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Property News
Thursday, 02/01/2014, 09:28
PM suggests easing housing regulations for foreigners
02/01/2014
Prime Minister Nguyen Tan Dung and many other government officials agreed on loosening regulations for foreigners on home-ownership in Vietnam.
"We would like to encourage foreigners to do business in Vietnam, so we need to create favourable conditions for them to do so,” said the PM said at a meeting on December 25.
One of the planned revisions would offer more favourable conditions for Vietnamese born overseas and foreign organisations to buy and own property in Vietnam. This could ultimately include all foreigners. Accordingly, more people will be allowed to buy and own land.
The Minister of Planning and Investment, Bui Quang Vinh, said, “We should not be afraid of foreigners buying property in Vietnam. Most of buildings that remain unoccupied would fall in the category of luxury, and the number of foreign people coming to the country is on the rise. Allowing them to purchase these properties would not harm anyone."
Currently, up to 130,000 South Koreans live in Vietnam, and most must rent homes because they are not eligible to buy.
Prime Minister, Nguyen Tan Dung, has expressed his support for Minister Vinh, urging management agencies to seriously consider the proposed new revisions to the law..
“Excepting those who are under criminal investigation, we should permit non-Vietnamese to buy and sell property in this country. Singapore allows people of foreign origin to buy and sell property, but they are subject to high taxes,” noted the PM.
(Source: VIR)
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