Foreigners owning or intending to buy property in Vietnam were dealt another blow, after a new law was issued allowing foreigners to own property for a maximum period of 50 years, down from the previous 70 years allowed in the last decree.

Under the law, foreigners will be permitted to ‘own’ property for 50 years from the date of the granting of the original house license. When the lease ends they will be allowed to repurchase the property.

Foreign-invested businesses will be permitted to ‘own’ apartments for the duration of their business license. But foreign individuals and businesses will only be allowed to own one property each.

Under the current law, overseas Vietnamese, or Viet Kieu, can buy homes only if they are directly investing in the country; have made “significant contributions” to the country; are working in Vietnam as cultural activists, scientists or have special skills; or have a Vietnamese spouse in Vietnam who is already a property owner.

Foreign-invested real estate businesses are not permitted to own property in the country.

Rol.vn - Source: Vietnews