» » Qualified foreigners will be able to buy land from August

Foreign individuals and enterprises having all the required documents will be able to own property beginning in August, according to a Government decree published last Sunday.

"It is really big news for me because it will allow me to live in my father's country for the rest of my life. Before this, I used to own a house in Ha Noi. However, at that time, it was illegal," said 52-year-old Le Kim Dung, who was born in Hungary and now teaches art in the capital city.

According to the new decree, foreigners eligible for land-use right certificates will have to obtain a range of documents.

Foreigners who have received a medal from the President recognising their contribution to the country will be eligible to own property.

Otherwise, they must have either an investment certificate proving they have directly invested in a Vietnamese company for more than one year or be a member of the executive board of a foreign enterprise active in Viet Nam.

In addition, all foreigners applying for land-use certificates mast have a resident card or document proving they are permitted to remain in Viet Nam for over 12 months granted by the Ministry of Public Security.

"The procedure is not as complicated as I imagined, so there will be many foreigners like me who wish to own a house in this peaceful country," said Dung.

Foreign invested enterprises active in Viet Nam with investment certificates of over one year granted by relevant Vietnamese authorities will be allowed to own property. After 30 days, they will be granted the certificate.

Source: Vietnam News

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