The National Assembly has approved the revised Housing Law which permits foreigners to purchase houses in Vietnam.
|A housing project in District 9, HCMC. Foreigners are permitted to buy houses in Vietnam (Photo: SGGP)|
According to Clause 159 in the revised law, there are three groups of foreigners allowed to buy houses in the country.
They include foreign organizations and individuals investing in housing projects in Vietnam.
The second group comprises foreign invested companies, subsidiaries and representative offices of foreign firms, foreign investment funds, and branches of oversea banks in Vietnam.
The third group includes foreign individuals who are permitted to enter Vietnam.
Under the new regulations, foreign organizations and individuals are eligible to buy houses, sign hire-purchase contracts to buy houses, and receive apartments and houses as a present.
However they are unpermitted to own houses in areas for national defense and security as per Government’s regulations.
House ownership time to foreigners will be 50 years. Besides, they are permitted to own a maximum of 30 percent of apartments in an apartment block and 250 houses and villas in a certain area with population equivalent to a ward.