The Ministry of Construction has proposed that the Government issue a decree guiding the implementation of the National Assembly’s decree No 19 on the pilot permission for foreign individuals and organizations to purchase and own houses in Vietnam.

The ministry’s draft specifies conditions for foreigners to buy, inherit and own houses in Vietnam as well as certificate granting procedures.

Accordingly, beneficiaries will be foreign residents who have lived in Vietnam for 12 months upwards and foreign investors whose investment licenses are valid for over 12 months.

The proposal by the construction ministry has also put forward clear sanctions against law-breaking activities. For example, foreign individuals and organizations will have to pay a fine worth 30 percent of the house’s value if they are found breaking the law.