Communist Vietnam may allow more overseas Vietnamese, or Viet Kieu to possess houses at homeland, which may help defreeze the local real estate market, the Dan Tri (People’s Intellect) newspaper said on September 11.
The Ministry of Construction has just submitted the amended draft law on housing issues to the government, under which, Viet Kieu who are permitted to dwell in Vietnam for at least six months or those who are subject to visa exemption, are legitimate to own a house, the newspaper said.
The law states that those who have Vietnamese nationality, and those who don’t, but come back to invest, get married to Vietnamese citizens, and make contributions to the country and must be university graduates, are legal to own regard of the number of houses.
The ministry has just proposed adding Article 126 to the law and it also has meetings with the Ministry of Justice and related agencies for agreed reinforcement.
Local realty developers are facing difficulties because of lack of capital and prices of apartments are down between 20 per cent and 50 per cent from the peak of last year, meanwhile, foreign investors continue to pour their cash into, the Dia Oc Online said, citing Dang Hoang Vu, CEO of the Thanh Binh Realty and Trade JS Co as proposing that banks should resume loaning realty builders, particularly owners of effective projects.
Banks said total loans they provided to the local realty sector accounted for less than 10 per cent, lower than 15 per cent last year.
Despite macro situation in Vietnam in the first eight months this year, the local real estate sector still reports pledged US$22.2 billion, accounting for nearly 50 per cent of US$47.2 billion of newly registered FDI capital in total, the Ministry of Planning and Investment said.
Vietnam has 3.5 million Viet Kieu who settle in 90 countries and territories, the latest statistics by the Foreign Affairs Ministry’s Overseas Vietnamese Committee showed. (People’s Intellect, diaoconline.vn)
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