National Assembly Deputies have proposed a draft regulation that would allow foreigners who invest in Vietnam and have Vietnamese nationality to own land and housing in the country.

Pham Van Hoa, a National Assembly Deputy from Dong Thap, said the regulation related to foreign individuals’ right to buy homes in Vietnam is a sensitive issue which needs thorough and cautious consideration. 

Regarding the draft regulation, Hoa stressed that it is not clear enough, because the number of foreigners entering Vietnam every year is high. He believes that it would be better to specify that foreign individuals with investment in Vietnam and foreigners with Vietnamese nationality have the right to own land and houses in Vietnam.

The draft Land Law (amended) says land users to whom the state allocates land, leases land, and recognizes land-use rights and receives land-use right transfers should not include foreign individuals.

The public has recently become discontented with the fact that many foreigners, under the names of Vietnamese individuals and institutions, collect land in many places, especially in tourism cities and cities where land is expensive. To stop this, it is necessary to set limitations on the duration of land use.

The right of foreigners to buy and own houses in Vietnam is also a matter of concern of Tran Chi Cuong, a National Assembly deputy from Da Nang. 

He noted that the draft regulation doesn’t clearly stipulate if foreign individuals and institutions have the right to own houses in association with the right to use land. This also may not be in line with the draft Land Law (amended) and the Law on Real Estate Business (amended).

Regarding the draft regulations, Cuong said that they need a rethink, because foreign individuals entering Vietnam cover a large circle of people. Does it mean that foreign tourists also can buy and own houses and land in Vietnam?

He also wondered if the draft law conflicts with current regulations on the entry, exit, transit and residence of foreigners in Vietnam.

Be Minh Duc, a National Assembly Deputy from Cao Bang, pointed out that the regulation states foreign institutions and individuals can buy, lease, receive gifts, receive inheritance and own no more than 30 percent of the number of apartments in an apartment building, or 250 separate houses.

He said this is a high number and could lead to foreign institutions and individuals with high financial capability speculating and accumulating houses in Vietnam, manipulating the market and controlling prices.

Viet Nam Net