Vietnam mulls broadening house ownership regulations for diaspora
The Ministry of Construction has delivered amendments to housing requirements for overseas Vietnamese to the government for approval in a bid to help more expats become eligible to buy houses in the country.
Under the current directive, Vietnamese expats belonging to other nationalities who are eligible to buy unlimited amounts of residences include those who have received permission to return and live in the country, investors, cultural and scientific experts, and individuals who have contributed to the country.
Nguyen Manh Ha, head of the House Management Bureau under the ministry, said that according to the new amendments, an overseas Vietnamese who still retains Vietnamese nationality is also allowed to purchase houses without limitations on quantity.
All other overseas Vietnamese who are of Vietnamese origin are permitted to own one house each.
To verify proof of Vietnamese origin, the individual can show documents certified by overseas diplomatic agencies, such as a passport, ascertaining origin of birth, Ha said.
Overseas Vietnamese can also present their own personal identification issued by the Vietnamese government, or those of their parents, confirming that they are Vietnamese by birth, Ha added.
Under the submitted amendments, realty businesses can sell houses to qualified candidates after giving them copies of building project certificates or building investment licenses – instead of house ownership certificates as before – along with land use right certificates.
To date, only 137 Vietnamese expats have attained eligibility to purchase houses in the country, with most acquisitions located in Ho Chi Minh City, the House Management Bureau reported.
Red tape hurdles
The government opened the domestic housing market to overseas Vietnamese in 2001.
However, many have complained about the restricted regulations, even with subsequent amendments passed, resulting in few residential purchases.
The root cause of the problem has been attributed to dated regulations that still govern house procurement transactions for Vietnamese expats.
Though the government amended the directive in October 2006, stipulating that Vietnamese expats residing in Vietnam for more than six months would be allowed to buy houses, the situation has shown little signs of improvement.
Concerned agencies reported that they faced much difficulty due to the lack of government issued documents guiding the specification of the appropriate residential period in Vietnam for expatriates, resulting in the failure to implement the amended directive.
Hence, despite the issuance of the directive, Vietnamese agencies still adhere to the original regulations when dealing with applications of house purchase of overseas Vietnamese.
Source: Tuoi Tre
more info->Vietnam latest news - Thanh Nien Daily
The Ministry of Construction has delivered amendments to housing requirements for overseas Vietnamese to the government for approval in a bid to help more expats become eligible to buy houses in the country.
Under the current directive, Vietnamese expats belonging to other nationalities who are eligible to buy unlimited amounts of residences include those who have received permission to return and live in the country, investors, cultural and scientific experts, and individuals who have contributed to the country.
Nguyen Manh Ha, head of the House Management Bureau under the ministry, said that according to the new amendments, an overseas Vietnamese who still retains Vietnamese nationality is also allowed to purchase houses without limitations on quantity.
All other overseas Vietnamese who are of Vietnamese origin are permitted to own one house each.
To verify proof of Vietnamese origin, the individual can show documents certified by overseas diplomatic agencies, such as a passport, ascertaining origin of birth, Ha said.
Overseas Vietnamese can also present their own personal identification issued by the Vietnamese government, or those of their parents, confirming that they are Vietnamese by birth, Ha added.
Under the submitted amendments, realty businesses can sell houses to qualified candidates after giving them copies of building project certificates or building investment licenses – instead of house ownership certificates as before – along with land use right certificates.
To date, only 137 Vietnamese expats have attained eligibility to purchase houses in the country, with most acquisitions located in Ho Chi Minh City, the House Management Bureau reported.
Red tape hurdles
The government opened the domestic housing market to overseas Vietnamese in 2001.
However, many have complained about the restricted regulations, even with subsequent amendments passed, resulting in few residential purchases.
The root cause of the problem has been attributed to dated regulations that still govern house procurement transactions for Vietnamese expats.
Though the government amended the directive in October 2006, stipulating that Vietnamese expats residing in Vietnam for more than six months would be allowed to buy houses, the situation has shown little signs of improvement.
Concerned agencies reported that they faced much difficulty due to the lack of government issued documents guiding the specification of the appropriate residential period in Vietnam for expatriates, resulting in the failure to implement the amended directive.
Hence, despite the issuance of the directive, Vietnamese agencies still adhere to the original regulations when dealing with applications of house purchase of overseas Vietnamese.
Source: Tuoi Tre
more info->Vietnam latest news - Thanh Nien Daily
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