House undecided on allowing foreigners to buy houses
The National Assembly’s Standing Committee has yet to approve a proposal to allow foreigners to own houses in Vietnam, an official told Thanh Nien.
An official from the house’s Law Committee, who wished to remain unnamed, said at a recent session the Standing Committee had failed to reach agreement on the issue.
“If the government is determined to go ahead, it is likely that the proposal will be submitted to the full house for ratification,” he added.
In July last year the Ministry of Construction called for allowing six categories of foreigners - including investors, non-property firms, and people married to Vietnamese citizens – to own houses for 70 years.
The ministry recommendations also included restrictions such as they can only buy a house for themselves or their families and not for commercial purposes, they cannot sell it for one year, and others.
A foreigner who already owns a house cannot inherit or be gifted another, but can only receive its monetary value.
Foreign companies doing business here can buy houses for their foreign employees.
If approved, the new provision will be piloted soon in Hanoi and HCMC before being expanded.
FOREIGN BENEFICIARIES UNDER THE PROPOSAL
- People coming to Vietnam for direct investment.- People who have contributed to Vietnam and have been honored by ministries or higher-ranked agencies.- Cultural and scientific experts.- People married to Vietnamese citizens and living in Vietnam.- Honorary citizens.- Foreign-invested enterprises not operating in the property sector.
Reported by Tuyet Nhung
The National Assembly’s Standing Committee has yet to approve a proposal to allow foreigners to own houses in Vietnam, an official told Thanh Nien.
An official from the house’s Law Committee, who wished to remain unnamed, said at a recent session the Standing Committee had failed to reach agreement on the issue.
“If the government is determined to go ahead, it is likely that the proposal will be submitted to the full house for ratification,” he added.
In July last year the Ministry of Construction called for allowing six categories of foreigners - including investors, non-property firms, and people married to Vietnamese citizens – to own houses for 70 years.
The ministry recommendations also included restrictions such as they can only buy a house for themselves or their families and not for commercial purposes, they cannot sell it for one year, and others.
A foreigner who already owns a house cannot inherit or be gifted another, but can only receive its monetary value.
Foreign companies doing business here can buy houses for their foreign employees.
If approved, the new provision will be piloted soon in Hanoi and HCMC before being expanded.
FOREIGN BENEFICIARIES UNDER THE PROPOSAL
- People coming to Vietnam for direct investment.- People who have contributed to Vietnam and have been honored by ministries or higher-ranked agencies.- Cultural and scientific experts.- People married to Vietnamese citizens and living in Vietnam.- Honorary citizens.- Foreign-invested enterprises not operating in the property sector.
Reported by Tuyet Nhung
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