Foreigners can own houses for up to 99 years

The home ownership period for foreigners could double if the Law on Special Administrative-Economic Units is implemented.

The Government Standing Committee held a meeting to discuss the draft Law on Special Administrative-Economic Units (hereinafter referred to as special zones). Expressing his views on this draft law, Prime Minister Nguyen Xuan Phuc agreed on the need to create a superior institutional framework that can surpass current laws, minimizing the application of investment and business conditions in special zones... to attract investment resources to these special economic zones.

Specifically, regarding land use policy, he requested that the draft law be revised in the direction of increasing the terms of land allocation, land lease, and land use. The draft law will also allow foreigners to own houses in housing construction investment projects for up to 99 years, and allow mortgages of assets attached to land use rights at foreign credit institutions, ensuring compliance with the 2013 Constitution.

Thus, compared to the current regulation of 50 years, if this bill is implemented, the home ownership period for foreigners will double.

According to the draft law on Administrative Units - Special Economic Zones, foreigners can own houses in Vietnam for up to 99 years. Illustrative photo

"The spirit of ensuring international and regional competitiveness, taking shortcuts, finding comparative advantages to attract; must calculate in the short and long term what Vietnam needs to accept very specific things in each special economic zone. The spirit of green, clean, beautiful, high technology, not contrary to international treaties needs to be thoroughly understood. The Government leader assigned the Ministry of Planning and Investment to update the latest information on special economic zones to have comparative advantages, first of all, issues about strategic investors, because special economic zones without investors are difficult to succeed", Prime Minister Nguyen Xuan Phuc directed, at the same time emphasizing that during the construction process, it is necessary to conduct an impact assessment, "what is the benefit to others and ourselves, what is the short term, what is the long term", we should not just look at the shortcomings and then retreat.

Vietnam currently has 18 special economic zones and 325 industrial parks with various preferential policies. At the end of 2016, the Government agreed to establish three more special economic zones, including Van Don (Quang Ninh), Bac Van Phong (Khanh Hoa) and Phu Quoc (Kien Giang). These three special economic zones are expected to create Vietnam's "dream of special economic zones" in the future.

According to VNE