New policy to encourage foreigners purchase houses in Vietnam

All foreigners who have 3-month valid visas can buy houses complying with Vietnam proposal (excluding those are currently working in Embassy or non-government officer in Vietnam). Foreigners can hold their house ownership from 50 to 70 years.

Foreign organizations, individual can build houses following the the proposal No.19/2009/QH12 dated June 3rd 2008 of Vietnam Congress on buying houses in Vietnam

5 types of eligible entities in following will be allowed to purchase houses in Vietnam:
- A foreigner who invest directly in Vietnam obey with investment law or who is staff or director of a local company or company with foreign owned capital ;
- A foreign individual who devotes to Vietnam and be honored with decoration or medal by the President of the Socialist republic of Vietnam; or a foreigner who devotes special contribution following Government’s or President’s decisions;
- A foreign individual who is currently operating in social and economy major with a university or equivalent degree and who has technical knowledge or skills being appropriated to Vietnam demand;
- A foreign individual who married to a Vietnamese residence;
- A foreign individual who invested by foreign owned capital currently operating in Vietnam obeying to investment law that don’t be allowed to operate in real property sector and need residential houses for the staff at the company.

Moreover 2 options are considered by the Building Ministry about term of ownership. The first options is 50 years with an extension allowed, and the other is 70 years without any extension. The Building Ministry also permit that foreign organization and individual can purchase both apartment building and stand-alone house (contain villa and stand-alone house). Stand-alone house must be not over to 500 meters in square. President will stipulate the price house to sale for foreign organizations or individual.

Besides, Building Ministry also permits to cooperate between a foreigner (who buy houses) and investor (who sale house) to sublet or buy or use the purchased house. For example, foreigners can sublet the house they bough to a person after negotiating with the investor