The Ministry of Construction has sent a proposal to the government to permit non-national individuals and organisations to purchase holiday property in Vietnam. An array of provinces provide potential buyers with unlimited beauty Under the current legal framework of the Law on Housing 2014, while foreign buyers are now permitted to own residential property in Vietnam only, they cannot buy other property types such as second homes or holiday properties, despite the high demand shown for it. Vietnam is one of few countries in the region which have not yet permitted this type of purchase. Others such as Malaysia, Singapore, and Thailand have been providing incentives to woo foreign buyers for such property types. The main reason for this, according to DKRA Vietnam’s research and development director Nguyen Hoang, was because non-national involvement in the purchase of some projects could impact national security. The Ministry of Construction (MoC) however believes that the proposal would become one of several long-term solutions that could reduce the stockpile in the holiday market while the domestic investment capital flow is limited. Hoang from DKRA said if this proposal is approved, it could be an active solution to push up the vacation property segment in… Read full this story
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