Hanoi (VNA) - A representative of the Ministry of Natural Resources and Environm🍨ent said the widening of the provisions allowing Overseas Vietnamese to own houses will increase the capital flow into the country and promote the utilisati𝄹on of the land resources in a more effective way.

Those of the Vietnamese origin living in foreign countries can own houses and have the right to land use in Vietnam as amended in the land law. This took effect from the first day of the New Year. Many predict that the property market will draw more capital from Overseas Vietnamese to help with the market development.

Rights broadened, investment attracted

Deputy Minister of Natural Resources and Environment Le Minh Ngan said Overseas Vietnamese are an integral part of the Vietnamese nation. This is a consistent viewpoint of the Party, affirmed at the 8th National Party Congress. This also creates favourable conditions for them to make active contributions to national construction and defence. That viewpoint is also enshrined at Article 18 of the Constitution of the Socialist Republic of Vietnam Pursuant to that viewpoint, the Land Law 2024 includes various provisions that Vietnamese people in foreign countries but still keep their Vietnamese nationality are equal to the Vietnamese citizens living in Vietnam. Their descendants can keep all their rights and access to land as provided for by the current regulations, Ngan said. The broadening of those rights will create favourable conditions for Vietnamese people living in foreign countries to have a favourable environment to make investments, do business, and work. Minister Dang Quoc Khanh also stressed that the amended law has added new content that can help improve the efficiency of the management and utilisation of land. Khanh said currently, many localities and people have a firm belief that the law, will help manage and utilise the land resources in an effective way.

Better supply and property?

According to the State Committee on Overseas Vietnamese, there are now about 6 million Vietnamese living and working in more than 130 countries and territories in the world. It is noteworthy that over 20% of this contingent has reached retirement, and most of them wish to go back to Vietnam and hope to own a house. Many experts also hold that the permission for Overseas Vietnamese to buy houses right after the amended land law comes into effect will create a huge demand and attract more capital to accelerate the development of the property market. Legal expert Nguyen Van Dinh said previously, to buy a house in Vietnam, many Overseas Vietnamese had to register their property under the name of their relatives. This has led to many disputes that see them in the court, and the amendment this time will create equality between the people living inside and outside the country in the trade of property. Meanwhile, CBRE Vietnam Business Director Vo Huynh Tuan Kiet said the loosening of conditions for Overseas Vietnamese to own a house in the new regulations will boost demand in the high segment, and this is also a way to attract highly-skilled workers and talent./.