A draft amendment to the Land Law and Housing Law should clarify that Vietnamese expatriates be allowed to buy only one house exclusively for residence, the National Assembly Economic Committee agreed Wednesday.

The categories currently include: individuals with permanent resident status in Vietnam; those doing direct business in Vietnam; those recognized by the president or other agencies as contributing to national development; scientists and cultural experts doing research in Vietnam that contributes to national development; or individuals that have resided in Vietnam for six months or more.

The draft amendment broadens the categories to allow any Vietnamese expatriate that has Vietnam citizenship to buy houses here. It would also grant home ownership privileges to overseas Vietnamese with special skills deemed necessary to meet domestic demands as well as those that currently have a Vietnamese visa exemption or a Vietnamese spouse currently living here.

The draft amendment is expected to be approved at a National Assembly (NA) session in May.

Representative Cao Si Kiem, chairman of the Vietnam Small- and Medium-Sized Enterprise Association, said the amendment was impractical because it widened the categories of ownership but failed to say how many houses each individual would be allowed to buy.

He said property speculators could easily take advantage of this loophole.

NA Deputy Chairman Nguyen Duc Kien said the amendment should aim to prevent hoarding as the policy aims to provide necessary housing only.

He said disputes had already arisen when Viet Kieu asked their relatives to buy or own houses on their behalf.

Tran Du Lich, deputy head of the Ho Chi Minh City NA delegation, said the amendment should stipulate that each overseas Vietnamese would be allowed to own only one house exclusively for residence.

Several representatives at the session also warned that by allowing a wider range of overseas Vietnamese to buy houses, the passing of the amendment could push housing prices up and make it harder for local residents to buy homes.

Representatives suggested delaying the implementation of the amendment until July 1 to give time for a detailed evaluation and analysis of the possible impact of the change on the property market to be produced.

Source: VNA