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Foreigners allowed owning houses in Vietnam from July 1

Xinhua, June 30, 2015 Adjust font size:

Foreigners are allowed to own houses in Vietnam from July 1, 2015, states the countrys housing law.

Vietnam's amended housing law, which was approved by the National Assembly in November 2014 and will take effects from the beginning of this July, regulates foreigners' permission to own houses in Vietnam.

Specifically, foreign organizations, individuals, foreign- invested companies, branches and representative offices of foreign companies, foreign investment funds, as well as branches of foreign banks are allowed to buy, rent, receive donation and inheritance as well as own less than 30 percent of apartments in apartment buildings in Vietnam.

Duration for house ownership among foreigners in Vietnam is 50 years, reported local VNEconomy online newspaper on Tuesday, adding that if a foreigner get married with a Vietnamese national, he or she will have long-term ownership to the house. Endi