The deputies voted for amendments to Articles 126 of the Housing Law and Article 121 of the Land Law that allow more Vietnamese nationals residing abroad to buy and own houses in Vietnam.

According to the amendments, overseas Vietnamese who have been living and working in Vietnam for at least three months certified by Vietnamese authorities, have the right to buy and own houses for them and their family members.   

Nationals of Vietnamese origin who have been granted a visa exemption certificate by Vietnamese authorities and who have been living in Vietnam for at least 3 months are allowed to own a separate house and an apartment in the country.

Under the revised article 121 of the Land Law, the overseas Vietnamese house ownership rights are closely linked to their land use rights. This means they are entitled to transfer their land use rights when they sell, donate, bequeath or exchange their house with local individuals and organisations as well as other overseas Vietnamese subject to the two laws. They are entitled to mortgage their house at credit organisations operating legally in Vietnam and receive compensation from the State in case their land is taken back by the state according to Vietnamese law. They are also allowed to rent the property and transfer ownership right to someone else while they are away.

Meanwhile, the revised law on cinematography states that foreign businesses are not allowed to own more than a 51-percent stake in joint venture companies specialising in producing and distributing films in Vietnam. The rate is in line with Vietnam’s commitment to the World Trade Organisation.