Feb 18, 2020 / 09:43

Hanoi grants property certificates to foreign institutions, individuals

The Hanoitimes - Vietnam has for years allowed foreign institutions and individuals to buy and own houses, but few people have succeeded in winning the ownership certificates.

The Hanoi government has granted property ownership certificates to six foreign companies and 35 foreigners, with the majority being South Korean nationals, local media reported.

 A view of Vinhomes Green Bay in Hanoi.

A list released by the municipal Department of Construction shows that foreigners have received the certificates to own home at eight residential projects across the city.

Four of the projects have been developed by Vingroup namely Vinhomes Sky Lake and Vinhomes Green Bay in Nam Tu Liem district, Vinhomes Metropolis in Ba Dinh district, and Vinhomes Royal City in Thanh Xuan district.

The other four developments are located in Bac Tu Liem, Ha Dong, and Hoang Mai districts.

According to Vietnamese legislation, foreigners can own houses in Vietnam in two forms: Developing residential projects; and purchasing, rental-purchase, and inheriting property at residential development projects, except areas that are disallowed due to security and defense reasons.

Vietnam has for years allowed foreign institutions and individuals to buy and own houses, but few people have succeeded in winning the ownership certificates although Vietnam is home to hundreds of thousands of expats.

According to a report by the Foreign Relations Committee under the Vietnamese National Assembly in November 2019, nearly 800 foreign citizens and institutions owned houses, mostly in major cities, since the Law on Housing was adopted in 2014.