Vietnam- AMENDED LAWS ALLOWING FOREIGNERS 50-YEAR OWNERSHIP OVER REAL ESTATE!

By: Oliver Massmann

From the online press in Vietnam, the National Assembly passed the amended Housing Law on 26 December 2014 and from 01 July 2015, the foreigners with a valid visa, as well as foreign companies and international organizations operating in Vietnam will be allowed to purchase and own houses and apartments. Those amendments on Housing Law are expected to boost the real estate market frozen during last few years in this country.

Under the amended Housing Law, the foreigners subject to purchase and own houses and apartments in Vietnam are as follows:

i. Foreign individuals and organizations that invest in building houses under projects in Vietnam according to regulations of this law and other relevant legislation.

ii. Foreign-invested enterprises, branches and representative offices of foreign businesses, foreign investment funds, and branches of foreign banks operating in Vietnam.

iii. Foreign nationals allowed to enter Vietnam with a valid visa. However, the only allow those above subjects to purchase, purchase on hire-purchase agreements, or own more than 30 percent of the flats in any apartment building or 250 villas/ townhouses in a project.

Meanwhile, the housing ownership certificate will be valid for a term of 50 years but this term can be renewed subject to the regulation of the Government.

The amended Housing Law will be a great news to the foreign nationals in Vietnam as under the current laws, the foreigners subject to an house ownership in Vietnam are only restricted to whom are married to Vietnamese nationals and/or are deemed to have made significant contributions to this country’s development.

Please do not hesitate to contact Oliver Massmann under Uomassmann@duanemorris.comU if you are interested to know more or have any questions!