An article of the draft says the provincial People’s Committee is authorised to extend house ownership, at the request of an owner. The draft is expected to boost Vietnam’s property market.
The owner must have an application detailing a specific period, along with a certified copy of his certificate of housing, and submit this to the provincial People’s Committee for consideration.
The draft decree also mentioned the submitting of all documents that individuals and organisations need to verify that they qualify for property ownership.
Further, individuals need to show a valid passport and prove that they do not belong to a group of people who enjoy special treatment or diplomatic immunity, said the draft.
For organisations, they must be the subjects for ownership, as stated in Article 159 of the Housing Law, and have their investment certificate or any valid documents showing they are lawfully operating a business in Viet Nam.
It is expected that the Government Decree will be issued in May, becoming effective on July 1, in accordance with the amended Housing Law, which was approved by the National Assembly in November last year with a separate clause on regulation on foreign ownership of properties in Vietnam.