The Ministry of Construction Monday submitted amended housing requirements for overseas Vietnamese Monday to the Prime Minister for approval.
Under the existing directive, expatriates of Vietnamese ethnicity, or Viet Kieu, are only allowed to buy an unlimited number of residential properties if they fulfill specific requirements.
These include obtaining permission to return and live permanently in the country, investing significantly in Vietnam, being classified as a cultural or scientific expert or contributing to the nation.
The authorities concerned said they faced difficulties determining who was an “expatriate of Vietnamese ethnicity” and fulfilled the requirements.
According to the new broader submission, an overseas Vietnamese person who still retains their Vietnamese nationality is permitted to purchase unlimited numbers of houses.
All other overseas Vietnamese will be allowed to own one house each.
To verify proof of Vietnamese ethnicity, the individual will be able to show documents certified by overseas diplomatic agencies, such as passports stipulating origin of birth.
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.
Under the submitted amendments, realty businesses will be able to 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, according to the House Management Bureau’s report last month.
Under the existing directive, expatriates of Vietnamese ethnicity, or Viet Kieu, are only allowed to buy an unlimited number of residential properties if they fulfill specific requirements.
These include obtaining permission to return and live permanently in the country, investing significantly in Vietnam, being classified as a cultural or scientific expert or contributing to the nation.
The authorities concerned said they faced difficulties determining who was an “expatriate of Vietnamese ethnicity” and fulfilled the requirements.
According to the new broader submission, an overseas Vietnamese person who still retains their Vietnamese nationality is permitted to purchase unlimited numbers of houses.
All other overseas Vietnamese will be allowed to own one house each.
To verify proof of Vietnamese ethnicity, the individual will be able to show documents certified by overseas diplomatic agencies, such as passports stipulating origin of birth.
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.
Under the submitted amendments, realty businesses will be able to 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, according to the House Management Bureau’s report last month.
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