Please let us about the house ownership of Vietnamese overseas and foreign organizations and individuals?

On 6th September 2006, the Government issued Decree No.90/2006/ND-CP on detailing and guiding the implementation of the Law on Residential House (the “Decree”). Accordingly, the house ownership of Vietnamese overseas and foreign organizations and individuals are provided for as follows:

 

Regarding the house ownership of Vietnamese overseas: it is stipulated that Vietnamese overseas shall be entitled to owning residential house in Vietnam in one of the following forms: (i) construction of residential house for sale or lease; (ii) purchase, donation and inheritance of residential house. In case of construction of house for lease, the investor shall have the ownership and be granted Certificate of residential house ownership with definite term. In case of construction of house for sale, the investor shall have the ownership but not be granted Certificate of residential house ownership. The Certificate shall be granted to each buyer. In addition, in case of the donation and inheritance, Vietnamese overseas shall have the ownership if they are in certain cases as set forth in the Decree, if not they shall be entitled to value of the house only.

 

Regarding the house ownership of foreign organizations and individuals: foreign investors shall be entitled to and granted Certificate of residential house ownership in case of construction of residential house for lease with definite term as set forth in their Investment Certificates. An unreasonable regulation is that foreign organizations and individuals shall not be entitled to and granted Certificate of residential house ownership in case of construction of residential house for sale. In case of donation and inheritance, they shall not be entitled to the ownership but value of the house.

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