Photo: Internet

Omnibus legislation amending the Law on Housing and the Land Law was proclaimed into law on July 3 by President Nguyen Minh Triet.

The new law extends home ownership rights to overseas Vietnamese; investors of Vietnamese origin; and to those who have made an outstanding contributions to the country; scientists, cultural activists and other talented people who have been invited to work in Viet Nam; spouses of resident Vietnamese citizens; and persons of Vietnamese origin who are exempted from visa requirements.

To deter real estate speculation, however, such homeowners must use the property for themselves and their families living in Viet Nam, although they may mortgage their homes or apartments for loans from credit institutions operating within Viet Nam, and they may lease the house or apartment when unused for long periods, as well as authorize others to manage the property.

The new provisions take effect on September 1.

Rol.vn - Source: Vietnam News