A new change in the draft Real Estate Business Law (amended) which is being examined before submitted to the National Assembly is to permit overseas Vietnamese to have the same right of doing real estate business as domestic individuals and organizations.
In particular, there are 4 ways for foreign individuals and organizations to conduct real estate business: first, investment in house building for sale and lease; second, rental of house for sublet; third, investment in building technical infrastructure on the rented land for sublet; forth, leasing of land use right upon the technical-facilitated land for sublet.
The Ministry of Construction said that the draft law is not open to foreign individuals and organizations who want to buy houses for sale, lease, sublease and to invest in building technical infrastructure on the transferred land, legally owned land for sublease or transfer due to the fact that Land Law 2013 has not allowed foreign individuals and organizations to transfer land use right.
However, the draft law allows overseas Vietnamese to buy, be given transfer of, rent out and lease property of real estate businesses; to buy, rent out and lease property and houses of real estate businesses which will be used as working office or for manufacturing and business.
Binh Thanh
Overseas Vietnamese permitted to do real estate business Related image(s)
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