Friday, April 18, 2008

Foreigners in Vietnam may own houses for up to 140 years_English_Xinhua

Eligible foreigners in Vietnam are likely to permit, in the near future, to buy houses in the country and own them for up to 140 years, according to local newspaper Youth on Thursday.
Under a scheme slated for being approved by the National Assembly of Vietnam, the country's top legislature, foreigners can own houses for 70 years, and get an extension of up to 70 years.
The eligible foreigners include individuals who directly invest in Vietnam; are hired by enterprises in the country to take managerial posts; make contribution to Vietnam's national development; have acted as ambassadors, consulate general and head of international organizations in Vietnam; are cultural activists and scientists currently working in the country; foreigners have been living in Vietnam for at least five consecutive years; and foreign-invested enterprises which buy houses for foreign and local employees, and do not engage in realty trade.
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