BackStories » Vietnam » Foreigners Will Be Able To Own Property In Vietnam For 100 Years: Decree

Foreigners Will Be Able To Own Property In Vietnam For 100 Years: Decree

As the Vietnamese property market will likely heat up in the next few years with the construction of new metro lines in Hanoi and Saigon, it may soon be time to hop back on the real estate bandwagon. A new draft decree would make it easier for foreigners to get in on the action, extending ownership periods to 100 years.

Related Articles:

Metro Line May Cause Saigon Property Values To Skyrocket: CBRE

Vietnam Approves Law Allowing Foreigners To Buy Property

According to Thanh Nien, the decree would allow "foreigners with valid visas, international firms operating in Vietnam and overseas Vietnamese," to double the period of ownership from the 50 years stipulated in an amendment to property laws passed by legislators last November to 100 years.

In addition, foreign individuals married to Vietnamese citizens would be entitled to freehold tenure.

The government hopes that the new regulations will help revitalize the domestic real estate market that has slowed in recent years.

Thanh Nien outlines the effects of the draft decree that is expected to be introduced later this month:

WHO: Foreigners with a valid visa; foreign investment funds, banks; Vietnamese branches and representative offices of overseas companies are eligible to buy.

TYPES: All residential property types including apartments, villas and townhouses. Previously only applicable to apartments.

VOLUME: There is no limit on the number of units a foreigner can buy, but the total number of units owned by all foreign buyers must not exceed 30 percent of the units in one apartment building, or 250 landed property units in one ward. Previously an eligible foreigner could buy only one apartment in Vietnam.

PURPOSE OF PURCHASE: The properties owned by foreigners can be sub-leased, traded, inherited and collateralized. Previously ownership was strictly for residential purpose.

[Photo via Hà Nội: CAPITAL City]

Related Articles

in Vietnam

$14 Million Approved For Restoration Of Hanoi’s 112-Year-Old Long Biên Bridge

The fate of one of Vietnam’s most beloved and storied structures took another positive turn last week when the government approved a $14 million restoration package for Long Biên Bridge.

in Vietnam

'Amazing Race Vietnam' Apologizes for Challenge Harming Coral Reef

An underwater challenge during this year’s installment of The Amazing Race Vietnam is not sitting well with environmentalists.

in Vietnam

10 Beautiful Photos of Sapa's Majestic Snow

Last weekend's snowstorm in Sapa drew photographers from all over northern Vietnam who jumped at the opportunity to capture some great photos of the town's snow-covered hills, roads and residents.&nbs...

in Vietnam

104-Year-Old Great-Great Grandmother Fights Off Robber

Taking advantage of the elderly will inevitably result in some bad karma, a lesson a Dong Nai man quickly learned after attempting to rob Vo Thi Bai, a 104-year-old woman.

in Vietnam

116-Year-Old Recognized As Vietnam's Oldest Man

The Vietnam Record Organization (VRO) has recognized 116-tear-old Y'N Dong of Đắk Nông Province as the country’s oldest man, reports Vietnam Net.

in Vietnam

12 Dead, 41 Injured After Illegal Bus Falls Into Gorge Near Sapa

12 people have been reported killed and 41 injured in a bus accident in the hills of Northern Vietnam’s Lao Cai province, reports VN Express.

Partner Content