A policy allowing foreign individuals and organisations to buy and own houses and construction works in Vietnam will help lure investment and high quality human resources from the outside to the country for national development, according to Nguyen Tran Nam, Chairman of the Vietnam Real Estate Association.

A view of the central city of Da Nang 

Nam, who is a former Deputy Minister of Construction, has proposed the building of “Vietnam My Second Home (VNM2H)” policy as part of efforts to promote the property market.

He said that the Government should consider amending the 2013 Land Law to make it easier for land-related procedures, while broadening foreign banks’ loans for low-cost housing projects, and recognizing land use right for foreigners.

Nam also recommended amending the Housing Law and the 2014 Law on Real Estate Business in the direction of increasing the number of apartments that foreign individuals and organisations can own in a building, as well as allowing them to buy and own tourism property in Vietnam.

He stressed the need to make legal regulations related to real estate coherent. At the same time, it is necessary to consider the issuance of resident visa for foreigners with the duration equal to the time they own real estate in Vietnam. The transfer of tourism property contracts should be allowed in the same way as the transfer of housing ownership contracts, he said.

Amidst the difficulty of property market and in the context that the Land Law has not been amended, the Government should issue a decree amending and supplementing the decree on the implementation of the 2013 Land Law to deal with public land jammed in real estate projects, Nam proposed.

Nam also urged localities to complete legal procedures for postponed property projects in the fourth quarter of 2020 so as to resume the projects and ensure supply for the market.