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Vietnam is about to issue a more liberated housing regulation to foreigners

Since the beginning of 2009, a scheme for foreigners to purchase and own residential houses in Vietnam was piloted, according to which foreigners, including foreign organizations and individuals wanting to buy a house must meet a series of hard conditions such as long-term investment, management position, having contribution to Vietnam, university degree or knowledge, special skills that Vietnam needs, married to Vietnamese citizen and so on. Besides, the individual must meet additional conditions that they are allowed to reside in Vietnam for 12 months or more, and with the organization, its investment certificate is valid for 1 year or more. In addition, it is only allowed to buy one apartment. In practice, with that scheme, little was achieved.

However, the situation shall be changed with the most recent draft of Housing Law, which is scheduled to be examined and discussed by MPs in this May, approved in this November and may probably be applied and implemented within the year of 2015.

According to the draft of new Housing Law, the housing development policy of Vietnam becomes more liberated and more transparent, and most of foreigners are entitled to purchase and own houses in Vietnam. The draft law reserves an entire chapter regarding rights to own, rent and lease houses for foreigners, and Vietnamese people living abroad.

Believe it or not, foreigners now are given ownership right of commercial house (apartment and private house included, with few exceptions in terms of location) attached to the land use right without the conditions on prior residence period, also without any limitation on quantity. Each foreigner is allowed to purchase more than one house and they also can purchase house located in the cities other than the city they are working in. To encourage foreigners to purchases houses in Vietnam, foreigners are also entitled to purchase houses then sale, rent, hire-purchase freely as long as all tax obligations were fully performed.

In addition, the draft law regulates that foreign individuals are allowed to own houses in time period in accordance with the house transfer and purchase contract and within 50 years since the granting of house ownership certificate with possibility to extend the house ownership period if demanded.