The Vietnamese government has promulgated a decree guiding the implementation of the Housing Law with liberal regulations on housing ownership to foreigners, the Government Office announced Wednesday.
According to Decree 90/2006/CP, foreign individuals and organizations are allowed to own houses in Vietnam through the investment form of building houses for lease.
The housing ownership period is equal to the licensed duration in the investment certificates, it said.
However, if foreign individuals and entities have houses from donation or inheritance they are eligible to enjoy the value of the houses but not allowed to own the assets.
More regulations
The decree regulates that owner of a commercial housing project must contribute at least 15 percent of the capital required for the project, which uses less than 20 hectares, or 20 percent if using more than 20 hectares.
It also says provincial people’s committees are tasked to announce requirements and open bidding to select eligible owners of commercial housing projects in the localities.
The decree also allows project owners to transfer land use rights for the land area with already-built technical infrastructures, and to make agreements with buyers or lessees for payment in advance as a capital mobilization form.
The Government also states the establishment of social housing development fund, set up with revenues from selling or leasing State-owned houses in localities.
It also tells local governments to earmark from 30 to 50 percent of land use fees paid by investors promoting commercial housing development projects or new urban complexes in the localities to contribute to the social housing fund.
Also according to the decree, the fee for certifying house ownership rights must not exceed VND100,000 (US$6.2) to individuals and VND500,000 ($31) to organizations.
The fee for re-granting and revising some contents of house ownership certificates is only VND50,000.
Source: Thanhniennews