The Law on Housing (Amendment) opened for foreigners to own houses in Vietnam are considered strong push to promote the development of the property market more bustling. However, despite receiving the support of many real estate businesses, but some of the provisions of this Act still creates many concerns. Has had an interview with Mr. Nguyen Dinh Trung, Chairman and CEO of Hung Thinh Corp. Mr Trung said:
To own houses in Vietnam, Article 159 of the Housing Law (amendment) regulations: organizations, foreign individuals invest in the construction of houses for sale, lease or lease-purchase project in Vietnam exercise the rights and obligations of the investor under the provisions of this Code and relevant laws.
Where the construction of houses for sale, lease purchase, the investor is not certified (GCN) to the State in which the license for the buyer, hire-purchase housing, unless the investor GCN has urgent need for housing is not for sale, not for rent to buy. Where the construction of houses for rent State license for a term investor ownership of housing within the period stated in the investment license.
Besides, organizations and foreign individuals to buy, hire purchase, donation or inheritance houses in Vietnam have the right to housing as Vietnam citizens in the country, but only by purchasing, leasing , donation, inheritance and property type commercial housing (including apartments and individual houses) in investment projects in housing construction with higher selling prices due to government price regulation by region, in each period and in areas that are not restricted or prohibited foreigners residing and traveling under the provisions of the provincial people’s Committee.
Since 2008, Congress has issued Resolution 19 pilot for foreigners to buy houses. But ever since the opening or not opening the door for foreigners to own houses in Vietnam is still quite vague with many mixed opinions. Therefore, the Law on Housing (Amendment) this time for foreigners to buy, own houses in Vietnam has created an important turning point for the real estate market.