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Asia Property Report

Daily, Bangkok
Up-to-date news and coverage of industry trends and innovations from Asia with an in-depth special focus on real estate hot spots, as well as key interviews with important industry figures.
 

Unlimited property for overseas Vietnamese

Apr 20, 2012
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Overseas Vietnamese who have maintained their Vietnamese citizenship are now permitted to own unlimited property.


The Land Registration and Statistics Department under the Ministry of Natural Resources and Environment has reported that 299 foreign expatriates and non-resident Vietnamese have bought houses in Vietnam.


According to the Siagon GP Daily, 252 chose to buy houses in Ho Chi Minh City, while four preferred to buy in Hanoi.


The latest Land and Housing Law stipulates that overseas Vietnamese who have maintained their Vietnamese citizenship are permitted to own unlimited property. Overseas Vietnamese are also eligible to buy property in Vietnam and may enjoy other privileges, such as transfer of land-use rights, use of credit organizations to mortgage their property, or freely lease out property.


This allow for the same freedom and equality as that of residing Vietnamese citizens, regarding property ownership in Vietnam.