Illustrative image (Photo: VNA) Hanoi (VNA) – The Land Law (revised), which expandsland use rights for overseas Vietnamese (OV) and Vietnamese citizens residingabroad, meets the aspirations of OVs and contributes to mobilising investmentresources to Vietnam at the same time, said Nguyen Duc Hieu, standing member ofthe National Assembly (NA) Economic Committee.
Hieu cited statistics from the State Committee for OV Affairsshowing that Vietnam currently has about 6 million people living, residing andstudying in 130 countries and territories, mostly developed, withabout 600,000 people holding university degrees or higher.
Article 4 of the law includes the group of the Vietnamese origin residingabroad but without the Vietnamese nationality (also known as overseas Vietnamese) as land users, providing them with fullrights to land use and housing like domestic citizens and Vietnamese residingabroad who have the Vietnamese nationality, the official noted.
Article 28 also clarifies that people of the Vietnamese origin residing abroad who are permitted to enter Vietnam are allowedto buy and rent houses associated with residential land use rights, and receiveresidential land use rights in housing development projects, inherit the rightto use residential land and other types of land in the same plot of land withhouses, he said, adding that these regulations are not included in the currentversion.
The amount of remittances to Vietnam from 1993 to the end of 2022 tops 190 billion USD (Photo: VNA) Deputy Managing Director of Savills Vietnam Troy Griffiths commented that thischange will bring more investment opportunities to real estate buyers beingOVs, while creating great potential for the market thanks to direct investmentcapital from OVs.
He held that OVs are potential real estate investors, as many of them wish toreturn to the homeland or own land use rights at home.
According to the State Committee for OV Affairs, the amount of remittances toVietnam from 1993 (the first year of remittance statistics) to the end of 2022 topped 190 billion USD, nearly equal to the amount of FDI disbursed inthe same period.
Statistics from the Central Institute for EconomicManagement showed that in 2016, about 15-20% of that amount was investeddirectly in real estate, which was equal to about 10,000 apartments per year.
Doan Van Binh, Vice President of the Vietnam National RealEstate Association and Chairman of CEO Group, said that Vietnam should act toimprove the investment environment to be ready to welcome foreigners seekingopportunities in the country.
He stressed the need for Vietnam to apply stronger measures to attract foreigninvestment flows to the domestic real estate market./.
