Rules still hard for overseas Vietnamese to buy houses
11/06/2009 08:28 am
Laws - Though lawmakers have expressed concern in the National Assembly
that overseas Vietnamese, who have recently been allowed to buy
housing, would corner the real estate market, the expatriates
themselves do not appear keen to buy houses.
“I am not allowed to buy a house in Vietnam as I don’t have Vietnamese citizenship,” Professor Ha Ton Vinh, an overseas Vietnamese who has been teaching in here for 12 years, said. He rents an apartment in Ho Chi Minh City’s District 1 for US$1,000 a month.
But he said even if he is allowed to, he would not buy one because of the complications it involves.
“If I want to buy a house, I definitely must produce many certificates. I need certificates from the President and that is too complicated,” he explained.
Nguyen Ngoc My, head of the overseas Vietnamese businesses club, said most members of his club do not want to buy houses in Vietnam because the regulations are unclear.
“The government allows us to buy a house for living but not for investment but they do not explain what constitutes investment. We won’t buy a house if we’re not allowed to sell it,” he said.
Pro. Vinh said people in foreign countries are used to renting houses since they move constantly due to their job requirements.
“People are unwilling to pump money into real estate when they can’t mortgage it to get money for their business,” he said.
Phan Thanh, chairman of the Overseas Vietnamese Businesses Association, said even if the government eases regulations, not many overseas Vietnamese would buy houses.
The concern that overseas Vietnamese could corner the property market is unnecessary, he said, adding it is not easy to buy or sell property in the country.
“In fact, local real estate investors are leading the market,” Le Chi Hieu, general director of Thu Duc Housing Development Corp, said.
Tran Minh Hoang, chairman of Vinaland Co., another housing firm, said only major foreign investors or locals can corner the market.
“Letting overseas Vietnamese buy houses in Vietnam would not only attract dollars to Vietnam but also foster the economy,” he added.
Meanwhile, a real estate company executive said investors can make huge profits if they buy houses in the US.
“I am not allowed to buy a house in Vietnam as I don’t have Vietnamese citizenship,” Professor Ha Ton Vinh, an overseas Vietnamese who has been teaching in here for 12 years, said. He rents an apartment in Ho Chi Minh City’s District 1 for US$1,000 a month.
But he said even if he is allowed to, he would not buy one because of the complications it involves.
“If I want to buy a house, I definitely must produce many certificates. I need certificates from the President and that is too complicated,” he explained.
Nguyen Ngoc My, head of the overseas Vietnamese businesses club, said most members of his club do not want to buy houses in Vietnam because the regulations are unclear.
“The government allows us to buy a house for living but not for investment but they do not explain what constitutes investment. We won’t buy a house if we’re not allowed to sell it,” he said.
Pro. Vinh said people in foreign countries are used to renting houses since they move constantly due to their job requirements.
“People are unwilling to pump money into real estate when they can’t mortgage it to get money for their business,” he said.
Phan Thanh, chairman of the Overseas Vietnamese Businesses Association, said even if the government eases regulations, not many overseas Vietnamese would buy houses.
The concern that overseas Vietnamese could corner the property market is unnecessary, he said, adding it is not easy to buy or sell property in the country.
“In fact, local real estate investors are leading the market,” Le Chi Hieu, general director of Thu Duc Housing Development Corp, said.
Tran Minh Hoang, chairman of Vinaland Co., another housing firm, said only major foreign investors or locals can corner the market.
“Letting overseas Vietnamese buy houses in Vietnam would not only attract dollars to Vietnam but also foster the economy,” he added.
Meanwhile, a real estate company executive said investors can make huge profits if they buy houses in the US.
Source: SGGP
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