Prime Minister Nguyen Tan Dung has approved new home ownership regulations allowing overseas Vietnamese to purchase any number of houses in the country.
Under the regulations, which take effect August 8, overseas Vietnamese will be allowed to buy as many houses as they want. The regulations also include expats who keep their Vietnamese nationality, who have invested in Vietnam, who are married to a Vietnamese citizen, and who have made valuable contributions to the country.
Other overseas Vietnamese who have lived in Vietnam for at least three months and have been granted visa exemption can purchase one house or one apartment for their family.
Home ownership for overseas Vietnamese, known locally as Viet kieu, will be stable and secure, the regulations state.
But they also impose strict penalties on those who forge documents to make themselves eligible for home ownership in Vietnam.