Increasing hope for foreigners to own properties in Vietnam

Sunday, 27/08/2023 20:53
The Vietnam Association of Realtors has proposed allowing foreigners to purchase and own houses, including private houses and apartments, in Vietnam during the time they work in the country.

The Association said it is necessary to specify the minimum remaining working time at the time of purchase, and supplement conditions when foreigners purchase a certain number of properties, to prevent speculation.

The property tax should be applied progressively, increasing based on the number of properties owned, and the tax rate may gradually rise if the property owner does not use the properties in business activities, the association said.

The Ministry of Construction has recently proposed new policies regarding foreigners' ownership of houses and apartments in Vietnam.

According to the ministry, the draft amendment of the Housing Law has tightly regulated the types of houses and areas eligible for purchase, and the number of houses allowed to be purchased and owned in a housing project.

The ministry said the provision allowing foreigners to purchase houses does not affect the implementation of other housing policies of the State, such as social housing policies, resettlement housing, or affordable housing in urban areas./.

CPV (Source: VNA)