Restrictions on foreign home ownership must be specified soon: MinistryThe Ministry of Construction (MoC) is calling for the quickening of work specifying areas in cities and provinces where foreign ownership of apartments and houses is banned. It submitted official correspondence to the Ministry of Public Security (MPS), the Ministry of Defense (MoD), provincial people’s committees and centrally-controlled cities on the implementation of the Law on Housing as it relates to foreign organizations and individuals. 99, which came into effect on December 10, 2015, detailing and guiding the implementation of a number of articles in the Law on Housing. This will be used for guiding departments of construction to specify commercial housing projects in areas where foreign ownership of apartments and houses is banned.”MoD and MPS are yet to specify these restricted areas. MoC also requested that people’s committee in provinces and centrally-controlled cities contact MoD and MPS to seek guidance and cooperate in implementing the policy.

Source: VietNamNet News September 13, 2016 02:48 UTC