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Saturday, June 15, 2024

Landed house ownership proposal for foreigners needs review

By The SaigonTimes

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HCMC – The National Assembly Standing Committee has asked the Government to review a provision in the draft of the revised Housing Law that allows foreigners to own landed houses.

If the draft is passed, foreign individuals and organizations can own homes in Vietnam, including landed ones with ownership rights similar to those of Vietnamese citizens.

According to the chairman of the National Assembly (NA) Committee on Legal Affairs, Hoang Thanh Tung, the ownership of houses attached to land use rights for foreign individuals is not in compliance with Resolution 18.

“This is a sensitive and important issue which needs further review by the Government,” he added.

The NA’s Committee on Economic Affairs, while offering feedback on the bill on housing, also requested making clear home ownership, including ownership of apartments and landed houses for foreigners.

Speaking at a recent session of the NA Standing Committee, Minister of Construction Nguyen Thanh Nghi said that under the current Housing Law, foreign individuals and organizations can buy and own homes in Vietnam, including apartments and landed houses.

Pursuant to the Real Estate Business Law, the selling and purchasing of properties, including housing, must go in tandem with their land use rights; however, the current Land Law excludes foreigners from the list of those entitled to be granted land use rights, said Nghi.

He also added that while drafting the revised Housing Law, the Ministry of Construction had gathered feedback from the Government’s members toward recognition of house ownership attached to land use rights on leased land.

Now, there are around 3,035 foreign individuals and organizations owning homes in Vietnam, said Nghi.

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