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Vietnam’s new law eases property ownership for overseas Vietnamese

Vietnam’s new law eases property ownership for overseas Vietnamese

Wednesday, January 31, 2024, 16:48 GMT+7
Vietnam’s new law eases property ownership for overseas Vietnamese
Overseas Vietnamese return to Vietnam for the 2024 Lunar New Year celebrations at Tan Son Nhat International Airport in Ho Chi Minh City. Photo: Cong Trung / Tuoi Tre

Revisions to Vietnam’s Land Law, scheduled to come into effect next year, are poised to simplify the process for individuals of Vietnamese origin, better known as Viet Kieu, looking to purchase properties within the country.

While the current Land Law only distinguishes domestic citizens from Vietnamese people residing abroad, the revised version, which will take effect in January 2025, covers an additional term, individuals of Vietnamese origin who do not hold Vietnamese nationality -- referred to as Viet Kieu.

The amended law allows Viet Kieu residing abroad, who are permitted to enter Vietnam, to buy and rent houses that come with land, obtain land-use rights at housing projects, and inherit residential and other types of land adjoining houses, a provision absent from the current law.

They can also directly buy and sell all types of properties instead of being limited to apartments and houses in housing projects, residential areas, and urban areas as they currently are.

Statistics from the Ministry of Construction show that approximately four million foreigners and overseas Vietnamese aspire to acquire homes in Vietnam in the foreseeable future.

Economic expert Dinh The Hien notes that extended legal limitations on acquiring certain property types, combined with complex procedures and documentation requirements to confirm Vietnamese origin, have led many Viet Kieu to opt for purchasing properties in the names of their relatives.

This practice has, in turn, given rise to numerous disputes and legal conflicts.

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Bao Anh - Thanh Chung / Tuoi Tre News

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