The Hanoi People’s Committee has agreed to grant certificates of land-use rights and house ownership, known in Vietnam as a “red book”, to overseas Vietnamese and foreign home buyers.

As of May 4 this year, eligible home buyers who meet all the necessary requirements will be able to obtain a red book to certify their home ownership and land-use rights. They can own the property for no more than 50 years.

Within 12 months of the ownership certificate expiring, foreign home-owners must sell or donate their property. A foreigner is permitted to own one property only.-VNA