Ho Chi Minh City authorities have added six more residential developments to the list of housing projects eligible for ownership by foreign individuals and organizations, as Vietnam’s largest economic hub seeks to attract additional international investment.

The update was announced under Dispatch 3931 issued by the city government regarding residential developments where foreign ownership is permitted under domestic housing regulations.

A residential project in Ho Chi Minh City. Photo courtesy of Thanh Nien (Young People) newspaper.

Five projects were included in the latest attached list, spanning both apartment and landed-property developments in areas in the former Binh Duong province, which was merged to HCMC last July.

Among the newly approved projects is the The Charms Binh Duong high-end apartment complex, also marketed as Nam Mekong Grand Plaza, developed by Nam Mekong Group. The project covers roughly 13,095 square meters and includes 1,622 apartments across two towers, with an estimated population of nearly 4,800 residents.

Another major development is the Dai Phuoc Molita commercial housing project, developed by Dat Thanh Real Estate Investment Construction and Trading JSC. The project spans nearly 93,700 square meters, making it the largest among the newly approved developments.

The other projects approved for foreign ownership include the A&T Riverside Saigon apartment development by A&T Thuan An JSC, a residential project developed by Thai Binh Real Estate Trading JSC, and a nine-hectare housing development by Cuu Long Real Estate Co Ltd.

Separately, the municipal government also approved the addition of the Vuon Sao Vinh Phu mixed-use apartment and commercial project to the foreign ownership eligibility list. The project covers more than 12,820 square meters in Bình Hoa ward and is being developed by Vinh Phu National Housing Organization Co Ltd, a company established in late 2023.

In March, HCMC approved an additional 24 residential projects eligible for ownership by foreign individuals and organizations.

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.

HCMC is the largest economic hub in Vietnam. An international financial center, located in both HCMC and Danang, is taking shape.

Last July, Binh Duong and Ba Ria-Vung Tau were merged into HCMC. The three localities are all manufacturing hubs of the country.