The government has amended proposed regulations to allow foreigners to own property in Vietnam, reducing the number of categories of eligible foreign homeowners.
Under a Construction Ministry amendment to a draft regulation, some foreigners – a lot less than previously envisaged - will be able to buy apartments but not villas or houses.
The National Assembly Standing Committee will consider the latest draft in a meeting in the middle of this year, Deputy Construction Minister Nguyen Tran Nam said Wednesday.
He said the amendment allowed heads of diplomatic corps and chief representatives of international organizations in Vietnam, such as the World Bank or the International Monetary Fund (IMF), to buy homes.
But some foreigners who were going to be eligible for homeownership under the first draft of the regulation have been left out of the new draft.
High-skilled foreign workers and foreigners who have received memorial plaques or certificates of merit from Vietnamese ministers or Chairman of the Fatherland Front Central Committees will now not be eligible to own property.
“This group of people is quite large and they usually come and go relatively quickly,” Nam said.
Groups eligible to buy apartments include:
• Foreigners who invest directly in Vietnam;
• Foreigners who receive the President’s or Government’s certificates of merit or medals for their contribution to the country;
•Foreign cultural activists, scientists and economic or social experts who are working in Vietnam;
• Foreigners who get married to Vietnamese residents and live in Vietnam;
• Foreigners who are granted with the title of honorary citizen of Vietnam by the President; and
• Foreign-invested enterprises operating in Vietnam, excluding those operating in the real estate sector will be allowed to buy homes to lease to their foreign employees.
The ministry last year estimated that of about 81,000 foreigners living in Vietnam, about 20 were eligible to buy homes.
The National Assembly is scheduled to work with the authorities of Hanoi, Ho Chi Minh City and Ba Ria-Vung Tau Province this month to improve the draft resolution.
These localities, home to the majority of expats in Vietnam, will be most affected by the resolution.
Under a Construction Ministry amendment to a draft regulation, some foreigners – a lot less than previously envisaged - will be able to buy apartments but not villas or houses.
The National Assembly Standing Committee will consider the latest draft in a meeting in the middle of this year, Deputy Construction Minister Nguyen Tran Nam said Wednesday.
He said the amendment allowed heads of diplomatic corps and chief representatives of international organizations in Vietnam, such as the World Bank or the International Monetary Fund (IMF), to buy homes.
But some foreigners who were going to be eligible for homeownership under the first draft of the regulation have been left out of the new draft.
High-skilled foreign workers and foreigners who have received memorial plaques or certificates of merit from Vietnamese ministers or Chairman of the Fatherland Front Central Committees will now not be eligible to own property.
“This group of people is quite large and they usually come and go relatively quickly,” Nam said.
Groups eligible to buy apartments include:
• Foreigners who invest directly in Vietnam;
• Foreigners who receive the President’s or Government’s certificates of merit or medals for their contribution to the country;
•Foreign cultural activists, scientists and economic or social experts who are working in Vietnam;
• Foreigners who get married to Vietnamese residents and live in Vietnam;
• Foreigners who are granted with the title of honorary citizen of Vietnam by the President; and
• Foreign-invested enterprises operating in Vietnam, excluding those operating in the real estate sector will be allowed to buy homes to lease to their foreign employees.
The ministry last year estimated that of about 81,000 foreigners living in Vietnam, about 20 were eligible to buy homes.
The National Assembly is scheduled to work with the authorities of Hanoi, Ho Chi Minh City and Ba Ria-Vung Tau Province this month to improve the draft resolution.
These localities, home to the majority of expats in Vietnam, will be most affected by the resolution.
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