Vietnam mulls over leasehold extension for foreigners to 99 years

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Designer villa for sale in Nha Trang: Soon with 99-year leasehold?

Following the footsteps of Singapore and Malaysia in successfully boosting their housing markets for expats, the Vietnamese government considers an extension of the leasehold period for land granted for foreign homeowners and businesses to 99 years from currently 50 years.

Vietnam’s Prime Minister Nguyen Xuan Phuc chaired a respective meeting on August 2 to discuss the draft for the housing law amendment.

The new policy would not only extend the leasehold to 99 years for foreigners, but also allow them to mortgage assets in association with land use rights at foreign credit institutions.

The measure is aimed at boosting the premium property market in the country where countless new urban development projects shot up in the past years in the wake of a rapidly growing economy and with more and more expats flocking in.

Vietnam opened up its housing market to foreigners in 2015, with a regulation stating that foreign investment funds, foreigners with valid visas and international firms operating in Vietnam and overseas could buy unlimited residential properties with a leasehold of 50 years.

According to the Ministry of Natural Resources and Environment, more than 80,000 foreigners currently live and work in Vietnam.

Meanwhile, foreign direct investment (FDI) flowing into Vietnam is forecast to rise to a record high this year as the country continues its efforts to improve the economic climate, Dang Huy Dong, deputy minister of Planning and Investment, said.

According to him, disbursed FDI will exceed $16 billion this year, and pledged investment will reach $28 billion. The country received $15.8 billion of actual investment last year, which was up nine per cent from 2015, according to the ministry.

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Reading Time: 1 minute

Designer villa for sale in Nha Trang: Soon with 99-year leasehold?

Following the footsteps of Singapore and Malaysia in successfully boosting their housing markets for expats, the Vietnamese government considers an extension of the leasehold period for land granted for foreign homeowners and businesses to 99 years from currently 50 years.

Reading Time: 1 minute

Designer villa for sale in Nha Trang: Soon with 99-year leasehold?

Following the footsteps of Singapore and Malaysia in successfully boosting their housing markets for expats, the Vietnamese government considers an extension of the leasehold period for land granted for foreign homeowners and businesses to 99 years from currently 50 years.

Vietnam’s Prime Minister Nguyen Xuan Phuc chaired a respective meeting on August 2 to discuss the draft for the housing law amendment.

The new policy would not only extend the leasehold to 99 years for foreigners, but also allow them to mortgage assets in association with land use rights at foreign credit institutions.

The measure is aimed at boosting the premium property market in the country where countless new urban development projects shot up in the past years in the wake of a rapidly growing economy and with more and more expats flocking in.

Vietnam opened up its housing market to foreigners in 2015, with a regulation stating that foreign investment funds, foreigners with valid visas and international firms operating in Vietnam and overseas could buy unlimited residential properties with a leasehold of 50 years.

According to the Ministry of Natural Resources and Environment, more than 80,000 foreigners currently live and work in Vietnam.

Meanwhile, foreign direct investment (FDI) flowing into Vietnam is forecast to rise to a record high this year as the country continues its efforts to improve the economic climate, Dang Huy Dong, deputy minister of Planning and Investment, said.

According to him, disbursed FDI will exceed $16 billion this year, and pledged investment will reach $28 billion. The country received $15.8 billion of actual investment last year, which was up nine per cent from 2015, according to the ministry.

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