Despite the Government’s policy allowing foreigners to own houses in Vietnam, it is not that easy for them to obtain an ownership certificate.
|Many foreigners who have signed house purchase contracts after December 10, 2015, are suspended from receiving their land ownership certificates__Photo: thesaigontimes.vn|
The Tuoi Tre (Youth) online recently reported that the Ho Chi Minh City Land Registration Office has suspended the grant of certificates of land use rights and ownership of houses and other land-attached assets (also called “pink” book) for foreigners who signed house purchase contracts after December 10, 2015 (the effective date of Government Decree No. 99/2015/ND-CP guiding the Housing Law).
This was due to the unavailability of the lists of residential housing projects to be owned by foreigners supposed to be issued by provincial-level Construction Departments, leaving no legal basis for the Office to transfer the ownership right to foreigners.
Under Decree No. 99, foreigners are not allowed to own houses in national defense and security areas in each locality specified by the Ministry of Public Security and the Ministry of National Defense, which, however, have not announced these areas so far.
As a result, the provincial-level Construction Departments have no grounds to publicize their lists of local housing projects in areas eligible for ownership by foreigners.
The delayed issuance of certificates has hurt real estate businesses in particular and business environment of Vietnam in general.- (VLLF)