Legislators concerned about foreigners buying property in Vietnam

National Assembly members in Vietnam have said stricter regulations on foreign purchases of houses and land in the country are needed.

Speaking at a discussion on Monday regarding amendments to the current Housing Law, legislator Pham Van Hoa representing Dong Thap province said that current rules need careful re-consideration because the number of foreigners entering Vietnam annually is “quite high”.

He suggested that only foreign organizations and individuals with investments in Vietnam and foreigners with Vietnamese nationality should be allowed to own houses and land.

Hoa said that in recent times, many foreigners hiding their identities or via Vietnamese individuals and organizations have bought a lot of land in different localities, including major cities. Therefore, the amended law should include limits on land use terms.

Like Hoa, Tran Chi Cuong who represents Da Nang city said that the draft amended law does not clearly stipulate when foreign organizations and individuals have the right to own properties with regards to land use rights.

Cuong also said lawmakers should re-think rules about foreigners buying houses in Vietnam.

Answering the NA members, Construction Minister Nguyen Thanh Nghi said Vietnam’s Law on Housing 2014 allows foreign organizations and individuals to buy and own houses in Vietnam, which the current draft amendments to the law are based on.

The minister added that statistics showed that since the 2014 Law on Housing took effect, the amount of houses and land bought and owned by foreigners in Vietnam had not risen significantly. In addition, both the current law and now the draft amendments have strict regulations on the types of properties and land foreigners are allowed to purchase, as well as the number of properties.

The minister also said the agency in charge of drafting the amendments will work with others to study them carefully.