Society

Removing barriers for foreigners to own properties in Vietnam

The Vietnam Association of Realtors (VARS) has proposed allowing foreigners to purchase and own houses, including private houses and apartments, in Vietnam during the time they work in the country.
Removing barriers for foreigners to own properties in Vietnam ảnh 1Illustrative image (Photo: baodautu.vn)
Hanoi (VNA) – The Vietnam Association of Realtors(VARS) has proposed allowing foreigners topurchase and own houses, including private houses and apartments, in Vietnam during the time they work in the country.

VARS said it is necessary to specify the minimum remaining working time at thetime of purchase, and supplement conditions when foreigners purchase a certain number of properties, to preventspeculation.

The property tax should be applied progressively, increasing based on thenumber of properties owned, and the tax rate may gradually rise if the propertyowner does not use the properties in business activities, the associationsaid.

The Ministry of Construction, at the recommendations of the National Assembly(NA), has proposed new policies regarding foreigners' ownership of houses andapartments in Vietnam.

According to the ministry, the policy allowingforeign organisations and individuals to purchase and own houses in Vietnam isstipulated in Resolution No. 19/2008 of the NA.

According to the Ministry of Construction, since the Housing Law of 2014 came into effect, the number of houses purchased andowned by foreigners in Vietnam has been relatively low, at around 3,000 units,mainly condominiums in commercial housing projects, without affecting thehousing demand of domestic citizens.

In addition, the draft amendment of the Housing Law hastightly regulated the types of houses and areas eligible for purchase, and thenumber of houses allowed to be purchased and owned in a housing project.

The ministry said the provision allowing foreigners to purchase houses does notaffect the implementation of other housing policies of the State, such associal housing policies, resettlement housing, or affordable housing in urbanareas.

On the other hand, Resolution 18 of the Party Central Committee does not mention regulations on foreign organisations andindividuals purchasing houses in Vietnam, so the Ministry of Constructionproposes to maintain this provision in the draft amended Housing Law./.
VNA
#private houses and apartments #foreigners #own properties #speculation #housing demand #housing policies #Vietnamplus #Vietnam news #Vietnam News Agency
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