A South Korean checks out an apartment project in District 9, Ho Chi Minh City. Photo by Dinh Son
The Ministry of Construction is set to present a Housing Bill this month which would ease most restrictions on overseas Vietnamese buying and owning property, an official said.
The draft will be presented to the National Assembly for approval this year and allow Viet kieu to buy luxury apartments and houses without any restrictions as part of efforts to clear the massive property inventory.
They will also have full usage rights over the land attached to houses and be allowed to sell, rent out, and transfer properties just like Vietnamese nationals.
Existing regulations allow Viet kieu to buy just one house or apartment and only for living.
Nguyen Ngoc Thanh, vice chairman of the Vietnam Real Estate Association, said demand from Viet kieu would revive the property market, especially the medium-priced and luxury segments.
This in turn is expected to boost production sales in related industries like construction materials, interiors, and home appliances.
Some say the law should go further and allow overseas Vietnamese to buy housing in any segment instead of just luxury properties in urban areas.
Dr Pham Si Lien, vice chairman of the Vietnam Construction Association, said while the country needs to impose restrictions on foreign property buyers, it should open the market to Viet kieu.
“We have several million Viet kieu who make huge remittances every year. They are a very strong resource, so the policies need to be more encouraging to attract them into buying houses at home,” Lien said.
Hoang Anh Tuan, general director of Ho Chi Minh City-based property firm Tac Dat Tac Vang, also said Viet kieu should enjoy all privileges that locals do.
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