Foreigners Allowed To Own Apartments In Vietnam, But Must Meet Criteria, Government Says

[ilyushin]

Foreigners allowed to own apartments in Vietnam, but must meet criteria, government says

Vietnam has decided to allow foreigners that meet certain criteria to own apartments in the country, the government said Friday.

Vietnamese legislators voted overwhelmingly Thursday on the proposal which allows foreigners to own to apartments up to 50 years, the government said in an online report.

The new law, which will take effect Jan. 1, 2009, still does not extend to foreigners the right to own free-standing houses, said the report.

Under the policy, foreigners who are eligible must meet one of the following conditions: be married to a Vietnamese citizen, be recognized by the prime minister or president for having made a great contribution to the country, have made direct investments in Vietnam, or have special skills and knowledge that Vietnam needs.

Foreign owners are not allowed buy and sell apartments as a business, nor are they allowed to maintain ownership after leaving Vietnam.

To obtain ownership of an apartment, a foreign resident would have to present necessary documentation to meet the conditions.

About 80,000 foreigners are living and working in Vietnam, according to the government's figures.

Vietnam's Ministry of Construction estimate that 10,000 apartments will be owned by foreigners after the new law comes into effect.

[BEENTHEREDONETHAT]

Why don't you just buy a condo here less restrictions and you own it forever as long it meets the 49% criteria when you buy it. Don't have to recognised by the president and can continue to own it even if you leave the country.

Comparing the two Thailand sounds much better.

[Firefan]

50 years only? Does not sound like ownership to me..... approved by president!? Special knowledge and skills? Cant buy/sell as a business?(who decides whether I bought/sold my condos as a business if I lived in them?).

Glad that in Thailand all I had to do was prove the money came from abroad!

Cheers!

[Khun Jean]

'own' up to 50 years. Sounds like a lease. Not like the freehold ownership in Thailand. Better reconsider moving if that was the sole reason.

[pkrv]

I'm sorry but this is a rubbish deal - I wouldn't touch this one with an oversized barge pole!

[thaigene2]

Me neither

[PattayaParent]

'own' up to 50 years. Sounds like a lease. Not like the freehold ownership in Thailand. Better reconsider moving if that was the sole reason.

No, not a lease. You buy the property, you own the property and after 50 years of owning it you must sell it and you receive the proceeds of the sale.

In a lease you don't own the property and after the lease period is up you cannot sell the property and keep the proceeds.

It'll suit many Ong Tay living in VN that don't want to throw money away on rent or on leases as they are doing now.

[bangkapiboy]

Sounds like a lot of restrictions... Owning a condo in Thailand is so simple.

[beekaykay]

Must say I like the idea of a place in Vietnam however the new deal sucks!

[quiksilva]

It might be marginally better than a leasehold interest but the 50 year limit means that, but this title is not a fee simple absolute interest in possession, and therefore its not as good as a Chanode, which is equivalent to freehold.

[johnnyk]

I can't see how this VietNam situation is any better than owning an apt. in Thailand. In fact, its not as good IMO.

Its good if someone is determined to live in VN but if people are still making up their minds about SEA I don't think this gives VN any bonus points.

[dave111223]

Was the OP being sarcastic when he said "Vietnam here I come!", cuz this seems like a crap deal.

[PhilHarries]

I love all the negative comments. Funny I was talking the the PM only this last weekend about this deal. I said "you do realise Viet Nam is in danger of getting all the Thailand rejects". He replied "Why do you think we made it such a crap deal".

Actually the last thing we need here is a flood of expats coming over. Prices are skyrocketting as it is now, my buffet lunches have gone up from 60,000 to 80,00VND ($5) and my beer from 6,000 to 7,000 (45 cents) for 450 ml bottle.

[donx]

Actually the last thing we need here is a flood of expats coming over. Prices are skyrocketting as it is now, my buffet lunches have gone up from 60,000 to 80,00VND ($5) and my beer from 6,000 to 7,000 (45 cents) for 450 ml bottle.

This has nothing to do with expats in Thailand or Vietnam and everything to do with the global food "crisis" that is causing prices for food and beverages to dramatically increase pretty much everywhere.

[callipposhots]

expats have only a tiny effect on the economies of both countries. 10,000 extra people pissing off and leaving Thailand and dumping themselves in the Philippines or Vietnam instead isn't going to have any effect.

[PhilHarries]

Actually the last thing we need here is a flood of expats coming over. Prices are skyrocketting as it is now, my buffet lunches have gone up from 60,000 to 80,00VND ($5) and my beer from 6,000 to 7,000 (45 cents) for 450 ml bottle.

This has nothing to do with expats in Thailand or Vietnam and everything to do with the global food "crisis" that is causing prices for food and beverages to dramatically increase pretty much everywhere.

It was a bit of a sarcastic post and not meant to be taken seriously. Actually the increase in the lunch has sod all to do with the "food crisis" (Crisis What Crisis?) but more to do with they now offer a mix of western and Viet food and the western stuff unsuprisingly is more expensive (or at least they can charge more for it).

expats have only a tiny effect on the economies of both countries. 10,000 extra people pissing off and leaving Thailand and dumping themselves in the Philippines or Vietnam instead isn't going to have any effect.

Agreed on the overall national economy bu66er all effect but on the micro economy catering largely to expats a bigger customer base gives more latitude for price increases not seen in the places catering for locals. The increase in cost of living here in central Viet Nam pales into insignificance when compared to the increases seen in say Ho Chi Minh city.

[pkrv]

Actually the last thing we need here is a flood of expats coming over. Prices are skyrocketting as it is now, my buffet lunches have gone up from 60,000 to 80,00VND ($5) and my beer from 6,000 to 7,000 (45 cents) for 450 ml bottle.

This has nothing to do with expats in Thailand or Vietnam and everything to do with the global food "crisis" that is causing prices for food and beverages to dramatically increase pretty much everywhere.

It was a bit of a sarcastic post and not meant to be taken seriously. Actually the increase in the lunch has sod all to do with the "food crisis" (Crisis What Crisis?) but more to do with they now offer a mix of western and Viet food and the western stuff unsuprisingly is more expensive (or at least they can charge more for it).

expats have only a tiny effect on the economies of both countries. 10,000 extra people pissing off and leaving Thailand and dumping themselves in the Philippines or Vietnam instead isn't going to have any effect.

Agreed on the overall national economy bu66er all effect but on the micro economy catering largely to expats a bigger customer base gives more latitude for price increases not seen in the places catering for locals. The increase in cost of living here in central Viet Nam pales into insignificance when compared to the increases seen in say Ho Chi Minh city.

It is difficult to understand how an asian country quote/state "be recognized by the prime minister or president for having made a great contribution to the country" Have they no dignity in a capitalist world?

[PattayaParent]

It might be marginally better than a leasehold interest but the 50 year limit means that, but this title is not a fee simple absolute interest in possession, and therefore its not as good as a Chanode, which is equivalent to freehold.

I don't know what the fee simple absolute interest in possession jargon means but it's a freehold.

Vietnam_to_allow_foreignes_to_buy_property.doc

[midas]

Before anyone gets excited about buying any real estate in Vietnam they should read the other

thread in " Jobs, economy, banking, business, investment in Th iland " entitled " Vietnam Moving Toward Forex Crisis, May Devalue Dong "

- it is sobering !

[PattayaParent]

Before anyone gets excited about buying any real estate in Vietnam they should read the other

thread in " Jobs, economy, banking, business, investment in Th iland " entitled " Vietnam Moving Toward Forex Crisis, May Devalue Dong "

- it is sobering !

So the property prices are dropping 40% and you'll get more Dong for your $. Sounds like a good time to buy to me?

[midas]

Before anyone gets excited about buying any real estate in Vietnam they should read the other

thread in " Jobs, economy, banking, business, investment in Th iland " entitled " Vietnam Moving Toward Forex Crisis, May Devalue Dong "

- it is sobering !

So the property prices are dropping 40% and you'll get more Dong for your $. Sounds like a good time to buy to me?

dealing with a " hybrid " - not even proper ownership - how do you know how far the market will fall ?

[johnnyk]

Before anyone gets excited about buying any real estate in Vietnam they should read the other

thread in " Jobs, economy, banking, business, investment in Th iland " entitled " Vietnam Moving Toward Forex Crisis, May Devalue Dong "

- it is sobering !

So the property prices are dropping 40% and you'll get more Dong for your $. Sounds like a good time to buy to me?

buy what? property isn't for sale to furriners.

[midas]

Before anyone gets excited about buying any real estate in Vietnam they should read the other

thread in " Jobs, economy, banking, business, investment in Th iland " entitled " Vietnam Moving Toward Forex Crisis, May Devalue Dong "

- it is sobering !

So the property prices are dropping 40% and you'll get more Dong for your $. Sounds like a good time to buy to me?

buy what? property isn't for sale to furriners.

Well PattayaParent is welcome to it I think there are far better options

out there than " real estate " in Vietnam

[PattayaParent]

Before anyone gets excited about buying any real estate in Vietnam they should read the other

thread in " Jobs, economy, banking, business, investment in Th iland " entitled " Vietnam Moving Toward Forex Crisis, May Devalue Dong "

- it is sobering !

So the property prices are dropping 40% and you'll get more Dong for your $. Sounds like a good time to buy to me?

buy what? property isn't for sale to furriners.

Read the thread from the beginning. The whole point of it is that property IS for sale to foreigners.

And don't forget that property prices have risen ~400% over the last 3 years so a 40% drop on a 400% rise is nothing.

[PattayaParent]

Before anyone gets excited about buying any real estate in Vietnam they should read the other

thread in " Jobs, economy, banking, business, investment in Th iland " entitled " Vietnam Moving Toward Forex Crisis, May Devalue Dong "

- it is sobering !

So the property prices are dropping 40% and you'll get more Dong for your $. Sounds like a good time to buy to me?

dealing with a " hybrid " - not even proper ownership - how do you know how far the market will fall ?

How is it not proper ownership?

The market still has some leeway to fall over the next few months but it's still got a long way to fall to get back to the levels of 3 years ago.

[pkrv]

"be married to a Vietnamese citizen, be recognized by the prime minister or president for having made a great contribution to the country, have made direct investments in Vietnam, or have special skills and knowledge that Vietnam needs."

Hmm... I don't think everyone is married to a Vietnamese citizan, and the other stuff is just so open to corruption it is unbelievable - NO WAY would I invest there.

[thaigene2]

"be married to a Vietnamese citizen, be recognized by the prime minister or president for having made a great contribution to the country, have made direct investments in Vietnam, or have special skills and knowledge that Vietnam needs."

Hmm... I don't think everyone is married to a Vietnamese citizan, and the other stuff is just so open to corruption it is unbelievable - NO WAY would I invest there.

What do you care PKRV? Worried about Thailand getting passed by VN?

Edited May 31, 2008 by thaigene2

[highdiver]

"be married to a Vietnamese citizen, be recognized by the prime minister or president for having made a great contribution to the country, have made direct investments in Vietnam, or have special skills and knowledge that Vietnam needs."

Hmm... I don't think everyone is married to a Vietnamese citizan, and the other stuff is just so open to corruption it is unbelievable - NO WAY would I invest there.

What do you care PKRV? Worried about Thailand getting passed by VN?

no...

Bingo told us to invest in Vietnam and now he posted that Vietnam is heading for a forex crash.. we just don't know what to do

[thaigene2]

"be married to a Vietnamese citizen, be recognized by the prime minister or president for having made a great contribution to the country, have made direct investments in Vietnam, or have special skills and knowledge that Vietnam needs."

Hmm... I don't think everyone is married to a Vietnamese citizan, and the other stuff is just so open to corruption it is unbelievable - NO WAY would I invest there.

What do you care PKRV? Worried about Thailand getting passed by VN?

no...

Bingo told us to invest in Vietnam and now he posted that Vietnam is heading for a forex crash.. we just don't know what to do

Oh well ok, then take PKRV's warning ' 'other stuff is just so open to corruption' -- but WAIT I don't need to tell you that, do I? You live in Samui? Selling propeprties there mate? Maybe leaseholds 30+30+30 gauranteeed 8+% yield??

[highdiver]

"be married to a Vietnamese citizen, be recognized by the prime minister or president for having made a great contribution to the country, have made direct investments in Vietnam, or have special skills and knowledge that Vietnam needs."

Hmm... I don't think everyone is married to a Vietnamese citizan, and the other stuff is just so open to corruption it is unbelievable - NO WAY would I invest there.

What do you care PKRV? Worried about Thailand getting passed by VN?

no...

Bingo told us to invest in Vietnam and now he posted that Vietnam is heading for a forex crash.. we just don't know what to do

Oh well ok, then take PKRV's warning ' 'other stuff is just so open to corruption' -- but WAIT I don't need to tell you that, do I? You live in Samui? Selling propeprties there mate? Maybe leaseholds 30+30+30 gauranteeed 8+% yield??

No darling...

I am a Thai citizen I own my land and my house and I don't need to sell to anyone.