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HCM City approves 17 housing projects for foreign ownership

The HCM City Department of Construction will publish detailed project information on its official portal and has been instructed to inspect four other projects with foreign involvement in sensitive areas: Hung Vuong 1 – R16, Hung Vuong 2 – R13, Star Hill – C15B (former District 7), and The Prince Residence (former Phu Nhuan district).

New real estate developments in Thủ Thiêm urban area (Photo: VNA)
New real estate developments in Thủ Thiêm urban area (Photo: VNA)

HCM City (VNS/VNA) – Ho Chi Minh City authorities have approved 17 commercial housing projects for sale to foreign individuals and organisations, in a move aimed at expanding regulated foreign access to the local real estate market.

The announcement, made by the city’s People’s Committee, confirms that all 17 projects are located in areas deemed free from national defence and security risks, a key requirement under Vietnamese law.

Notable projects include the City Garden apartments by Vuon Pho JSC, the Dragon Village development by Dragon Village Real Estate JSC, and Celadon City by Gamuda Land.

In addition, the Department of Construction will publish detailed project information on its official portal and has been instructed to inspect four other projects with foreign involvement in sensitive areas: Hung Vuong 1 – R16, Hung Vuong 2 – R13, Star Hill – C15B (former District 7), and The Prince Residence (former Phu Nhuan district). Any violations must be reported to authorities.

The Department of Finance has also been tasked with coordinating with city police to ensure future housing investments align with national land use plans for defence and security through 2050.

Under Vietnam’s 2023 Housing Law and Decree No 95/2024, foreign individuals and legal entities may own homes in the country if they meet specific legal and immigration criteria.

Foreigners are allowed to buy units in commercial housing projects not affecting national defence or security, with a cap of 30% of units in a condominium building or 250 standalone houses per ward-level area.

Foreign entities investing in residential projects must hold a valid investment registration certificate.

Those not directly involved in property development but wishing to purchase must possess a valid investment licence or equivalent documents issued by Vietnamese authorities.

The move is part of Vietnam’s ongoing efforts to clarify and regulate foreign participation in its real estate market, balancing economic openness with national security considerations. /.

VNA
#Ho Chi Minh City #commercial housing projects #real estate market #2023 Housing Law
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