Creating Opportunities for Overseas Vietnamese to Invest in Real Estate

The State Committee for Overseas Vietnamese Affairs (Ministry of Foreign Affairs) in coordination with the Economic Committee of the National Assembly, Ministry of Construction, and Ministry of Natural Resources and Environment organized a conference to promote and disseminate the revised Land Law, Housing Law, and Real Estate Business Law, recently approved by the 15th National Assembly.

The conference, held on March 26 in Hanoi, provided a platform for over 500 delegates from more than 50 locations both in and outside the country to gather and participate online. The event was also live-streamed on social media platforms, enabling the overseas Vietnamese community to follow along.

During the conference, representatives from the Economic Committee of the National Assembly, Ministry of Construction, and Ministry of Natural Resources and Environment introduced the new provisions in the revised Land Law, Housing Law, and Real Estate Business Law that directly impact the overseas Vietnamese community. These new provisions specify and expand the rights of Vietnamese individuals who have settled abroad (including those with Vietnamese citizenship or Vietnamese origins).

The conference received positive feedback from the overseas Vietnamese community, who appreciated the timely organization and dissemination of the new provisions by the State Committee for Overseas Vietnamese Affairs in collaboration with the drafting and reviewing agencies. These laws have incorporated numerous aspirations and contributions from the community during the legislative process.

With the new provisions, the rights of overseas Vietnamese in the fields of land, housing, and real estate business have been expanded, reflecting the Party’s, State’s, and National Assembly’s concern for the community. The overseas Vietnamese community also hopes that detailed guidelines will continue to be formulated to facilitate stronger investment in the domestic real estate and housing sectors.

During the conference, Deputy Minister of Foreign Affairs Le Thi Thu Hang, Chairman of the State Committee for Overseas Vietnamese Affairs, emphasized that the conference was held on March 26, which marked the 20th anniversary of the Politburo’s issuance of Resolution 36-NQ/TW on overseas Vietnamese affairs, demonstrating the high regard for the work concerning overseas Vietnamese.

In the past, the Ministry of Foreign Affairs and the State Committee for Overseas Vietnamese Affairs have actively studied, advised on, and proposed amendments to policies and laws related to overseas Vietnamese, especially those concerning land, housing, and real estate business.

Deputy Minister Le Thi Thu Hang expects to continue receiving contributions from the overseas Vietnamese community in the implementation of these laws. She also requests relevant agencies to acknowledge the suggestions of the overseas Vietnamese community in order to further refine the Party’s policies and legal provisions and bring them to life.

New Provisions for Real Estate Investment by Overseas Vietnamese

According to the State Committee for Overseas Vietnamese Affairs, the 2024 Land Law (effective from January 1, 2025) includes a new provision that places Vietnamese citizens who have settled abroad in the same group as Vietnamese individuals. As a result, their rights and obligations regarding land will be equal to those of citizens residing in Vietnam.

For Vietnamese individuals of Vietnamese origin who have settled abroad, in addition to continuing to enjoy favorable land and housing rights over foreign individuals (such as unrestricted ownership of housing linked to land use rights, the right to transfer land use rights in housing development projects for construction), the 2024 Land Law introduces a new provision that allows them to inherit land use rights and other types of land on the same plot of land.

These provisions in the 2024 Land Law address the limitations and obstacles previously present in the 2013 Land Law regarding the transfer of land use rights without housing facilities and the inheritance of land use rights by Vietnamese citizens residing abroad. As a result, they also enjoy rights related to housing and real estate business like Vietnamese citizens, as stipulated in the 2023 Housing Law and 2023 Real Estate Business Law.

After a lengthy process of building, reviewing, amending, supplementing, and perfecting legal frameworks, a basic policy and legal framework related to overseas Vietnamese has been established. This framework aims to create more favorable conditions for overseas Vietnamese to return to their home country to live, work, invest, and do business.

In the coming period, the State Committee for Overseas Vietnamese Affairs will continue to coordinate with relevant agencies to review related policies and laws, with the goal of further improving the policy and legal system, resolving obstacles, and better meeting the aspirations of the overseas Vietnamese community.