A condominium complex in An Khanh, Hoai Duc, Hanoi. (Photo: VNA) Specifically, the time limit for ownership of apartments for foreigners hasbeen removed. Currently, the ownership time limit is 50 years.
According to the Ministry of Construction, the policy allowing foreignorganisations and individuals to purchase and own houses in Vietnam isstipulated in Resolution No. 19/2008 of the National Assembly.
The Housing Law of 2014 supplemented specific regulations to create favourableconditions for foreign organisations and individuals to reside and work in Vietnam,contributing to attracting foreign investment.
The draft amendment of the Housing Law inherits the provisions of the HousingLaw of 2014 and clearly defines the conditions under which foreignorganisations and individuals can purchase and own houses in Vietnam.
According to the Ministry of Construction, since the Housing Law of 2014 cameinto effect, the number of houses purchased and owned by foreigners in Việt Namhas been relatively low, at around 3,000 units, mainly condominiums incommercial housing projects, without affecting the housing demand of domesticcitizens.
In addition, the draft amendment of the Housing Law has tightly regulated thetypes of houses and areas eligible for purchase, and the number of housesallowed to be purchased and owned in a housing project.
For example, foreign organisations and individuals are only allowed to purchasecommercial houses in projects that are not located in areas requiring securityand defence assurance. They can purchase no more than 30% of the apartments ina building or 250 individual houses in an administrative unit with anequivalent population size of a ward.
Therefore, the Ministry of Construction said the provision allowing foreignersto purchase houses does not affect the implementation of other housing policiesof the State, such as social housing policies, resettlement housing, oraffordable housing in urban areas.
On the other hand, Resolution 18 of the Central Committee does not mentionregulations on foreign organisations and individuals purchasing houses inVietnam, so the Ministry of Construction proposes to maintain this provision inthe draft amended Housing Law.
According to delegates at the National Assembly in a meeting onJune 19, encouraging and allowing foreigners to own properties in Vietnam requiresdebate and work to be done in assessing the pros and cons.
On the morning of June 19, during a discussion regarding the draft amendment ofthe Housing Law, deputy Tran Chi Cuong from the central city of Da Nang expressedhis opinions on the provisions regarding foreign organisations and individualsbeing allowed to purchase and own houses in Vietnam.
Cuong stated that although the draft law does not clearly specify whetherforeign organisations and individuals have the right to own houses associatedwith land ownership, this issue has not been clarified and may not beconsistent with the draft amendment of the Land Law, which regulates that landusers who are eligible for land use transfer do not include foreignindividuals.
Furthermore, the draft amendment of the Real Estate Business Law stipulatesthat when foreign individuals purchase houses from real estate developersaccording to the provisions of the Housing Law, and when foreign organisationsand individuals purchase projects according to the provisions of the realestate business law, the relevant contents regarding land use rights associatedwith houses and construction projects shall be implemented according to theLand Law and the Housing Law.
In addition, the draft also said that foreign individuals allowed to enter Vietnamare eligible to own houses in the country.
"Such provisions are too broad and require further study andconsideration. It is especially important to consider whether foreignindividuals allowed to enter Vietnam for tourism are permitted to ownhouses," said Cuong.
"Moreover, does this regulation conflict with the Law on Entry, Exit, andResidence of Foreigners in Vietnam? Because according to the draft amendment,the duration of the visa granted to foreign guests is 90 days, except forcertain cases such as labour or investment, with a maximum of five years forinvestors.
"If they are allowed to own houses, can those who are granted short-termvisas of less than one year stay in Vietnam after the visa expires? This issueneeds to be carefully examined and studied to avoid international disputes andconflicts," said him.
According to him, foreigners being able to purchase and own houses in Vietnam isa major, significant, sensitive matter that is closely related to security anddefence. Therefore, it needs to be explained in detail and assessed for itsclear impacts./.
VNA
