Vu Ban town, Lac Son district, Hoa Binh province is experiencing economic growth averaging 5 percent per year driven by industry and services. Over the past 3 years the inftastructure of the town has improved, and the pace of urbanization has led to the development of the real estate market. Research into the factors affecting the price ofland in Vu Ban town is an important basis for the valuation and management ofland in the locality. The research results indicated that the actual market value of the land is quite different from the official state valuation, varying from 1.75 to 2.5 times higher at different locations. The factors of location and economic conditions have the greatest influence on land prices, 24.82 percent and 19.83 percent respectively. The factor of population has ttte lowest impact level at 12.9 percent. Other factors accounted for 3.08 percent. The research also shows that there is no one individual factor alone that determines the price of land, rather, all of the factors have a close relationship with each other and work together. The price of land is directly proportional to the level of inftastructure and socio-economic conditions of the locality.