Foreigners to get VTM house rights 
A foreigner can have the right to buy and possess a house in Vietnam for a maximum possession
time of 70 years, according to the Ministry of Constructions project.
Prime
Minister Nguyen Tan Dung has just instructed the Ministry of
Construction to prepare the necessary documents on the experimental
project to permit foreigners to buy houses and possess land in Vietnam
to submit the National Assembly's Standing Committee for opinions.
If
the project is approved, foreigners can buy and own houses instead of
renting houses as at present. According to the statement by the
Ministry of Construction, Vietnamese laws now do not permit foreign
individuals and organisations to buy houses in Vietnam. Under the
Vietnamese Business Law and Housing Law, foreign entities can only rent
land, build houses to sell or lease the houses.
If these are
houses for lease, the Vietnamese Government will only recognise the
right to possess the houses on the rented lands. Similarly, if a
foreign investor builds houses to sell, the Government recognises the
land and house rights of only Vietnamese buyers rather than the foreign
investor. Foreign individuals and organisations have the right to rent
houses only after residing in Vietnam over 3 months.
According
to the Construction Ministry, the project to permit foreigners to own
houses will facilitate living and working conditions for foreigners in
Vietnam. This can also lure more foreign investment and promote the
development of the property market in Vietnam. The project points out
that the Vietnamese Governments permission aims to provide more
convenient conditions for foreigners living and working in Vietnam
rather than to encourage them to trade houses.
|
