Want to be in the loop?
subscribe to
our notification
Business News
MINISTRY PROPOSES ALLOWING FOREIGNERS TO BUY, OWN HOUSES IN VIETNAM
The Ministry of Construction has proposed the Government allow foreigners to buy and own houses in Vietnam in the draft Housing Law (amended).
However, in the draft law, expected to be submitted to the National Assembly for consideration and discussion at its 5th session in May and approval at its 6th session, foreigners are not permitted to own houses associated with land use rights.
The ministry also proposed the abolishment of regulations on a fixed term of apartment ownership in the draft law, and the supplementation of regulations related to the term of use and the demolition of old apartment buildings.
It stressed the need to clarify responsibilities of relevant parties in the demolition, renovation and reconstruction of apartment buildings.
According to experts, the regulations on the apartment ownership term should not be included, because it greatly affects the interests of people and the operations of real estate businesses and the market.
Regarding social housing, the draft law removes the requirement that 20% of the land areas of investment projects to build commercial houses and urban areas must be used for social housing construction. The draft law stipulates additional authority of the provincial People’s Committees in using the money to invest in the construction of social housing projects for sale, lease, or lease purchase and housing for workers to rent in the area.
In the real estate market, social housing is currently one of the segments of special interest. Statistics from the Ministry of Construction show that the country has completed 301 social housing projects with 155,800 apartments in urban areas. Currently, 401 projects with 454,360 apartments are underway.
Source: VIR
Related News
ADDED VALUE OF INDUSTRIAL SECTOR UP 6.18 PER CENT IN Q1
Vietnam’s industrial sector posted significant growth in the first quarter of 2024, of an estimated 6.18 per cent compared to the first quarter of 2023. In particular, manufacturing and processing saw robust growth of 6.98 per cent.
TEXTILE AND GARMENT BUSINESSES FACE DIFFICULTIES DUE TO LACK OF DOMESTIC SUPPLY
Infrastructure for weaving, dyeing and fabric production is still limited, and there is no spatial planning for development and centralised wastewater treatment, said Nguyễn Thị Tuyết Mai, Deputy General Secretary of the Việt Nam Textile and Apparel Association (Vitas).
INFOGRAPHIC SOCIAL-ECONOMIC SITUATION IN THE APRIL AND FOUR MONTHS OF 2024
The monthly statistical data presents current economic and social statistics on a variety of subjects illustrating crucial economic trends and developments, including production of agriculture, forestry and fishery, business registration situation, investment, government revenues and expenditures, trade, prices, transport and tourism and so on.
KEY DRIVER GAINS A MUST FOR GROWTH
Only slight order number improvements and enterprise confidence sentiment mean it may be difficult for the country to hit its desired growth goals this year.According to the World Bank’s biannual economic update report released last week, it is expected that the Vietnamese economy may grow by 5.5 per cent this year and 6 per cent next year, making it among top growth leaders in the world.
ESG SERIES MASTERCLASS
Join the ESG Series Masterclass today and be a part of the solution led by our team of industry experts Bao Nguyen, Betty Pallard, Chi Nguyen, Jonathan SOURINTHA - HRK Group - PVA PRO - GPS (iBAG), Markus Klemmer, Paula Fajardo, Sergio Pereira da Silva along with many more to come…
VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.