In June 30th, a conference about all of the new law and related paper of real estate market for foreigner started in July 1st is just hold by Government and Japanese cooperation Association (JICA). The problem now is the law just applied from yesterday but many questions araise and till now is a big barrier when foreigner especial Vietkieu to buy and own property in Vietnam. In this conference, some solution are voted by Le Hoang Chau, President of Real Estates in Ho Chi Minh City Association and these opinition will come to be official paper to instruct Vietkieu buy property in Vietnam.
In section 6 of the new real estate law issued in 2014, Vietkieu has ability to buy property in Vietnam in the same right as Vietnamese. It means that Vietkieu has no limit in the number of apartment or property in one project or has no limit of 500 sqm of the property their buy. These privilige applied only when Vietkieu has been certified origional hometown in Vietnam therefore some paper of instruction should be noted. The problem is when Vietnamese move out of Vietnam and they lost all of paper then which organization could official certified for them? In order to solve this problem, the head of Horea Mr. Le Hoang Chau propose that the original of Vietkieu should be noticed by the hometown on the passport of America. From the second generation forths, it should be a paper shown the relationship with the fisrt one has these criteria.
About the real estate market after the first day of new law application, foreigners and Vietkieu are still finding the best way to know all the law and ensure that their investment will be protect in the future. Number of transaction is not high as expected of many experts. That is some information we collect form some project like Vinhomes Central Park and The Sun Avenue apartment in District 2.
The new law of foreigner can buy and own property in Vietnam is just applied one day and you should, as foreigner and Vietkieu should carefully read it. We want to remind you again following.
Section 159. The object owns house and housing ownership forms of foreign individual and organization in Vietnam.
1. Foreign individuals and organization having properties ownership in Vietnam including:
a) Foreign individuals and organization invest in constructing house under project form following this law and related legislation terms.
b) Enterprise with foreign capital investment, sections, office of foreign enterprise, foreign funds and foreign bank section operating in Vietnam (call shortly foreign organization)
c) Individuals have right to enter Vietnam territory
2. Foreign organization and individuals having a properties ownership in Vietnam under following forms:
a) Investment in construction house in project in Vietnam follow this Law and related legislation terms.
b) Buy, rent-buy, dedication, inherit commercial house including apartment and single house in project of constructing house investment, excluding national defense and security region as stipulated by Vietnamese Government.
Section 160. Criteria when foreign individual and organization having properties ownership in Vietnam:
1. Towards organizations and individuals specified in point a, paragraph 1, section 159 of this Law must have the certificate of investment or housing construction in project in accordance with the provisions of this Law and related legislation terms.
2. Towards foreign organization specified in point b, paragraph, section 159 b of this law, there must have investment certificates or documents relating to the permitted activities in Vietnam (hereinafter referred to as the investment Certificate) issued by the competent officers of Vietnam Government.
3. Towards foreign individuals specified in point c, paragraph 1, Section 159 of this Law must be allowed to enter Vietnam territory and not entitled to the privileges, immunities of diplomatic, consular prescribed by law.
4. Government regulate certificate in detailed proof of the object, condition of foreign organizations, individuals are entitled to properties ownership in Vietnam.
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