Most Vietnamese legislators accepted a proposed regulation that allows foreigners to buy houses in Vietnam and own up to 30 percent of the flats of a tenement building in the country. 

>> Vietnam architect designs weather-resistant houses, $4,000 each, for rural dwellers At the Friday meeting of the eighth session of the 13th National Assembly (NA), NA deputies reviewed contentious points in the draft amendments on the Law on Housing, and agreed to a newly proposed policy that allows foreigners to own houses in Vietnam. The policy is one of the proposed amendments submitted to the NA by the amendment drafting board. Accordingly, the following three foreign subjects are allowed to own houses in Vietnam: Firstly, foreign individuals and organizations that invest in building houses under projects in Vietnam according to regulations of this law and other relevant legislation. Secondly, foreign-invested enterprises; branches and representative offices of foreign businesses; foreign investment funds; and branches of foreign banks operating in Vietnam. And thirdly, foreign individuals allowed to enter Vietnam. As for the second and third subjects, they may not buy, buy on hire-purchase agreements, or own more than 30 percent of the flats in an apartment building. Regarding separate houses including villas and attached houses, these two subjects are not allowed to buy 250 such houses in an area with a population equal to that of a ward-level administrative unit. Commenting on the proposed new regulations, many deputies said they agreed, saying they are in line with the country’s international economic integration. Do Van Ve, a deputy from the northern province of Thai Binh, said, “The policy to allow foreigners to buy and own houses has been applied in many countries around the world. In Vietnam, this can be considered an important solution to boost on-the-spot export of commercial houses and high-class houses, and promote the development of the domestic real estate market, contributing to the growth of the national economy.”       Tran Van Minh, a deputy from the northern province of Quang Ninh, agreed, saying he supported the policy while adding that the scope of foreigners entitled to buy houses in Vietnam is “too large” and needed to be reviewed. Simply saying that “foreign individuals who are allowed to make entry into Vietnam are allowed to buy and own houses” is very facile, as this regulation does not consider the purpose of entry or the length of stay of foreigners in Vietnam.  If this regulation is enforced, even foreigners coming to Vietnam as tourists would have the right to buy houses, he said. “There should be close regulation on conditions for foreigners to gain house ownership in Vietnam to avoid possibly cornering markets,” Minh said. He suggested that foreign home ownership should be granted on the basis of considering their purposes of entry into Vietnam and their length of stay in the country.

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