Overseas Vietnamese win right to own homes

Business Desk
Vientiane Times
Publication Date: 20-06-2009

Overseas Vietnamese (also known as Viet Kieu) now have the right to buy houses and land-use right in Viet Nam, after the National Assembly passed a series of laws and amendments Thursday.

The changes, made to Article 126 of the Housing Law and Article 121 of the Land Law, will come into effect as of September 1, this year. Around 87 per cent of deputies voted in favour of the changes.

Under the new rules, those eligible to own a house or an apartment in Viet Nam include Vietnamese people living permanently in foreign countries with Vietnamese nationality; foreigners of Vietnamese origin who invest in Viet Nam under the investment law or those who have made contributions to the country; overseas Vietnamese cultural activists, scientists and those with special skills who have been invited to work or who are working in Viet Nam; and those married to citizens living in Viet Nam.

Overseas Vietnamese who are granted visa exemption certificates and are allowed to reside in Viet Nam for at least three months are also included in the group.

Those eligible can also transfer their land use right when selling, presenting, or exchanging their houses with local individuals and organisations and Vietnamese residing in foreign countries eligible to own houses.

They can also use their houses for charity purposes.

Qualified overseas Vietnamese also have right to mortgage their houses at registered credit institutions in Viet Nam, and will be compensated by the State when the land is legally cleared for public use. Owners also have right to rent their property.