Viet Kieu now close to home ownership parity

Real Estate Vietnam - Viet Kieu are one step closer to unlocking the door to enjoying similar home ownership rights as their homeland-based compatriots. The Ministry of Construction has submitted a proposal to adjust Decree 90/2006/ND-CP, paving the wave for Viet Kieu to purchase homes in Vietnam.

According to the proposal, Viet Kieu holding Vietnamese nationality who return for long-term investment under the Investment Law and make contributions to the country, scientists with regular activities in the homeland or who are allowed to return and settle in the country, would have the same rights as Vietnamese buying, exchanging and inheriting homes without limits on quantity.

Ta Nguyen Ngoc, director of the Ministry of Foreign Affairs’ Committee for Overseas Vietnamese’s Department of Relations on Economics, Science and Technology, said: “This is a big step to put the decree into effect. If it is approved, all obstacles would be removed. Viet Kieu would feel encouraged when they return and do business in the country.”

Decree 90/2006/ND-CP came out in 2006 and allowed for Viet Kieu to own homes in Vietnam. Under the decree, Viet Kieu who reside in Vietnam for at least six months or have a visa exemption certificate would be permitted to buy one apartment or a house.

However, many have been not able to do so as a lack of guidance from the Ministry of Public Security and the Ministry of Foreign Affairs on how the residing time is specified. Nguyen Hoai Bac, general director of QILink Joint Venture Company - who is also a Viet Kieu from Canada, said the regulations would now be much clearer. “If the proposal is approved, it would be a significant milestone for Viet Kieu who want to return and settle in their native country,” said Bac.

The proposal also specifies necessary administrative documents, which include passport, nationality certificates or certificates proving the Vietnamese origin of Viet Kieu. Amended regulations on buying, exchanging, giving and inheriting homes of Viet Kieu were also submitted to the government for adjustment. - DiaOcOnline.vn