Foreign buyers hail from diverse countries, including South Korea, China, Singapore, the United States, Australia, and Japan, with a predominant concentration in major provinces and cities such as Hanoi, Ho Chi Minh City, Bac Ninh, and Binh Duong.

The eligibility criteria for purchasing and owning residential properties clearly stipulates the requirements for permission to enter Vietnam and the necessary compliance with residency regulations.

Furthermore, this draft law has explicitly defined the eligible entities that can purchase and own properties in Vietnam, including cases where foreign investors engage in the construction of residential properties in the country.

The Ministry of Construction states these regulations aim to create improvements for foreign individuals living and working in Vietnam, promoting foreign investment and aligning with the country's international integration strategy.

However, there have been some advocating for stricter provisions, suggesting that property ownership should be limited to foreign individuals eligible for Vietnamese nationality. In response, the drafting agency has argued that the current policy aims to incentivise foreign investment and aligns with an international integration approach, emphasising the importance of not limiting the scope of eligible individuals.

Additionally, the Ministry of Construction believes that it is unnecessary to require foreign individuals to purchase properties through intermediary organisations, as the draft law has already introduced specific and stringent regulations.

Previously, the ministry also proposed the government allow foreigners to buy and own houses in Vietnam in the amended draft Housing Law. The ministry also proposed the abolishment of regulations on a fixed term for apartment ownership in the draft law, and the supplementation of regulations related to the terms of use and the demolition of old residential buildings.

Source: VIR