The Hanoi Department of Natural Resources and Environment granted the red books/pink books (housing ownership book) to the foreign owners of the 67 apartments.
At each of these projects, the investor is allowed to sell up to 30% of the apartments to foreign organizations and individuals.
Earlier, the Hanoi Department of Construction announced a list of eight housing projects in the districts Tay Ho, Long Bien, Bac Tu Liem, Nam Tu Liem, and Hoang Mai that are allowed to sell apartments to foreigners.
Regarding the ownership of houses in Vietnam by foreign organizations and individuals, in the amended Law on Housing which is under the consultation phase, the Ministry of Construction has proposed that foreign organizations and individuals could own up to 30 percent of the number of apartments in an apartment building.
The number of apartments owned by foreign organizations or individuals is regulated in two cases: buy, rent, purchase, receive as a gift, or receive as inheritance, and own no more than 30 percent of the number of apartments in an apartment building (including mixed-use purpose apartments);
and in an area with a population equivalent to a ward-level administrative unit where there are many apartment buildings, foreign organizations and individuals are allowed to own no more than 30 percent of the apartments of each apartment building and no more than 30 percent of the total number of apartments of all apartment buildings in the area.