Door to be opened wider to Viet Kieu house buyers

The Ministry of Construction is hoping a proposed regulation will spur property purchases by members of the overseas Vietnamese community.

Minister of Construction, Nguyen Hong Quan, recently submitted a proposal to the Prime Minister to amend existing regulations governing Viet Kieu land purchases.

According to the proposal, Viet Kieu who will be eligible to buy property include Viet Kieu who have invested under the Law on Investment, are married to Vietnamese, have made contributions to the country and those that have university certificates and are working in Vietnam. Viet Kieu who have visas of six months or have visa exemptions will be permitted to buy one house or apartment under the proposal.

The proposal was sent to the government in order to be considered for next section in the National Assembly in November this year. According to Deputy Minister of Construction, Nguyen Tran Nam, the proposal contains the biggest ever amendments to the regulations and would allow all of the Viet Kieu community to own land in Vietnam.

According the Committee for Overseas Vietnamese Affairs, there are around three million Vietnamese living abroad, of these more than 100,000 want to buy property in Vietnam.

According to figures from Ministry of Construction, more than five years after Decree 81/CP first allowed Viet Kieu to buy property here, only 130 Viet Kieu have gone on to become homeowners.

Source: Rol.vn - Vietnam Investment Review

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