|The Ha Noi People's Committee has agreed to grant certificates of land-use rights and house ownership, known in Viet Nam as a "red book", to overseas Vietnamese and foreigner home buyers.—VNS File Photo
HA NOI (VNS)— The Ha Noi People's Committee has agreed to grant certificates of land-use rights and house ownership, known in Viet Nam as a "red book", to overseas Vietnamese and foreigner home buyers.
As of May 4 this year, eligible home buyers who meet all the necessary requirements will be able to obtain a red book to certify their home ownership and land-use rights. They can own the property for no more than 50 years.
Within 12 months of the ownership certificate expiring, foreign home-owners must sell or donate their property. A foreigner is permitted to own one property only.
There are a number of conditions that must be fulfilled if a foreigner wants to buy a house in Viet Nam. Her or she must currently be living and working in Viet Nam.
The foreigner must be permitted by a relevant Vietnamese agency to reside in the country for at least one year and not be subject to diplomatic or consular preference and exemption as stipulated by Vietnamese laws.
He or she is also required to have the following documents proving that they are entitled to buy and own a house in Viet Nam: A passport or equivalent kind of document, issued by a competent authority in the home country; documents proving marriage, issued by a Vietnamese or foreign competent authority; Vietnamese passport (or the family record book) and personal identity card of the applicant's spouse.
In addition, he or she is asked to have a residence card or temporary residence card to prove that he or she is permitted to stay in Viet Nam for more than 12 months, which is issued by the Immigrant Management Department under the Ministry of Public Security. — VNS