Vietnam to allow foreigners buy and own houses

ASIA: According to recent VIR reports, the Ministry of Construction has proposed in the draft Housing Law (amended) that the government allow foreigners to buy and own houses in Vietnam.

Foreigners are not permitted to own houses associated with land use rights under the draft law, which is expected to be submitted to the National Assembly for consideration and discussion at its 5th session in May and approval at its 6th session.

VIR wrote: The ministry also proposed the abolishment of regulations on a fixed term of apartment ownership in the draft law and the supplementation of regulations related to the term of use and the demolition of old apartment buildings.

It stressed the need to clarify the responsibilities of relevant parties in the demolition, renovation, and reconstruction of apartment buildings.

According to experts, the regulations on the apartment ownership term should not be included, because it greatly affects the interests of people and the operations of real estate businesses and the market.

In the real estate market, social housing is currently one of the segments of special interest. Statistics from the Ministry of Construction show that the country has completed 301 social housing projects with 155,800 apartments in urban areas. Currently, 401 projects with 454,360 apartments are underway.

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