LookAtVietnam – After vigorous debate, and with a 13% minority dissenting, the National Assembly on June 18 approved the Government’s proposal to expand the rights of overseas Vietnamese (Viet Kieu) to own homes in Vietnam.

Linh Dam urban area in Ha Noi. The National Assembly has passed legal amendments giving more overseas Vietnamese the right to own a house or apartment in Viet Nam.

Previously, the right of Viet Kieu to own houses in Vietnam was granted only to investors and persons deemed to have special merit.

Under the new rules, which will take effect on September 1, those eligible to own a house or an apartment in Viet Nam include Vietnamese citizens who have become permanent residents of other countries, foreigners of Vietnamese origin who invest in Viet Nam under the investment law or who have made contributions to the country; overseas Vietnamese who have distinguished themselves as artists or scientists, those with special skills who have been invited to work or who are working in Viet Nam; and those married to Vietnamese citizens who reside in Viet Nam.

Significantly, the rules also allow Viet Kieu who are granted visa waiver certificates allowing them to reside in Viet Nam for at least three months to buy houses or apartments. The visa waiver procedure was established early in 2007.

Government statistics indicate that only about 30% of the estimated 3,000,000 overseas Vietnamese have taken foreign citizenship.

To date, only a handful of overseas Vietnamese have bought homes here under their own names. It is believed that many more have bought houses that are registered under the names of relatives in Vietnam. The Government and supporters of the amendments argued that they would eliminate such irregularities and encourage many more Viet Kieu to invest in Vietnam. Critics of the amendments argued that they would encourage Viet Kieu to indulge in speculation and drive up housing prices.

Qualified overseas Vietnamese also have gained the right to obtain mortgage financing for their houses at registered credit institutions in Viet Nam, and to be compensated by the State if the land is legally condemned for public use. Owners also have right to rent their property. They may use it for charitable purposes but they may not convert it to business use.

VietNamNet/Viet Nam News