New regulations to ease real estate investments
HANOI: Experts predict that the recently approved Land Law, Housing Law, and Law on Real Estate Business, which will take effect in 2025, will improve conditions for overseas Vietnamese (OVs) in real estate ownership and trading.

The laws provide a uniform approach to issues related to land, housing and real estate, ensuring the rights of OVs with Vietnamese nationality to own and trade property just like Vietnamese citizens residing inside the country, carrying out the country’s policy of taking OVs as an inseparable part of the nation.

Under the newly adopted Land Law, Vietnamese citizens residing abroad can enjoy full rights related to land, not limited to residential land, just like their fellow citizens inside the country.

They are allowed to build houses and invest in construction projects for sale, lease, lease purchase, and invest in technical infrastructure in real estate projects to transfer, lease, and sublease the right to use land with technical infrastructure.

Currently, OVs are allowed to own houses in Vietnam, but can only receive transfer of residential land use rights through purchase, lease purchase, inheritance, or donation of housing attached to land use rights, and can only receive residential land use rights in housing development projects.

The regulations have prevented them from transferring, donating or inheriting land outside housing development projects, and from enjoying the right to build and own houses on land outside housing development projects.

Lawyer Nguyen Van Hau, vice-chairman of the Ho Chi Minh Bar Association, said that with the new regulations, it will be easier for OVs to own real estate in the country.

He said that previously, although regulations allowed OVs to buy real estate in Vietnam, many had to authorise their relatives to be the owner of the property. Because of concerns about complicated procedures and regulations, many overseas Vietnamese hesitated to buy real estate in the country.

This amendment has created equality between domestic individuals and OVs in terms of investing and undertaking ventures in the real estate sector. — Viet Nam News/ANN
Property,VietnamLandLaw,HousingLaw,RealEstateBusinessLaw,OVRights,PropertyOwnership,LegalEquality,OverseasVietnamese
Experts predict that the recently approved Land Law, Housing Law, and Law on Real Estate Business, which will take effect in 2025, will improve conditions for overseas Vietnamese (OVs) in real estate ownership and trading.