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Sunday, February 25, 2024

Amended real estate trading law expands rights for overseas Vietnamese

The Saigon Times

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HCMC – The National Assembly has passed amendments to the real estate trading law, granting more rights for overseas Vietnamese in real estate business.

With 465 deputies voting in favor, accounting for 94.13% of the total, the amended law will take effect from January 1, 2025.

New provisions broaden the form and scope of real estate trading that can be undertaken by overseas Vietnamese. Overseas Vietnamese who hold Vietnamese citizenship and have permission to enter Vietnam will be able to engage in real estate transactions on an equal footing with Vietnamese citizens.

These expanded rights cover various real estate activities, including the development of housing, construction projects for sale, lease, and lease-purchase agreements.

Overseas Vietnamese will also be allowed to participate in the development of technical infrastructure for property projects intended for transfer, lease, or sub-lease of land use rights linked to technical infrastructure.

To ensure consistency with the Investment Law and promote a level playing field, the amended real estate trading law extends certain privileges to foreign-invested businesses, provided that they meet the stipulated investment conditions and procedural requirements applied to local investors. They will now have the rights to engage in real estate trading similar to the rights given to local individuals and entities.

These include the rights to purchase houses, get involved in lease-purchase agreements, and invest in construction projects, plus the right to buy floor spaces within building projects.

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