Vietnam: Foreigners finally allowed to own property

Vietnam: Foreigners finally allowed to own property

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The Ha Noi People’s Committee has agreed to grant certificates of land-use rights and house ownership, known in Viet Nam as a “red book”, to overseas Vietnamese and foreigner home buyers.

As of May 4 this year, eligible home buyers who meet all the necessary requirements will be able to obtain a red book to certify their home ownership and land-use rights. They can own the property for no more than 50 years.

Within 12 months of the ownership certificate expiring, foreign home-owners must sell or donate their property. A foreigner is permitted to own one property only.

There are a number of conditions that must be fulfilled if a foreigner wants to buy a house in Viet Nam. Her or she must currently be living and working in Viet Nam.

Read Vietnam Bridge for full story

 

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