This is among the revisions of the Law on Housing proposed by the Ministry of Construction. The ministry plans to submit the revisions to the National Assembly for approval.
Under the ministry’s recommendations, Vietnamese people who live in foreign countries will be granted with land ownership right to build houses, just as those living in the country. Meanwhile, foreign-invested enterprises will be allowed to re-lease property. They would also be able to buy and own working offices in Vietnam.
According to Deputy Minister of Construction, Nguyen Tran Nam, the ministry has set up a task force to revise the Law on Housing and the Law on Real Estate Business for submission to the National Assembly by the end of 2014. He expected that, if approved, the revised laws will take effect from 2015.
The Ministry of Construction has also asked provincial People’s Committee to outline a housing development plan for one year, five years and a long-term plan to prepare necessary resources while avoiding massive investment.
In 2008, the National Assembly issued Resolution 19, which allowed foreign individuals to buy accommodation in Vietnam for 5-year trial period.
Under the resolution, foreigners who directly invest in the country or were employed by Vietnamese firms as managers were allowed to buy apartments. - Source: Dtinews
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