The regulations on house ownership of foreign organisations and individuals have been tighter, said the Standing Committee of the National Assembly of Vietnam in a report on opinions contributed to the draft Housing Law (amended).
The draft law is discussed by expert deputies of the National Assembly at a meeting September 10.
After many sessions of discussions, most deputies advocated expanding the scope and conditions for foreign organisations and individuals to own houses in Vietnam.
However, the degree of opening remains controversial.
Under the draft provisions discussed in August 2014 by the Standing Committee of the National Assembly, both overseas Vietnamese and foreign individuals are allowed to own houses in Vietnam after they are granted entry.
National Assembly Chairman Nguyen Sinh Hung said that foreigners are welcomed to buy houses in Vietnam to live, study, to do business and to settle, not let them vacant.
Some however expressed their concerns over the regulation that foreigners with valid entry are allowed to buy houses in Vietnam.
The Standing Committee of the National Assembly said the regulations will be tightened by adding purchase conditions. To buy houses, foreign individuals must be studying, working and living in Vietnam. The Government of Vietnam will issue regulations on the density of foreigners to ensure national security and defence.
Regulations on payment will be strictly specified to circumvent speculation and money laundering. Payment must be handled via banks and credit institutions authorised to operate in Vietnam.
Vietnamese people residing overseas are entitled to buy apartments or separate houses in Vietnam without any limit to number of houses and types of houses purchased if they are granted entry by Vietnamese competent authorities. This content is the same as earlier discussed.
However, the new draft law removed the regulation that foreign individuals are allowed to own houses in Vietnam after they are granted valid entry.
Compared to the previous draft submitted to the National Assembly for consideration, the current draft has a lot of changes in contents.
The draft added the new regulation that foreign individuals are allowed to own houses with the time written in house contracts but the time cannot be exceed 50 years dating from the date of ownership certification. Renewal will be extended according to Vietnamese laws. Foreign individuals married to Vietnam are allowed to own houses in the long time.
Payments to house purchase or lease shall be made via banks and credit institutions allowed to operate in Vietnam.
The Housing Law (amended) is expected to take effect on July 1, 2015 and will replace a number of laws and resolutions, including the Resolution No. 19/2008/QH12 on a pilot scheme that permits foreigner organisations and individuals to buy and possess houses in Vietnam.
PV
Vietnamese
