Under the Bill on Residential Houses, which has been recently released by the Ministry of Construction, both Vietnamese and foreigners would have the right to own residential houses provided that several conditions are fully satisfied.
The Bill prescribes that to own residential houses, foreign organizations must have investment licenses or business cooperation contracts; their business registration certificates which include the function of dealing in residential houses; the approved projects on construction of residential houses for lease or sale and records of pre-acceptance test of these residential houses.
As for foreign individuals, they need to have valid passports or cards for permanent residence or temporary residence in Vietnam for 6 months or longer.
Overseas Vietnamese must have valid Vietnamese passports, passports or valid papers of their countries, or cards for permanent or temporary residence in Vietnam and other prescribed documents.