New law set to extend more property rights to Viet kieu
Could you elaborate on the widening of Viet kieu’s right to own houses?
Existing regulations require Viet kieu to settle down and do business in Viet Nam to qualify to own property.
But the new law, it’ approved, will extend that right to Vietnamese nationals living abroad and scientists and cultural experts who do not have to return often to the country to work as previously required, those with special skills required by the country, those married to Vietnamese nationals in Viet Nam and those qualifying for visa exemption.
Viet kieu with Vietnamese citizenship have the same rights as any Vietnamese nationals but are not allowed to mortgage their properties in Viet Nam with foreign banks.
Can the ministry estimate the number of Viet kieu who will now qualify and afford to buy a property in Viet Nam?
For now, we do not have the exact number. To my knowledge, many Vietnamese studying and working abroad have lived there for many years. But only a small number of them can afford a house in Viet Nam.
The new law removes restrictions on the rights of Viet kieu, in line with the Governments principle that Viet kieu are an integral part of the Vietnamese nation.
Will this spark off a new wave of property speculation?
Not likely since the real esiale market has stagnated now. In fact supply has been exceeding demand and more projects are adding to the supply.
Can you comment on suggestions that Viet kieu are allowed to buy houses only for residing and not for investment or trading purposes?
Viet kieu fall into two categories: those having Vietnamese citizenship and those of Vietnamese origin who are yet to get Vietnamese nationality or no longer have it.
The former is treated as a Vietnamese, while the latter can buy only one house or apartment.
Will the revised regulations substantially change property-trading among Viet kieu?
Yes, of course! If the bill is passed, instruction decrees will quickly follow for it to take effect.
In the last three or four years, only 140 cases of Viet kieu buying property have been reported. The stalemate will be removed soon.
