Vietnam Considers Property Law Amendments

The Vietnamese government are contemplating making it easier for nationals who live overseas to buy property in the country by making amendments to the current housing laws.

The National Assembly in Vietnam are looking to increase the number of overseas Vietnamese nationals who can purchase properties in the country. Should the amendments go ahead it will mean that people of Vietnamese origin will be able to buy and own property in the country regardless of where they live in the World. Currently, those of Vietnamese origins who live abroad are only permitted to buy property in Vietnam if they are acknowledged as making a contribution to Vietnam such as in scientists and experts. Any foreigner who is married to a Vietnamese citizen who lives in Vietnam is also permitted to buy property in the country.

Vietnamese Ministers have made it clear that the amendments to the law are not aimed at foreign property investors and are aimed solely at allowing more Vietnamese people to buy properties in their home country. Ministers have also warned that anyone buying Vietnamese property will also be subject to all the normal personal and property taxes associated with Vietnamese property.

Currently, around 140 overseas Vietnamese people have bought houses in Vietnam over the past three years. It is estimated that if the new law amendments are passed that as many as 1,400 properties will be bought each year. Around three million people of Vietnamese descent are currently thought to be living outside of the country.

The actual land in Vietnam, including bodies of water and wealth underground, are protected by the Vietnamese Constitution and all belong to the state and therefore are owned by the Vietnamese people. Individuals cannot buy plots of land for themselves however they can buy land-use rights.

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