Viet kieu get closer to home ownership
03/06/2009 03:55 pm
Laws - The National Assembly has backed proposed changes to the Housing Law
and Land Law which would allow more Viet kieu or overseas Vietnamese to
buy houses in the country.
The support came as most deputies voiced their concerns over what they consider currently are loose regulations covering overseas Vietnamese purchasing houses in their homeland.
The proposed changes to Article 126 of the Housing Law and Article 121 of the Land Law were scrutinized during a NA session in Ha Noi yesterday.
Participants were told amendments aimed not only to tighten the relationship between overseas Vietnamese and their homeland but also to encourage investors, scientists and other talents to contribute to the country.
If amended, overseas Vietnamese would have the right to use land attached to their residence but could not mortgage their property to raise capital. The amendments also halved the time overseas Vietnamese must reside in the country before they could buy to three months, making the legislation compatible with immigration regulations.
Many deputies asked the NA to consider if allowing more overseas Vietnamese to purchase houses would cause a real estate market fluctuation and have an adverse impact on residents.
Nghe An deputy Nguyen Hong Nhi said regulation would be too broad if the current draft allowed overseas Vietnamese with Vietnamese nationality to purchase houses.
"There should be another condition to tighten the regulation," he said. A Government report said the number of Viet kieu carrying Vietnamese nationality was 70 percent of the three million Vietnamese living and working aboard.
To tighten it, Nhi suggested a Government decree was needed to regulate that the people must be no less than 18 years old and capable of proving their finances were legitimately gained.
By doing so, he believed a family residing abroad would be able to buy only one house under the law.
Hai Phong deputy Tran Ngoc Vinh agreed, and said he wondered if allowing more overseas Vietnamese to buy houses would have an adverse impact on the country's economy and particularly the real estate market.
He said speculation, buying and re-selling houses would occur once more overseas Vietnamese could buy houses. The situation would have an adverse impact on the ability of poor and low income earners to buy houses. Vinh said a large number of overseas Vietnamese would be able to buy houses under the draft while the Land Law was not completed. The problem was compounded by the limited qualifications of staff overseeing the issue.
Yet delegate Nguyen Ngoc Dao said if the Party and Government policies recognizing more than three million Vietnamese working and living abroad were an integral part of the country should they be different to home citizens in terms of interests and duties.
He said the real estate market might be affected if more overseas Vietnamese could buy houses but it was certain the country would attract a significant amount of money from overseas Vietnamese.
"Many are patriotic, so why hamper them?" he said during the NA session.
Amendment to Article 121 of Land Law to allow overseas Vietnamese to rent their houses and entrust others to manage them under land use rights should also be reconsidered, NA deputies said.
The support came as most deputies voiced their concerns over what they consider currently are loose regulations covering overseas Vietnamese purchasing houses in their homeland.
The proposed changes to Article 126 of the Housing Law and Article 121 of the Land Law were scrutinized during a NA session in Ha Noi yesterday.
Participants were told amendments aimed not only to tighten the relationship between overseas Vietnamese and their homeland but also to encourage investors, scientists and other talents to contribute to the country.
If amended, overseas Vietnamese would have the right to use land attached to their residence but could not mortgage their property to raise capital. The amendments also halved the time overseas Vietnamese must reside in the country before they could buy to three months, making the legislation compatible with immigration regulations.
Many deputies asked the NA to consider if allowing more overseas Vietnamese to purchase houses would cause a real estate market fluctuation and have an adverse impact on residents.
Nghe An deputy Nguyen Hong Nhi said regulation would be too broad if the current draft allowed overseas Vietnamese with Vietnamese nationality to purchase houses.
"There should be another condition to tighten the regulation," he said. A Government report said the number of Viet kieu carrying Vietnamese nationality was 70 percent of the three million Vietnamese living and working aboard.
To tighten it, Nhi suggested a Government decree was needed to regulate that the people must be no less than 18 years old and capable of proving their finances were legitimately gained.
By doing so, he believed a family residing abroad would be able to buy only one house under the law.
Hai Phong deputy Tran Ngoc Vinh agreed, and said he wondered if allowing more overseas Vietnamese to buy houses would have an adverse impact on the country's economy and particularly the real estate market.
He said speculation, buying and re-selling houses would occur once more overseas Vietnamese could buy houses. The situation would have an adverse impact on the ability of poor and low income earners to buy houses. Vinh said a large number of overseas Vietnamese would be able to buy houses under the draft while the Land Law was not completed. The problem was compounded by the limited qualifications of staff overseeing the issue.
Yet delegate Nguyen Ngoc Dao said if the Party and Government policies recognizing more than three million Vietnamese working and living abroad were an integral part of the country should they be different to home citizens in terms of interests and duties.
He said the real estate market might be affected if more overseas Vietnamese could buy houses but it was certain the country would attract a significant amount of money from overseas Vietnamese.
"Many are patriotic, so why hamper them?" he said during the NA session.
Amendment to Article 121 of Land Law to allow overseas Vietnamese to rent their houses and entrust others to manage them under land use rights should also be reconsidered, NA deputies said.
Source: Vietnam News
.:: Other news
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• Hanoi issues regulations on social housing ownership (20/09/2010)
• At local level, there’s no clarity for would-be Viet Kieu home buyers (30/08/2010)
• Controls on Viet Kieu house ownership abolished (09/08/2010)
• Door to be opened wider to Viet Kieu house buyers (09/06/2010)
• Vietnam clarifies foreign ownership rules but confusion grows over new property tax (19/11/2009)
• Waiting period shorter for foreigners’ flat ownership certificates (16/11/2009)
• Foreigner property ownership law changed; again (28/10/2009)
• Viet kieu get closer to home ownership (03/06/2009)
• National Assembly ponders easier rules for Viet kieu (17/04/2009)
• Hanoi issues regulations on social housing ownership (20/09/2010)
• At local level, there’s no clarity for would-be Viet Kieu home buyers (30/08/2010)
• Controls on Viet Kieu house ownership abolished (09/08/2010)
• Door to be opened wider to Viet Kieu house buyers (09/06/2010)
• Vietnam clarifies foreign ownership rules but confusion grows over new property tax (19/11/2009)
• Waiting period shorter for foreigners’ flat ownership certificates (16/11/2009)
• Foreigner property ownership law changed; again (28/10/2009)
• Viet kieu get closer to home ownership (03/06/2009)
• National Assembly ponders easier rules for Viet kieu (17/04/2009)