New draft allows foreigners to buy homes

The Ministry of Construction is working on a draft plan that will allow foreigners residing in Viet Nam the opportunity to purchase homes as long as specific conditions are met.

The Ministry of Construction is working on a draft plan that will allow foreigners residing in Viet Nam the opportunity to purchase homes as long as specific conditions are met.

The draft states that foreigners must prove that they have been living and working in Viet Nam for longer than 12 months and will only purchase housing for themselves or family to reside in.

The ministry went on to propose five categories for foreigners to be eligible for housing purchases in the country.

They include direct investors in Viet Nam as defined by the Law on Investment, those who have made worthy contributions to the country, cultural activists and scientists working in the country, and those who have married Vietnamese nationals.

Foreign economic organisations running under the Law on Investment are also expected to become eligible under the new plan.

The Ministry of Construction estimated that more than 81,000 foreign nationals entered Viet Nam to live and work between 2004 and 2006.

The figure includes 25,000 investors, 1,600 employees of foreign representative offices and international organisations and close to 54,000 who work in the fields of economics, education, healthcare and sports and physical training.

(Source: VNA)