New rules on investment, housing ownership for foreign organizations and individuals in Vietnam

The real estate market is particularly sensitive to the legal mechanisms and policies of the State, therefore any changes on that will make effect on the general development of the industrial – construction sector.

To release the obstacles for this market during the past period, on June 23rd, 2010, the Government issued the Decree No.71/2001/ND-CP (Decree No. 71) to promulgate in detail, guide for the implementation the Housing Law, replace Decree No. 90/2006/ND-CP and abolish the previous regulations, which are contrary to Decree No. 71.

Considered as one of the most important legal documents, which will be effected from August 8th, 2010, Decree No. 71 is expected to drive the real estate develops in stable and transparency way.

Within this topic, Libra would like to set out the main issues that related to:

(i) Housing ownership right of foreign organization and individual in Vietnam; and

(ii) Condition allows foreign organization and individual can invest in construction of house for sale or leasing; related regulations regarding capital mobilization to deploy projects of residential development.

We hope that this subject will become a legal basis to assist you having a deep understand about legal regulations as well as how to apply its effectively in practice.

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