Overlaps and holes in laws related to the real estate market are continuing to prevent foreigners from buying houses in Vietnam, legislators have been warned.

Foreigners are entitled to own houses for a limited time but cannot own land; when the ownership period expires, they can extend once and be allowed to buy and sell houses like domestic citizens.

Many South Korean investors have recently injected big money into pharmacies, considered a sector with high potential in Vietnam. American and Japanese pharmacies  have been present here for many years.

The sale of homes to foreigners is set to be a significant issue as the National Assembly discusses the amended draft Law on Housing.

The Vietnam Association of Realtors (VARS) has proposed allowing foreigners to purchase and own houses, including private houses and apartments, in Vietnam during the time they work in the country.

More than three million foreign individuals and organisations have purchased apartments in Vietnam, and the number is expected to continue rising moving forward, heard a workshop held on July 13 in Hanoi.

National Assembly Deputies have proposed a draft regulation that would allow foreigners who invest in Vietnam and have Vietnamese nationality to own land and housing in the country.

The Scenia Bay Complex became the first housing project in Khanh Hoa Province allowed to sell apartments to foreigners, according to a recent announcement of the provincial Department of Construction.