Under the current land laws, Vietnamese citizens have the right to own apartments permanently, even ones belonging to 100% foreign-invested projects. However, they have only been able to lease these apartments at exorbitant prices. Pacific Place building at No 83B Ly Thuong Kiet street in Hanoi is being put under the management of Ever Fortune, a 100% Taiwanese-owned investor, under investment licence NO 705A/GP dated August 16, 2001. The building was put into operation in May 2007. Chu Minh Ngoc, Pacific Place Building Director and Nguyen Hong Tham, Managing Director, both affirmed that the investor did not have the right to sell apartments; they could only lease apartments for a definite time which is no longer than the validity of the land lease contract the investor signed with the state. According to Ngoc, Ever Fortune is a 100% foreign-owned company which was established in Vietnam, so it must follow Vietnamese laws. As Ever Fortune's land lease contract expires in 2043, the … [Read more...] about Why don’t foreign investors sell 5-star apartments?
Foreign investment definition
Canada will lift foreign ownership restrictions on small local telecommunications firms, Industry Minister Christian Paradis announced Wednesday. Paradis told a press conference the restriction would be lifted for telecom companies that hold less than a 10-percent share of the total Canadian telecommunications market to allow smaller players access to capital to grow. In turn, this would increase competition and put pressure on telecoms to lower prices, he said. Paradis also said caps would be applied in an upcoming auction to guarantee that new entrants in the Canadian sector have access to the spectrum up for grabs, alongside incumbent carriers. "The measures I am outlining today will ensure the timely availability of world-class wireless services at low prices for Canadian families, including those in rural areas," the minister said. But opposition parties were skeptical, saying there is no guarantee the measures would result in lower mobile rates for consumers. … [Read more...] about Canada to allow foreign ownership for small telecoms
The latest move to allow foreigners to buy residential apartments in Vietnam has come under fire. The latest draft regulation composed by Ministry of Construction (MoC) permits seven foreigner groups to purchase residential apartments in Vietnam. These include the heads of international organisations, those who invest in Vietnam under the Investment Law, experts and scientists working in Vietnam, foreigners who marry Vietnamese citizens and live in Vietnam, foreigners recognised by the Vietnamese president as Vietnamese honorary citizens and foreign-invested companies which buy apartments to lease to their foreign employees. Andrew Hilton, senior associate of leading international law firm Allens Arthur Robinson, said that foreigners living in Vietnam who had made contributions to the country were being overlooked. "I have been living, working and paying taxes in Vietnam for over nine years and should not be disadvantaged because I have not married a Vietnamese," Hilton … [Read more...] about Heated foreign property debate
New regulations set on foreign retail network expansion Tran Thu By Tran Thu - The Saigon Times Daily HCMC – Foreign retailers will have to do Economic Needs Test (ENT) on the basis of the population density of a district rather than a city or province when they want to open the second outlet onwards. This is one of the new regulations given in Circular 08/2013 on trading activities of foreign-invested enterprises released by the Ministry of Industry and Trade in late April. The circular replaces Circular 09/2007 of the Ministry of Trade, precursor of the Ministry of Industry and Trade, and will come into force on June 7. If foreign retailers want to set up a new outlet covering less than 500 square meters in the areas with complete infrastructure planned for trading activities by local governments, they will not need to do ENT. This regulation will not apply when there are changes to the planning. Each centrally-governed city and province will form an ENT council to … [Read more...] about New regulations set on foreign retail network expansion
The Ministry of Planning and Investment has proposed an amendment draft on the Prime Ministerial Decision governing the Chu Lai Open Economic Zone to facilitate investment, said an official from the zone. Under the draft, preferential conditions would be applied in central Quang Nam province's Chu Lai Open Economic Zone (EZ) to quicken investment, said Phan Duc Nhan, head of Chu Lai Open EZ's management board. The draft focuses on re-definition of the zone's borders and supplemental regulations on interest and investor responsibility in the zone, he said. … [Read more...] about Central Vietnam EZ regulations amended to spark investment