Foreign buyers allowed to own property for limited time
The draft amendment to the Housing Law will be submitted to the National Assembly during the year-end session.
Foreigners can own houses in Vietnam for a limited period of time, excluding the land. They have the same buying and selling privileges as local citizens and can renew their ownership after the term expires.
|Foreign buyers have the right to own a house with a limited duration. Photo: Sunshine Group|
The latest proposal will be added to the draft amended Housing Law after the Ministry of Construction incorporates feedback from National Assembly delegates. This draft amendment to the Housing Law inherits provisions from the 2014 Housing Law, which requires foreigners to be granted entry into Vietnam to be eligible to purchase and own property.
This policy encourages foreign investment and provides favorable conditions for foreigners to live and work in Vietnam. The draft amendment to the Housing Law will be submitted to the National Assembly during the year-end session.
According to the Ministry of Construction, foreigners have been allowed to buy and own property in Vietnam since 2008.
The ministry's proposal to expand the scope and conditions for foreigners to buy and own property in Vietnam was approved by the Government and the National Assembly in the 2014 Housing Law.
Under the 2014 Housing Law, foreigners can own commercial houses in Vietnam for a period of 50 years. They can receive them as gifts and inherit them. In addition, foreigners can own less than 30% of the total number of apartments in a condominium building or a maximum of 250 individual houses in a project.
Statistics from the Ministry of Construction showed that some 3,035 foreigners had bought properties in Vietnam since 2014, mainly in major provinces and cities such as Hanoi (1,765 houses), Ho Chi Minh City (850), Bac Ninh (110), Binh Duong (210), and Ba Ria-Vung Tau (50). The majority of buyers are from South Korea, China, Singapore, the US, Australia and Japan.
Approximately four million foreigners and Vietnamese expatriates are interested in buying homes in Vietnam, according to the statistics.
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