The revised Law on Real Estate Trading was passed on Tuesday with over 94% of the vote and is expected to come into force on 1 January 2025.
The law will allow Vietnamese nationals “who live abroad and have entry permits to the country” to do business in real estate. In other words, they will be entitled to the right to invest in buildings for sale, lease, or lease-purchase.
They will also have the right to invest in the technical facilities of a real estate project, and to transfer, lease, or re-lease the land use right associated with the facilities later.
Meanwhile, people of Vietnamese origin but not Vietnamese nationality are allowed to engage in real estate activities to the extent defined by the current legal framework.
In this way, their rights go so far as to “invest in buildings for sale, for lease, or lease-purchase via a real estate project, and their activities must be carried out in line with the law on land”.
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