Real estate expert proposes policy allowing foreigners to own land
A policy allowing foreign individuals and organisations to buy and own houses and construction works in Vietnam will help lure investment and high quality human resources from the outside to the country for national development, according to Nguyen Tran Nam, Chairman of the Vietnam Real Estate Association.
A view of the central city of Da Nang (Photo: VNA)
Hanoi (VNA) – A policy allowing foreign individualsand organisations to buy and own houses and construction works in Vietnam willhelp lure investment and high quality human resources from the outside to thecountry for national development, according to Nguyen Tran Nam, Chairman of theVietnam Real Estate Association.
Nam, who is a former Deputy Minister of Construction, hasproposed the building of “Vietnam My Second Home (VNM2H)” policy as part ofefforts to promote the property market.
He said that the Government should consider amending the2013 Land Law to make it easier for land-related procedures, while broadeningforeign banks’ loans for low-cost housing projects, and recognizing land useright for foreigners.
Nam also recommended amending the Housing Law and the 2014 Lawon Real Estate Business in the direction of increasing the number of apartmentsthat foreign individuals and organisations can own in a building, as well asallowing them to buy and own tourism property in Vietnam.
He stressed the need to make legal regulations related toreal estate coherent. At the same time, it is necessary to consider theissuance of resident visa for foreigners with the duration equal to the timethey own real estate in Vietnam. The transfer of tourism property contractsshould be allowed in the same way as the transfer of housing ownership contracts,he said.
Amidst the difficulty of property market and in the contextthat the Land Law has not been amended, the Government should issue a decreeamending and supplementing the decree on the implementation of the 2013 LandLaw to deal with public land jammed in real estate projects, Nam proposed.
Nam also urged localities to complete legal procedures forpostponed property projects in the fourth quarter of 2020 so as to resume theprojects and ensure supply for the market./.
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A view of the central city of Da Nang (Photo: VNA) 
