No barrier for overseas Vietnamese’s house ownership

There is no obstacle for overseas Vietnamese to buy and own houses in Viet Nam, asserted Deputy Minister of Construction Nguyen Tran Nam.

Mr. Nam made the point on May 16 in Ha Noi at a conference to sum up the enforcement of the Law on Housing, the Law on Real Estate Business, and Resolution 19/2008/QH12 Pilot Scheme Permitting Foreign Organizations and Individuals to Purchase and Own Housing in Viet Nam.

Statistics provided by the Ministry of Natural Resources and Environment show that as of May 2013, 489 houses and apartments were owned by foreign individuals (106 units) and overseas Vietnamese (383 units). Sixteen cities and provinces have granted foreigners and overseas Vietnamese with land use right and home ownership certificates.

Since the 2005 Law on Housing came into effect, the national total floor space has reached around 1.6 billion square meters and the average housing square has been 19 square meters. Viet Nam is home to over 3,700 projects to develop new housing and urban areas on over 91,000 hectares. 

The Housing subsidy policy has covered around 11,000 people with merits and over 519,000 poor households in rural areas. 

A large number  of delegates proposed the Government allow housing developers to build commercial apartments with 20-45 square meters to meet the demand of low-income people./.

By Khanh Phuong

Source: http://news.gov.vn