The proposal was in the ministry’s statement on collecting and explaining the opinions of National Assembly Deputies’ opinions on the draft of the Housing Law (amended) which has just been submitted to the government.
According to MOC, regarding the ownership of houses in Vietnam by foreign individuals and organizations, some National Assembly Deputies suggested that the draft Housing Law (amended) that will be submitted to the NA for opinions at the year-end session should stipulate that the house ownership right in Vietnam by foreign individuals and organizations should not include a land-use right.
MOC agrees with the opinion of the National Assembly Deputies and the National Assembly’s Law Committee. In addition, it suggested adding the regulation that foreigners have the right to extend the ownership time once.
MOC has asked the government to set additional regulations on extending the time of house ownership for foreigners. The government needs to add regulations saying that if foreigners buy houses in Vietnam and sell the houses to Vietnamese citizens, or overseas Vietnamese, the buyers will be able to enjoy the rights and obligations as domestic citizens do.
Speaking at a recent workshop, Hoang Hai, head of the MOC’s House and Real Estate Market Department, said foreign organizations and individuals who have bought and now own houses in Vietnam are mostly in large cities and provinces: Hanoi (1,765), HCM City (850), Bac Ninh (110), Binh Duong (210) and Ba Ria - Vung Tau (50).
Hai noted that since the 2014 Housing Law took effect, the number of foreign individuals and institutions owning houses in Vietnam has increased significantly.
Under the current Housing Law, the foreign subjects allowed to own houses in Vietnam include foreign institutions and individuals making investments and building houses under projects in Vietnam in accordance with the law and related laws; foreign invested enterprises, branches, and representative offices of foreign invested enterprises, foreign investment funds and foreign bank branches operating in Vietnam; and foreign individuals allowed to enter Vietnam.
Foreigners can own houses in Vietnam through one of the following forms: making investments and building houses under projects in Vietnam in accordance with the law and related laws; or buying, leasing, receiving commercial houses as gifts/heritage, including apartments and separate houses in housing projects, excluding ones in areas for national defence and security.
The laws also clearly stipulate that foreigners cannot buy more than 30 percent of the total number of apartments in an apartment building.