Foreigners with over-3 month visas can buy houses in VN: Proposal TUOITRENEWS  Apartment buildings in Ho Chi Minh City.Tuoi Tre Under a proposal by the Construction Ministry, all foreigners staying in The proposal was mentioned in a report signed by Deputy Construction Minister Nguyen Tran Nam to Prime Minister Nguyen Tan Dung about the implementation of Resolution 19/2008 by the National Assembly on pilot permission for foreign organizations and individuals to purchase and own residential houses in Vietnam. According to the ministry’s statistics, after five years of implementation of the Resolution, only 126 foreign organizations and individuals had bought houses as of the end of the second quarters of 2013. Of these, 80 percent are businesses, and the rest are individuals. Most of the house purchases were made in southern areas such as Of these foreign individuals, most are married to Vietnamese citizens, while 15 percent are foreign individuals making direct investment in Meanwhile, according to the Ministry of Construction, many individuals want to own a house in Therefore, the ministry has proposed that the Government loosen conditions on which foreign organizations and individuals can buy houses in Accordingly, the ministry proposed that all foreigners staying in Currently, under a regulation of Resolution 19, foreigners wanting to buy a house must be allowed by relevant The ministry also proposed that all foreign investment funds, banks, branches or representative offices of foreign enterprises operating in The Ministry proposes that foreign organizations and foreigners be allowed to buy both flats in apartment building and stand-alone houses. In the case of separate houses, the area of a house will not be allowed to exceed 500 square meters, and the prices of the kinds of houses foreign individuals and organizations can buy will be stipulated by the Government. Regarding term of ownership, the ministry proposed two options, one of which is 50 years with an extension allowed, and the other 70 years without any extension. Regarding the number of houses foreigners are allowed to buy, the ministry proposed two optional regulations. One of them will not limit the number of houses that can be bought, while the other will limit this to two at most. According to the ministry, the loosening of regulations will encourage foreigners to come to It is expected that the amendments to Resolution 19 will be submitted to the National Assembly for approval by the end of this year.
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Article 9
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