Half the problem with the current planning system is that many of the licenses are not doled out by a central authority. Instead, local authorities are in charge of giving the licenses out and it can take months for a city People’s Committee to review submitted plans and for developers to meet with relevant agencies so that all the relevant rules and regulations are covered. Because of the sheer quantity of people the developers must meet, it is often difficult to setup all the meetings in a timely fashion.

Some of the certificates and licenses which are currently needed by Vietnamese property developers include certificates stating the land is not currently in dispute, approval of the location for property development, the amount of land that will be used for the development, and a detailed plan of the finished properties.

To enable a swifter property development process, six laws are in the process of being drafted which will make the approval of development projects easier. Regulations that are no longer relevant will be removed, and those which overlap will be synchronized.

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The number of mortgage applications in Vietnam is said to have increased 20% in April from March, with the amount being borrowed up around 15%. The number of people looking to invest in the Vietnamese property market is increasing, helped by the dramatic fall in property prices in the past few months.

Vietnamese property developers are also helping the market, moving away from luxury apartment developments towards more affordable property developments which have a much wider market and allow more people to buy properties. Demand for these more-affordable Vietnamese properties is likely to grow in the next few months whereas luxury developments are likely to remain in their stagnant form.

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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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The Government has outlined a large construction program for urban development over the next 50 years and has outline major centres which will become urban clusters of satellite areas to help prevent overpopulation in any one area. The first centres to be developed will be the major cities and proposed economic hubs before other areas are developed according to how much of a role they will play in the surrounding region.

The development plan is sensitive to the ecology and environment in Vietnam and places of cultural, architectural or ecological value will be preserved. For areas within cities that hold a lot of history, for example the old quarter in Hanoi, the development is looking to create new buildings which sit well with the old buildings without overpowering them or ruining their cultural heritage. Stringent rules and regulations will also be drawn up to ensure that any future building works around these sites are managed well and to ensure that new buildings take inspiration from the more traditional ones.

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