More Foreigners Allowed to Own Houses in Vietnam

Decree 51/2009/ND-CP on pilot permission for foreigners to buy and own houses in Vietnam will take effect from August 1 this year. Foreign-invested enterprises which have an investment certificate issued by a competent authority of Vietnam that is still valid for a year or more also enjoy the rights.

 

The decree also instructs the implementation of National Assembly Resolution No 19/2008/QH12 of June 3. Accordingly, to buy, inherit, offer and own houses in Vietnam, foreign individuals are required to submit their passports or replaceable papers granted by foreign authorities.

 

In the case of a direct investor in Vietnam, his/her name must be included in an investment certificate issued by a competent authority of Vietnam that is still valid for a year or more, or he/she must provide any other written proof of membership on the board of management of the company.

 

In the case of a person hired by foreign companies operating in Vietnam as their managers, he/she have to submit labour contracts for appointment decision in Vietnamese; If being a veteran, he/she has to submit medals granted by State President of the Social Republics of Vietnam. In the case of special contributions to the country, papers certified by ministerial agencies will be sent to the Ministry of Construction and then to the government for consideration. Persons working in economics, science and technology, environment, education, culture and information, sports, healthcare and law must have a bachelor’s degree or equivalent or higher, issued by a competent authority of Vietnam or foreign country, attached to work permits or professional practice permits issued by competent authorities of Vietnam; If being persons with special skills, they must have papers issued Vietnamese associations. Work permits are also needed in this case. ; A person married to a Vietnamese national must submit a marriage registration certificate issued by Vietnam or foreign country and papers certifying the identity of the Vietnamese spouse.

 

The foreign individual must also have a residence card or temporary residence card or other documents certifying residence in Vietnam for a period of at least 12 months.

 

Foreign individuals and organisations owning block apartments in Vietnam are entitled to use the public land of such block under the form of land lease with one-off payment of rent for the entire term of the lease. If such individuals or organisations transfer the apartments for Vietnamese individuals or organisations, the use of such public land shall be on a stable and long-term basis.