“…Most notably, since the introduction of Vietnam's first Land Law in 1993, consecutive new versions of this law have led to almost full privatization of property and land rights, although the present 2013 Land Law does still not allow full ownership over land (see Appendix A). The situation in Vietnam resembles to a certain extent the present state of the land market in China, where land is also state-owned and a state-dominated market in longleasehold rights over land has developed (Ding, 2007(Ding, , 2013Ho, 2017;Lai, Peng, Li, & Lin, 2014;Perkins, 2009;Shan, Yu, & Wu, 2017;Sun & Liu, 2016). While selling these long-leasehold rights over land has become a major source of income for Chinese cities, compensating for an unbalanced tax system that provides them with insufficient budgets, the land finance model also jeopardizes China's sustainable development because it encourages city governments to sell much more land than is needed (Zheng, Wang, & Cao, 2014).…”