Vietnamese lawmakers approved a law allowing broad foreign ownership of property, as the government seeks to boost an ailing real-estate market and accelerate economic growth.
Foreigners with a valid visa as well as foreign companies and international organizations operating in Vietnam now will be permitted to purchase houses and apartments, according to the National Assembly’s website yesterday. Current laws restrict ownership to foreigners married to Vietnamese and those foreigners deemed to make significant contributions to the nation’s development.
The law is the latest government move to help bolster the property market, following a housing stimulus program and a low-cost home loan package. Vietnam is stepping up efforts to boost economic growth to 5.8 percent this year and clear up bad debts in the financial system, some of which are tied to property.
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