A view of Crescent Lake in the Phú Mỹ Hưng urban area of HCM City. Authorities have approved multiple residential projects in the area for sale to foreign buyers. — VNA/VNS Photo

HCM CITY — Authorities in southern Việt Nam’s commercial hub have approved 24 residential property projects for sale to foreign buyers, expanding access to one of the country’s most active real estate markets under revised housing rules.

The HCM City People’s Committee said the projects are eligible for foreign ownership in accordance with the 2023 Housing Law and guiding regulations.

The decision brings the total number of projects in the city cleared for foreign sales to 93, following four previous announcements in 2025 and early 2026.

Of the 24 projects newly approved, 19 are located in the Phú Mỹ Hưng urban area in the city’s southern ward and are developed by Phú Mỹ Hưng Development Co Ltd.

The projects include apartment complexes and residential clusters within the Nam Sài Gòn New Urban Area, long regarded as a prime enclave for expatriates and high-income residents.

Other projects on the list are located in eastern parts of the city, including a condominium project developed by C-Holdings, a residential complex on Lò Lu Street, a mixed-use high-rise development at 36 Mai Chí Thọ Street in Bình Trưng Ward, among others.

City authorities instructed the Department of Construction to publicly disclose project details in line with a Government decree, which provides guidance on implementing the Housing Law.

Foreign ownership framework

Under Việt Nam’s 2023 Housing Law and Decree 95, foreign individuals and organisations may own homes in eligible commercial housing projects, provided they meet legal requirements.

These include valid investment registration certificates for project developers, or lawful operating licences for foreign organisations not directly investing in projects.

Foreign buyers are prohibited from owning property in areas designated for national defence or security purposes.

Ownership limits are capped at 30 per cent of apartments in any single condominium building, or each block in a multi-block complex, and no more than 250 landed houses within an area with a population of 10,000 residents.

Việt Nam first opened its residential property market to foreign buyers in 2015, and authorities have gradually clarified eligibility and compliance procedures in subsequent legal revisions.

The latest approvals come as Việt Nam seeks to stabilise and revive its property market after a prolonged slowdown marked by liquidity constraints and tighter regulatory scrutiny.

Market surveys suggest brand reputation remains a key factor for buyers.

Research by PropertyGuru indicates that more than 70 per cent of homebuyers in Việt Nam prioritise developers with strong financial capacity and established track records.

Consultancy Vietnam Briefing has projected that Việt Nam’s middle class could account for around 26 per cent of the population by 2026, supporting demand for higher-quality housing aligned with international standards.

While foreign ownership remains subject to quotas and geographic restrictions, analysts say clearer project-by-project approval lists provide greater transparency for overseas investors and expatriate buyers seeking legal certainty in Việt Nam’s largest urban market. — VNS