Under Vietnam's law, foreign organizations and individuals may own houses, including apartments and private houses, built under commercial housing investment projects in areas where they are allowed to own homes.
How many houses may a foreigner own in Vietnam?
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| Foreign customers seek information on a housing project in District 2, Ho Chi Minh City__Photo: Internet |
Provincial-level Construction Departments have to publicize on their portals the number of apartments in each apartment building and number of private houses in each housing project which foreign organizations and individuals may own; and the number of houses which foreigners have purchased or hire-purchased or for which they have acquired house ownership certificates in each housing investment project.
The publicized information must also indicate the number of apartments which foreign organizations and individuals may own in case there are many apartment buildings in a locality with a population equal to that of a commune-level administrative unit; and the number of private houses which foreign organizations and individuals may own in case there are one or more than one housing project in a locality with the above population size but the total number of private houses does not exceed 2,500.
Foreign organizations and individuals may own up to 30 percent of the total number of apartments of an apartment building. In case there are many apartment buildings for sale or hire-purchase in a locality with a population equal to that of a commune-level administrative unit, foreign organizations and individuals may own up to 30 percent of the number of apartments of an apartment building and up to 30 percent of the total number of apartments of all these apartment buildings.
In a locality with a population equal to that of a commune-level administrative unit that has one or more than one commercial housing investment project building private houses for sale or hire-purchase, foreign organizations and individuals may own:
• Up to 10 percent of the total number of private houses, if only one project builds less than 2,500 private houses;
• No more than 250 private houses, if only one project builds 2,500 private houses;
• Up to 10 percent of the number of private houses built by each project if two or more projects build a total number of private houses not exceeding 2,500.
In case a foreigner sells a house currently under his ownership to another foreigner who is allowed to own a house, what is the house ownership duration?
It is prescribed by Vietnam’s housing law that a foreigner may own a house he has purchased from another foreigner in Vietnam for the remaining ownership duration prescribed for such house. Upon the expiration of this duration, if wishing to have it extended, the house owner has to do the following:
• At least three months before the house ownership duration expires, he has to make a written request for extension thereof and send it together with a notarized copy of the house ownership certificate to the provincial-level People’s Committee for consideration and approval;
• Within 30 days after receiving the request, the provincial-level People’s Committee will consider and approve in writing the proposed extension of the house ownership duration for up to 50 years from the date of expiration of the initial duration stated in the house ownership certificate. Extension will be refused if the house owner is deported from Vietnam by a Vietnamese authority upon the expiration of such duration;
• Based on the written approval of the provincial-level People’s Committee, the agency competent to grant house ownership certificates will write the extended duration in the house ownership certificate and send a copy of this certificate to the provincial-level Construction Department for monitoring.
(Source:VLLF)
