Recently I gave a talk to a group of expats buying in Vietnam which is a hot topic I am regular asked about as a foreigner myself. This is all well and good for the expat few that do buy but what about the rest of the market? The majority of the market? What impact has the legislation had in encouraging the average Vietnamese buyer to purchase property? When the Vietnam's National Assembly passed on November 25, 2014, the long-awaited (now not so new) amended Housing Law that finally addressed the issue on foreign ownership of properties, we in the industry had no idea what to expect. Now, almost 1.5 years on, this single piece of legislation has (supported by fortunately favourable market conditions) helped to drive the Vietnam real estate market from what was considered toxic oblivion pre 2015 to becoming one of the more attractive markets in the region. You want to know the best thing about it? Now foreigners have a slice of the pie – well, perhaps more of a bite than a slice. … [Read more...] about Vietnam property market: to buy or not to buy?
Use 401k to buy investment property
Local real estate and investment firm Tanimex said it will establish a joint venture with two other Vietnamese companies to do business in the US, mainly in the real estate sector. Houses for sale in California. The joint venture, expected to be set up in California, will focus on real estate trading, said Tran Quang Truong, deputy general director of Tanimex. As the two other partners are in the food and garment business, the venture will also supply goods for supermarkets in California and other Asian retailers around the US, he said. Truong said his company has found that the US real estate market now offers many opportunities as home prices there have fallen sharply. This is now a good time to buy these properties for future sale, he said. He also noted that Tanimex has to expand its business abroad as the local real estate market was stagnant last year and prospects for this year are not really bright. Tanimex is the developer of several residential and industrial projects … [Read more...] about Vietnamese developer plans to buy US properties
Vietnam has eased restrictions on foreign ownership of property in an effort to lure the cash needed to revive a market saddled with oversupply since a real estate bubble burst in 2011. The Southeast Asian nation has been battling with lingering bad debt after years of easy credit and lax oversight came to an end three years ago, sparking a crash in the property market and leaving the banking sector unable to provide the credit companies needed to grow. Investors with business interests in Vietnam from Singapore, China and Japan were the most likely to buy property, attracted by the potential for higher yields in Vietnam than at home, property firms and analysts said. Singapore and Japan are the second and third biggest sources of foreign direct investment in Vietnam after South Korea. Lawmakers amended the law on foreign property ownership on Tuesday to allow foreign investment funds, foreigners with valid visas, international firms with operations in Vietnam and overseas Vietnamese … [Read more...] about Vietnam to allow more foreigners to buy property to boost stagnant market
New law set to extend more property rights toViet kieu (24-02-2009) Deputy minister of Construction Nguyen Tran Nam speaks to Nguoi Lao Dong (The Labourer) about regulations governing house ownership by Viet kieu (overseas Vietnamese) in the Housing Bill. Could you elaborate on the widening of Viet kieu's right to own houses? Existing regulations require Viet kieu to settle down and do business in Viet Nam to qualify to own property. But the new law, if approved, will extend that right to Vietnamese nationals living abroad and scientists and cultural experts who do not have to return often to the country to work as previously required, those with special skills required by the country, those married to Vietnamese nationals in Viet Nam and those qualifying for visa exemption. Viet kieu with Vietnamese citizenship have the same rights as any Vietnamese nationals but are not allowed to mortgage their properties in Viet Nam with foreign banks. Can the ministry estimate the number of Viet … [Read more...] about New law set to extend more property rights to Viet kieu
An auction of a large house owned by a state run company in Vietnam's commercial hub Ho Chi Minh City ended in an unusual manner, prompting allegations of fraud from unsuccessful bidders. The 1,739 square meter house, belonging to a packaging producer, went under the hammer Wednesday and was sold for VND19 billion (US$1.19 million). However, bidders said the auction, which was organized by the HCMC Department of Justice, was vitiated by collusion between the successful bidder and another. … [Read more...] about Collusion alleged to buy public property on the cheap