Thus, summarizing the results of the research has groups of independent variable factors with 27 suitable observed components in the analysis The same, the results of the exploratory factor analysis of the dependent variable showing that the parameters satisfy the conditions in the exploratory factor analysis (EFA) as follows: - KMO is in the range 0,5 < 0,841 < 1,0 - Bartlett's Sig,= 0,000 < 0,05 - Eigenvalue coefficient = 3,077 > - Total Variance Explained = 76,916% > 50% - Factor loading is all greater than 0,5 14 Thus, the correlation coefficients of all variables are satisfactory, the constitutive factor explained 76,916% of the variation in the data In summary, the results of the scale quality tests and the exploratory factor analysis of the EFA model have found 27 factors that influence land prices in Can Tho city in terms of market economy Natural factors, state laws and regulatory policies, the economy, and technical and social infrastructure all influence land pricing 4.2.3 The determination of the weight of factors affecting land prices in Can Tho city 4.2.3.1 Extent of influence of factors on land prices in urban areas (Ninh Kieu district), Can Tho city The results of the Analytic Hierarchy Process in Figure 4.3 shows the weight of each factor in order from high to low as follows: W Legal = 0,340 > WEconomics = 0,229 > WNature = 0,227 > WInfrastructure = 0,204 Figure 4.3 Extent of influence of key factors on land prices in urban areas Figure 4.3 shows that the chart is more inclined to the legal and regulatory factors of the State because it has the largest weight, this is the factor that has the strongest influence on land prices in the context of the market economy for the urban region 15 Figure 4.4 Chart showing the extent of influence of factors on land prices in urban areas The outcome of Figure 4.4, when considering the second level factor, demonstrates that land prices in urban areas are greatly influenced by factors such as planning policy (land use planning, construction planning), profitability, location, and urbanization (population density ) 4.2.3.2 Extent of influence of factors on land prices in peri-urban area (Cai Rang district), Can Tho city The most important factors that have the biggest impact on land prices are still factors of the state legal and regulatory policies The weight difference between factors is significantly greater in peri-urban areas than in urban areas The results in Figure 4.5 demonstrate the extent of factors' influence on land prices in peri-urban areas, from highest to lowest: WLegal = 0,420 > WEconomics = 0,284 > WInfrastructure = 0,224 > WNature = 0,072 16 Figure 4.5 Extent of influence of key factors on land prices in peri-urban areas In terms of second-level factors, the chart Figure 4.6 below illustrates that the factors of loan/interest policy, profitability, urbanization (population density ), and distance to the center all have a significant impact on land prices in peri-urban areas Figure 4.6 Chart showing the extent of influence of factors on land prices in peri-urban areas 17 4.2.3.3 Extent of influence of factors on land prices in rural areas (Co Do district), Can Tho city Land prices in rural areas are influenced by state legal and regulatory policies, just as they are in urban and peri-urban areas However, because of the huge weight difference between the factors, the chart favors state legal and regulatory policies Figure 4.7 Extent of influence of key factors on land prices in rural areas The results of the analysis in Figure 4.7 reveal that the following factors have an impact on land prices in order from high to low: WLegal = 0,551 > WEconomics = 0,222 > WNature = 0,155 > Wnfrastructure = 0,072 18 Figure 4.8 Chart showing the extent of influence of factors of secondlevel factors on land prices in rural areas In terms of second-level factors, issues such as planning policy (land use planning, construction planning), profitability (bringing income or profitability to the land lot), location, and technical infrastructure (traffic conditions, road width) have a significant impact on land prices in rural areas 4.2.4 Overall assessment of the influence of factors on land prices in Can Tho city Through the results of Analytic Hierarchy Process (AHP), the global weights are calculated as the product of the weights of first-level factors and weight of second-level factors 19 Figure 4.9 Chart showing the global weight of each factor to the land price of the research areas The comparison of the chart Figure 4.9 shows that the increase in land prices in urban areas is primarily due to city development planning policies Accordingly, there are many land lots from the alley position to the frontage that is adjacent to major roads brought by the infrastructure project These land lots are extremely profitable, attracting a large number of investors Many speculators and land brokers have taken advantage of this to drive up the price of land many times higher than the real value of the land plot in order to profit, causing the land market to be affected, the people whose land has been acquired not benefit from the project, supply does not meet demand, and the State faces complaints and lawsuits Land prices in peri-urban areas rise mostly in residential areas near the center People have rushed to buy land for residential developments for investment, taking advantage of the policy 20 of lowering loan rates for house purchase from banks Following several transfers, the price of these land lots has now greatly exceeded their true value However, there is still a lot of unoccupied and unused land since investors primarily buy for investment purposes, not for living On the other hand, the peri-urban is an area where strong urbanization is taking place, people's housing demands are quite high Rural land has recently been viewed as a new market for investors Because concentrated land is primarily agricultural land, the land price remains low in comparison to common ground Land scarcity in urban areas, along with planning policies aimed at attracting investment to develop rural areas, has prompted investors to seek opportunities in rural areas However, due to the slow implementation of projects by investors, wasting land resources, and leaving many consequences for people in the project area, which is happening in rural areas, there is a great pressure on rural areas to be able to choose investors with financial capacity and seriousness in investment 4.3 Proposal of solutions for land valuation in Can Tho city in terms of market economy 4.3.1 Completing regulations on land valuation - Structure land valuation experts outside the state sector, scientists to join the Land Price Appraisal Council in order to reduce corruption risks as well as create publicity and transparency in the State's regulations and decisions land price - Building a market land price database towards building a professional land price management system by stipulating that people self-register land prices every year, the State has policies to encourage non-money use for real estate transactions, aiming to make payment through banks when dealing with real estate - Regulations on strong sanctions against provinces at the provincial level where the land price on the Land Price List is lower than the average land price in the market, and local regulations must also promptly notify the Government when the Land Price Framework is set 21 land price is lower than the average land price in the market to promptly adjust accordingly 4.3.2 Policy reform on taxes and fees related to land - Regulations on applying high tax rates to cases where land is available but not vacant - Prescribing a highly progressive tax rate for cases where the transfer is received and then continued in a short time 4.3.3 Reasonable planning policy to increase land value - Planning policy increases the value of land, so managers need to pay attention to create effective revenue mechanisms to increase revenue from land, as in urban areas, infrastructure development must be linked to with land use planning adjacent to the infrastructure in order to capture the additional land value brought by the infrastructure and resettle the people who are acquired - The formulation of urban planning and land use planning must provide a development scenario to increase land value in order to create attractiveness to attract investors instead of reducing land prices to attract investment Specifics: + For peri-urban areas, it is proposed to build peri-urban areas to become suburban cities with the following criteria: (i) increase the number of local workers, (ii) be the gathering place of many corporations and companies the center to attract knowledge workers, (iii) increase the scale of commercial and retail space, the scale of industrial production land is larger than that of residential land, (iv) fully equipped with entertainment and consumer services of a city and especially providing affordable comfortable housing with private ownership + For rural areas, it is proposed to develop rural agriculture in order to maintain agro-ecological space around urban areas and provide fresh food, vegetables and fruits for urban areas In particular, it is necessary to promote the construction of infrastructure backbones to ensure socioeconomic connectivity in all ecological regions 22 - Adding a mechanism for financial contributions from investors and people to implement the plan and benefit from such a plan will reduce the pressure of compensation, support resettlement as well as increase consensus 4.3.4 Some solutions to improve professional qualifications Regularly organize short-term training classes on improving management skills at all levels of management, superiors organize training for subordinates on land valuation according to a unified program Strengthen, invest in specialized equipment, innovate modern technology to serve the construction of market land price data Organize seminars to learn experiences and capacities from international development organizations or developed countries Chapter 5: Conclusion and recommendations 5.1 Conclusion - The land valuation of the country as well as the city still has many shortcomings, the management and regulatory role of the State is the factor that makes the difference in land valuation under the mechanism of the market economy and the market economy current policy on land valuation - 06 groups of factors affecting land prices in Can Tho city have been identified, with 27 components each, comprising natural factors, legal factors, and state regulatory policies, economic factors, technical infrastructure factors, and social factors - The factors that have the greatest impact on land prices in the research areas are state legal and regulatory policies Furthermore, urban area (Ninh Kieu district) is primarily influenced by factors such as location, profitability, urbanization, and planning policy; peri-urban area (Cai Rang district) is primarily influenced by factors such as distance to the center, profitability, urbanization, and monetary policy; and rural area (Co Do district) is primarily influenced by factors such as location, 23 profitability, market demand, technical infrastructure, and planning policy - The research has provided appropriate solutions to improve regulations on land valuation, reform policies on taxes and fees related to land, develop reasonable planning policies to increase land value and improve land use process The expertise of the land valuation staff contributes to improving the efficiency of land valuation 5.2 Recommendations - Renovate thinking about state management of land, gradually building and perfecting the land market (the market for land use rights) operating according to the socialist-oriented market mechanism - Apply scientific methods to support land valuation Increase the proportion of independent scientists and experts who are appointed as members of the Land Price Appraisal Council - Build, manage and effectively exploit the land database Completing the legal framework system coupled with enhanced inspection and supervision 24 ... resettle the people who are acquired - The formulation of urban planning and land use planning must provide a development scenario to increase land value in order to create attractiveness to attract... Journal of Can Tho University, Volume 57, No 1/2021 Pages 815 Pham Thanh Thao, Phan Trung Hien, 2021 Application of multi – criteria analysis in assessment of factors affecting land price in... for the EFA model to ensure reliability, attention should be paid to: + The KMO value satisfies the condition 0.5 < KMO < + Significance level of Bartlett test < 0.05 + The extracted variance value