MoC proposes allowing foreigners buy Vietnam’s tourism real estate
|Ministry of Construction proposes allowing foreigners to buy tourism real estate in Vietnam|
Specifically, the Ministry of Construction proposed amending and supplementing the 2014 Law on Real Estate Business and Housing; allowing foreign individuals and organizations to buy tourism real estate in the country. In addition, the ministry also proposed foreigners should be allowed to buy more apartments in a building than the current cap of 30 percent.
Under the current laws, Vietnam allows foreigners to own apartments for residential purposes only. According to the MoC’s Housing and Real Estate Market Development Department, the demand from foreigners to buy apartments for business purposes, such as tourism property, has increased in recent years. If they are allowed to buy on-residential real estate, the local market is expected to attract a large investment flow, pushing to market development as well as accelerate the tourism industry. Moreover, it will promote diversification of tourism property products and improvements in product quality. Meanwhile, the management can adopt the same rules as regulations on foreign homeownership.
In fact, the number of foreigners, including South Korean, Japanese, who want to buy real estate in Vietnam, is increasing significantly.
Therefore, the Vietnam Real Estate Association (VNREA) proposes the National Assembly to consider supplementing regulations on conditions when foreign individuals purchase, lease-purchase, or lease non-residential properties into the Law on Real Estate Business. At the same time, the Clause 2, Article 14 of the Law on Real Estate Business should also be amended to allow foreigners to purchase non-residential properties.
Link bai viết gốc http://thanhnienviet.vn/2020/06/17/de-xuat-cho-phep-nguoi-nuoc-ngoai-duoc-mua-bat-dong-san-du-lich
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