Policy hoped to be amended to facilitate foreigners’ housing purchase

As many as 126 foreigners have purchased houses in Vietnam as allowed in the National Assembly Resolution No.19/2008.

The Resolution, which was adopted by the 12th National Assembly, permits foreign individuals and organisations to buy, own houses in Vietnam. It is being executed in a trial basis, which will finish by the end of this year.

Eighty percent of the buyers are those who married to Vietnamese citizens and the remaining 20 percent are from foreign businesses.

Deputy Minister of Construction Nguyen Tran Nam said during the piloting period this policy has revealed shortcomings in comparison with that of neighbouring countries, thus failing to encourage more purchases.

The Ministry of Construction has, accordingly, put forward a proposal to the National Assembly to amend the Resolution to fix these limitations.

Despite the emerging limitations, this is still a sound policy that helps attract foreign investment to Vietnam, affirmed Deputy Minister Nam.

Source: VNA

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