Vietnam’s new law eases property ownership for overseas Vietnamese

January 31, 2024

Revisions to Vietnam’s Land Law, scheduled to come into effect next year, are poised to simplify the process for individuals of Vietnamese origin, better known as Viet Kieu, looking to purchase properties within the country. While the current Land Law only distinguishes domestic citizens from Vietnamese people residing abroad, the revised version, which will take effect in January 2025, covers an additional term, individuals of Vietnamese origin who do not hold Vietnamese nationality -- referred to as Viet Kieu. Statistics from the Ministry of Construction show that approximately four million foreigners and overseas Vietnamese aspire to acquire homes in Vietnam in the foreseeable future. Economic expert Dinh The Hien notes that extended legal limitations on acquiring certain property types, combined with complex procedures and documentation requirements to confirm Vietnamese origin, have led many Viet Kieu to opt for purchasing properties in the names of their relatives. Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

The source of this news is from Tuoi Tre News