High-class real estate near the Sài Gòn River in HCM City. — VNA/VNS Photo Hồng Đạt

HÀ NỘI — Leaders of the Ministry of Natural Resources and Environment said that allowing Vietnamese people abroad to own houses in Việt Nam was a breakthrough regulation.

This regulation is in the amended Law on Land, which will take effect from the beginning of next year.

It allows people of Vietnamese origin residing abroad to own houses and associated land use rights in Việt Nam.

Many leaders and experts said that with the amended law, the real estate market would have more opportunities to attract capital from overseas Vietnamese for stronger development.

Expand rights, attract investment

Deputy Minister of Natural Resources and Environment Lê Minh Ngân said that Vietnamese people living abroad were an integral part of the Vietnamese community.

This is the Party's consistent viewpoint, and at the same time, it requires legal regulations to encourage and create conditions for Vietnamese compatriots to actively contribute to the Party development and the Fatherland construction.

The viewpoint is also stipulated in Article 18 of the Constitution of the Socialist Republic of Việt Nam, which encourages Vietnamese people residing abroad to preserve and promote their Vietnamese cultural identity and nationality.

It helps them maintain close relationships with family and homeland, and devote themselves to building the homeland and the country.

With that perspective, the Law on Land 2024 has many regulations that treat Vietnamese citizens residing abroad with Vietnamese nationality equally with domestic Vietnamese citizens.

“Overseas Vietnamese who once had Vietnamese nationality and their descendants retain the same rights and ability to access land,” said Ngân.

Besides, expanding this right also creates conditions for overseas Vietnamese to have a favourable environment to invest, do business and work in the country.

Along with convenient access to domestic land, said Ngân, the policy was expected to attract a large number of Vietnamese intellectuals, artists, businessmen, scientists and managers to return home.

They will actively contribute to the cause of building and protecting the Fatherland.

“With the policy unification of the Law on Real Estate Business and Law on Housing 2023, Việt Nam will augment opportunities to access and use land resources, attract remittances and investment from Vietnamese expatriates, boosting the economy, especially the real estate market," said Ngân.

Minister of Natural Resources and Environment Đặng Quốc Khánh also emphasised that the Law on Land 2024 updated many new breakthrough and important contents.

It improves the effectiveness and efficiency of land management and use, including regulations on the rights and obligations of Vietnamese expatriates to own houses in Việt Nam.

Khánh confirmed that localities and people were looking forward to this important law taking effect soon.

He believes that the law would effectively solve existing problems when put into practice,.

Real estate supply

According to the State Committee for Overseas Vietnamese, about six million Vietnamese people are living and working in more than 130 countries and territories.

Notably, more than 20 per cent of these have reached retirement age, and the majority want to return to their hometown to live and wish to own a house.

Bùi Văn Trường, from Yên Thành District, Nghệ An central province, currently living and working in Hungary, said he had been away from home for nearly 30 years.

When he heard about the new law, he was very happy.

“Before returning home, having a house ready for ourselves is what we have wanted for a long time. It is really a fitting regulation," said Trường.

A number of experts also believe that with the amended law, the real estate market will attract capital from abroad to promote better development.

Real estate legal expert Nguyễn Văn Đỉnh commented that when the amended Land Law takes effect, it would be much easier for overseas Vietnamese to own real estate in the country.

In the past, to buy real estate in Việt Nam, many overseas Vietnamese had to ask relatives to undersign.

This led to lawsuits and disputes due to a lack of legal transparency.

Therefore, this law amendment created equality between domestic people and overseas Vietnamese.

Commenting on the need of overseas Vietnamese to buy houses in Việt Nam, Võ Huỳnh Tuấn Kiệt, Sales Director of the CBRE Việt Nam, said that their demand was very high.

At the same time, the current supply of high-class housing was ample.

The amended law will strongly stimulate demand for high-class housing. This is also a solution to attract good workers and talent.

"When talents come to Việt Nam to work and stay for a long time, they will certainly have a need for accommodation, thereby promoting real estate investment," said Kiệt.

Sharing the same opinion, economic expert Đinh Thế Hiển also affirmed that the amended law and previous amended Law on Real Estate Business and Law on Housing had created equality between domestic and overseas Vietnamese in investing and doing real estate business. — VNS