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Foreign home ownership may increase to 99 years

07/08/2017
Recent draft Law on Special Administrative-Economic Units contains provision for extending leaseholds for foreigners from 50 years to 99 years.
Recent draft Law on Special Administrative-Economic Units contains provision for extending leaseholds for foreigners from 50 years to 99 years. 
 
 

Accordingly, if the draft Law on Special Administrative-Economic Units is approved, the leasehold for home ownership for foreigners in Vietnam will be extended from 50 years to 99 years.

A meeting, chaired by Prime Minister Nguyen Xuan Phuc, was held on August 2 to discuss this draft. 

Foreign home ownership may raise to 99 years
Foreign home ownership may rise to 99 years

PM Phuc agreed to create an outstanding institutional framework that transcends existing laws and minimizes the application of business investment conditions in special zones in order to appeal investment into such zones.

In filed of land policy, after the law adjustment, the leasehold wil be extended to 99 years for foreigners. They wil be allowed to mortgage assets in association with land use rights at foreign credit institutions.

The PM also confirmed the determination to establish a law guaranteeing long-term and sustainable development and highlighted the spirit of ensuring international and regional competitiveness and seeking advantages to attract FDI.

The Ministry of Planning and Investment was asked to update information on special zones and problems identified by strategic investors.
Currently, Vietnam has 18 special economic zones with 325 industrial zones. As of the end of 2016, Government agreed to establish 3 more, including Van Don in Quang Ninh, North Van Phong in Khanh Hoa and Phu Quoc Island in Kien Giang.

In 2015, Vietnam opened up its housing market to outsiders with a regulation stating that foreign investment funds, foreigners with valid visas and international firms operating in Vietnam and overseas could buy unlimited residential properties within 50 years. 

Statics of the Ministry of Natural Resources and Environment, over 80,000 foreigners live and work in Vietnam and there are more than 4 million overseas Vietnamese (Viet Kieu).

(Source: Vneconomictimes) 

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