Foreigners are not permitted to own more than 30 percent of the total units of a building in Viet Nam, according to a draft decree compiled by the Ministry of Construction (MOC) to guide the enforcement of the revised Housing Law, which will take effect on July 1 this year.

The Housing Law 2015 states that foreigners granted Viet Nam visas are allowed to buy property in the country, as are foreign investment funds and banks as well as Vietnamese branches and representative offices of overseas companies, as long as such property is in commercial housing developments and not in areas that limit or ban foreigners’ access.

For investment projects with separate houses for sale or lease, foreign organisations and individuals may only own not more than 10 percent of the total number of units within any given administrative area.

In order to own a property in Viet Nam, a foreigner must have a valid passport and not be entitled to privileges or diplomatic exemptions under the provisions of the Ordinance on privileges and immunities for diplomatic representative offices, foreign consulates and representative offices of international organizations in Viet Nam.

Meanwhile, a foreign organisation should be among the entities as stipulated in the law’s Article 159 and has an investment certification or operation licences valid at the time of the housing transaction.

The Defence Ministry and Public Security Ministry will be responsible for designating areas that limit or ban foreigners’ access in provinces and cities. Municipal and provincial Construction Departments are responsible for announcing lists of housing projects off limits for foreigners on their electronic portal, as well as the number of housing units already sold to foreigners in each housing projects under their management.

(Source: VNA)