Lawmakers seek clarification on home ownership rights for foreigners

Lawmakers seek clarification on home ownership rights for foreigners

Lawmakers are calling for clearer laws on foreign home ownership in Vietnam due to inconsistencies and loopholes that could be exploited. According to lawmaker Pham Van Hoa, current laws allow foreigners with entry permits to purchase homes in Vietnam, but not all permit holders should be allowed to buy homes. Hoa suggested that only individuals or organizations investing in Vietnam should be allowed to purchase homes.

Many local residents have complained that foreigners use Vietnamese intermediaries to buy land on their behalf, and regulations should be drafted to address this. Lawmaker Tran Chi Cuong added that current laws do not clearly state whether foreigners can own houses along with the land beneath them. The laws should also clarify whether tourists can buy homes in Vietnam, and home ownership regulations should be examined for consistency with immigration and residency laws. Lawmaker Be Minh Duc expressed concern that the current foreign ownership ratio, which is capped at 30% of the number of units in a condo, is too high.

Minister of Construction Nguyen Thanh Nghi stated that Vietnam’s Housing Law in 2014 aimed to encourage foreign investment and give foreigners peace of mind when purchasing homes in the country. However, the number of foreign purchases has been low and is not competing with local demand. Over 3,500 foreign organizations and individuals have bought property in Vietnam since 2014, with most purchases in Hanoi, HCMC, Bac Ninh, Binh Duong, and Ba Ria – Vung Tau. Changes to the Housing Laws in Vietnam are expected to be voted on during the next National Assembly session in the last quarter of this year.

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