Vietnam considers land use rights for foreigners
Revisions being prepared for Vietnam’s Land Law might include offering land use rights to foreigners already allowed to buy houses.
One of the issues that government officials have been discussing is foreigners’ rights related to land in Vietnam. This is also a hot issue in discussions among businessmen and experts because amending “inadequacies” in land use rights would also impact other laws.
Several experts argue that foreigners allowed to buy houses should have rights to use the land on which the residential property is located.
The Ministry of Natural Resources and Environment, which is drafting the amended Land Law, is of the view that the issue should be decided by the Politburo - Vietnam Communist Party’s decision-making body or included as a draft amendment on which the parliament can make a decision.
At a government meeting last week, Prime Minister Pham Minh Chinh had requested additional regulations on restricting and controlling access to important and sensitive areas related to national defense and security.
He also said the ministry should consider adding regulations to legalize foreigners’ rights to use land on which their residential property is located.
According to legal expert Nguyen Van Dinh, under current regulations, when foreigners sell their houses to Vietnamese nationals, the local buyers will not have relevant land use rights because the sellers did not have them. However, Vietnamese citizens have land use rights for property that they own.
The ongoing revision of the Land Law will continue until this October, when the draft will be discussed at a sitting of the National Assembly, Vietnam’s lawmaking body.
Under exisiting rules, foreign individuals can only own property in the form of apartments or separate houses in an investment project to build commercial housing. They are not allowed to purchase houses in areas deemed important to national defense and security.
There are other limits to property ownership. Foreign organizations and individuals cannot own more than 30% of the total number of apartments in an apartment building, and no more than 10% of an individual housing project of less than 2,500 units.
Vietnamese tech giant Viettel has selected Taiwanese 5G solutions supplier UfiSpace to jointly deploy disaggregated cell site gateways for Viettel’s massive 5G rollout in Vietnam.
Industries - Thu, September 29, 2022 | 2:27 pm GTM+7
The Ministry of Industry and Trade has proposed that the government includes five coal-fired thermal power projects in the national power development plan VIII.
Energy - Thu, September 29, 2022 | 1:16 pm GTM+7
Vietnam’s economic growth of 8.83% year-on-year in the first nine months is the highest recorded in 12 years.
Economy - Thu, September 29, 2022 | 12:19 pm GTM+7
Vietnam is an increasingly attractive and important investment destination for U.S. firms, and one of the five most significant locations for Warburg Pincus, its CEO Charles Kaye said Wednesday.
Industries - Thu, September 29, 2022 | 11:05 am GTM+7
Japan's Tokyo Gas and Kyuden Group have inked a memorandum of understanding with Truong Thanh Vietnam JSC on jointly developing an LNG-to-power project with a phase-one capacity of 1,500 megawatts in northern Vietnam.
Energy - Thu, September 29, 2022 | 6:30 am GTM+7
Vietnam’s benchmark VN-Index dropped 22.92 points Wednesday, or 1.96%, to 19-month low of 1,143.62 points, due to broad selloffs of major stocks.
Finance - Wed, September 28, 2022 | 6:05 pm GTM+7
Deputy Foreign Minister To Anh Dung and Nguyen Quang Linh, assistant to Standing Deputy Prime Minister Pham Binh Minh, were fired Wednesday for violations related to repatriation of Vietnamese citizens during the pandemic crisis.
Politics - Wed, September 28, 2022 | 5:21 pm GTM+7
The World Bank’s investment arm IFC will assist Ho Chi Minh City authorities to assess the prefeasibility of developing an advanced waste-to-energy facility in the southern economic hub, the body said Wednesday.
Energy - Wed, September 28, 2022 | 4:25 pm GTM+7
International institutions have lowered their global 2023 growth forecasts following the Fed’s interest rate hikes. Experts fear that investment flows worldwide would leave emerging markets for developed countries. The Investor talks with Professor Nguyen Mai, chairman of the Vietnam Association of Foreign-Invested Enterprises (VAFIE), about possible impacts on Vietnam.
Executive Talk - Wed, September 28, 2022 | 3:05 pm GTM+7
The Ministry of Transport has asked state-owned Vietnam Expressway Development Investment Corporation (VEC) to consider widening Ho Chi Minh City-Long Thanh-Dau Giay Expressway to 10 lanes, instead of the eight proposed by the investor.
Infrastructure - Wed, September 28, 2022 | 2:05 pm GTM+7
Construction commenced Tuesday on the $38.5 million GNP Nam Dinh Vu Industrial Center at the Nam Dinh Vu Industrial Park in the northern port city of Hai Phong.
Industrial real estate - Wed, September 28, 2022 | 11:23 am GTM+7
Finnish company Valmet will provide Cheng Loong Binh Duong Paper Co. with key process technology for its new containerboard machine 23 at the company’s Ben Cat mill in Binh Duong province, southern Vietnam.
Companies - Wed, September 28, 2022 | 10:36 am GTM+7
The National Assembly, Vietnam’s parliament, is scheduled to pass seven draft and amended laws at its October-November session, including an amended oil & gas law and one on money laundering.
Politics - Wed, September 28, 2022 | 8:38 am GTM+7
The Ministry of Transport has asked the Prime Minister for permission to grant a license to the country’s first cargo airline, IPP Air Cargo.
Industries - Tue, September 27, 2022 | 10:45 pm GTM+7
Son Kim Real Estate Investment JSC is planning a private placement of bonds worth VND500 billion ($21 million) this week to purchase The METT office project in Ho Chi Minh City's Thu Thiem new urban area.
Finance - Tue, September 27, 2022 | 10:27 pm GTM+7