Overseas Vietnamese allowed to buy houses in Vietnam
Ha Noi, Nov. 7 (VNA) -- Overseas Vietnamese will be permitted to buy houses in their native land as from Nov. 20, 2001, according to a Government decree issued on Nov. 5.
Under the decree, overseas Vietnamese who will implement long-term investment in Viet Nam, or those who make considerable contributions to the native country, conduct cultural and scientific activities in Viet Nam, and want to have permanent residence in Viet Nam, will be entitled to buy a house, an apartment or a villa in unbanned residential areas to live.
They will be granted house and land use right certificates after accomplishing procedures for house buying.
They will also have the right to sell or present their houses to organisations and individuals in the country or other overseas Vietnamese who are subject to the above-said decree. They will be allowed to mortgage their houses in accordance with Viet Nam's laws.
Only domestic organisations and individuals or overseas Vietnamese subject to the decree have the right to inherit such houses in line with the Civil Law.
Meanwhile, those overseas Vietnamese who are not allowed to buy houses in Viet Nam will benefit from the value of the real assets they inherit.--VNA
