[Thanh Nien News, 9 May 2015].

Below is an edited extract of the article Vietnam to allow foreigners to own homes for 100 years which was published in Thanh Nien News on 9 May 2015.

Vietnam will allow foreigners to extend their home ownership by another 50 years, after the first 50-year period ends, according to a draft decree…

(Foreigners) are able to buy up to 30 percent of an apartment building or up to 250 houses in a ward…

These changes will take effect in July 2015.

In a draft decree that offers instructions on implementing the amended law, the Ministry of Construction stipulates that foreigners can apply to extend their home ownership period at province-level administrations three months before the first 50-year term expires…

Under the amended law, foreign individuals married to Vietnamese citizens are entitled to freehold tenure…

Vietnam’s new foreign ownership property law:

WHO: Foreigners with a valid visa; foreign investment funds, banks; Vietnamese branches and representative offices of overseas companies are eligible to buy.

TYPES: All residential property types including apartments, villas and townhouses. Previously only applicable to apartments.

VOLUME: There is no limit on the number of units a foreigner can buy, but the total number of units owned by all foreign buyers must not exceed 30 percent of the units in one apartment building, or 250 landed property units in one ward. Previously an eligible foreigner could buy only one apartment in Vietnam.

PURPOSE OF PURCHASE: The properties owned by foreigners can be sub-leased, traded, inherited and collateralized. Previously ownership was strictly for residential purpose.