Foreigners wishing to buy a house in Vietnam in great demand
VOV.VN - More than three million foreign individuals and organisations have purchased apartments in Vietnam, and the number is expected to continue rising moving forward, heard a workshop held on July 13 in Hanoi to examine the potential for development of the Vietnamese real estate market.
The buyers mainly live in major cities and provinces, such as Hanoi (1,765), Ho Chi Minh City (850), Bac Ninh (110), Binh Duong (210), and Ba Ria - Vung Tau (50), said Hoang Hai, director of the Department of Housing and Real Estate Market Management.
According to the official, since the 2014 Housing Law took effect, the number of foreign individuals and organisations owning houses in the country has increased significantly.
He cited statistics as saying about four million people, including foreigners and Vietnamese expatriates, are keen on buying a house in Vietnam.
Under the 2014 Housing Law, foreign organisations and individuals are allowed to buy and own houses in the country if they meet certain criteria according to the law. The move, which is said to be in line with international practices, has created favourable conditions for Vietnam to attract foreign investment, and develop both tourism services as well as the real estate market.
However, according to provisions set out in the 2013 Land Law and the draft of the amended Land Law, foreign individuals are not eligible to buy and own residential land in the country. Resolution No. 18, adopted in 2022 by the Party Central Committee, also fails to mention the use of land by foreign individuals in the country.
Therefore, in the draft of the amended Housing Law, the Ministry of Construction proposed that the Government keep status quo provisions which allow foreign individuals entering Vietnam to buy and own houses, including private houses and apartments, in the country.
The Ministry removed provisions that allow foreign organisations and individuals to own houses associated with leased land use rights.