The National Assembly Legal Committee at the NA session in Hanoi on Saturday approved in principle a proposal for allowing overseas Vietnamese, locally known as Viet Kieu, foreign organizations and individuals to own homes in the country.

 VietNamNet Bridge – Some legal problems would arise if Vietnam allows foreign institutions (Viet Kieu, or overseas Vietnamese) to build houses in Vietnam for business (leasing, trading).

 VietNamNet Bridge – Overseas Vietnamese, or Viet Kieu, who return home can enjoy tax exemptions for one car and one motorbike, but the automobile must have been used for at least six months with a minimum mileage of 10,000km,

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 VietNamNet Bridge – About 200 outstanding young Vietnamese who are living overseas will return to their homeland to join the three-week-long Viet Nam Summer Camp 2013 until July 30.

A lot of expats in Vietnam have affirmed they will spend millions of dollars to buy houses here.

Vietnam will not be able to rescue the real estate market if it only relies on the domestic resources. The government has been urged to allow foreigners to buy houses in Vietnam to increase the demand.

The luxurious cars, which were imported to Vietnam as the Viet Kieu repatriates’ assets, now are awaiting to be re-exported, after state management agencies have threatened to clarify the real origins of the imports.

Most of the luxury cars have been imported to Vietnam as the assets of Viet Kieu repatriates. There are the rings that bring the cars to Vietnam under forged documents.

VietNamNet Bridge – They are the Vietnamese people who have set themselves up in business, settled overseas and become millionaires.