Vietnam, previous off-the-radar for foreign property buyers and investors, has approved legislation allowing limited ownership of property by foreigners from July 1, 2015.
The move could herald the start of more foreign ownership law changes throughout the region ahead of the ASEAN Economic Community (AEC 2015) which comes into force in one-year from now.
The Vietnamese government’s aim is to inject action in what has been a broadly stagnant real estate sector whilst boosting economic growth at the same time.
The law will allow foreigners with a valid visa, as well as foreign companies and international organisations operating in Vietnam, to own houses and apartments. Previously, only foreigners married to Vietnamese nationals and those making contributions to the country were allowed to purchase property. Read the rest of this entry »