Foreign property laws regarding property ownership in Vietnam were again thrust into the spotlight with a Government circular, issued last week, stipulating the number of apartments that can be owned by foreigners.
Issued by The Ministry of Construction the circular is aimed to guide the implementation of the Housing Law and Decree No. 99/2015/ND-CP, dated October 20, 2015, of the Government which detailed the implementation of the 2014 Housing Law covering foreign property ownership laws in the country.
The latest missive on foreign property laws noted that the proportion of apartments owned by foreign organizations and individuals versus the total number of apartments in all apartments for sale or lease purchase in a ward must not exceed 30 percent.
As for individual houses for sale or lease purchase under commercial housing projects, the total foreign ownership must not exceed 10 percent.
In order to own property in Vietnam, a foreigner must possess a valid visa stamped by the Vietnamese immigration authority.
Foreign organizations and individuals doing business in Vietnam may carry out property transactions if possessing valid investment registration certificates, or relevant certificates, granted by Vietnamese authorities.