Official Housing Law 2023 Effective from August 1, 2024. Who is Eligible to Own Houses in Vietnam According to the Housing Law 2023?
Housing Law 2023 officially effective from August 1, 2024?
On June 29, 2024, the National Assembly enacted the Law Amending the Land Law, Housing Law, Real Estate Business Law, and Credit Institutions Law 2024.
Article 2 of the Law Amending the Land Law, Housing Law, Real Estate Business Law, and Credit Institutions Law 2024 amends and supplements Clause 1, Article 197 of the Housing Law 2023 as follows:
Effective Date
1. This Law shall be effective from August 1, 2024.
2. Housing Law No. 65/2014/QH13, as amended and supplemented by Law No. 40/2019/QH14, Law No. 61/2020/QH14, Law No. 62/2020/QH14, Law No. 64/2020/QH14, and Law No. 03/2022/QH15, shall cease to be effective from the date this Law comes into force, except for provisions specified in Point b, Clause 1, Points a, c, d, e, and g, Clause 2, Clause 3, Points a, b, c, d, and e, Clause 5, Article 198 of this Law.
3. State-owned housing as stipulated in the legal documents on housing issued prior to the effective date of this Law shall be considered public property.
Thus, the Housing Law 2023 will come into force on August 1, 2024.
State-owned housing as regulated in the legal documents on housing issued before the effective date of the Housing Law 2023 shall be considered public property.
Housing Law 2023 officially effective from August 1, 2024?
Who is eligible to own houses in Vietnam according to the Housing Law 2023?
Based on the provisions in Clause 1, Article 8 of the Housing Law 2023, the entities eligible to own houses in Vietnam are as follows:
Entities and conditions for house ownership in Vietnam
1. Entities eligible to own houses in Vietnam include:
a) Domestic organizations and individuals;
b) Overseas Vietnamese as prescribed by nationality law;
c) Foreign organizations and individuals as stipulated in Clause 1, Article 17 of this Law.
Referring to Clause 1, Article 17 of the Housing Law 2023, five entities are eligible to own houses in Vietnam:
| No. | Entities eligible to own houses in Vietnam || --- | --- || 1 | Domestic organizations and individuals; || 2 | Overseas Vietnamese as prescribed by nationality law; || 3 | Foreign-invested economic organizations investing in housing projects in Vietnam as stipulated by the Housing Law 2023 and other relevant laws; || 4 | Foreign-invested economic organizations, branches, representative offices of foreign enterprises, foreign investment funds, and foreign bank branches operating in Vietnam (foreign organizations). || 5 | Foreign individuals permitted to enter Vietnam. |
Thus, organizations and individuals within the aforementioned entities are eligible to own houses in Vietnam if they meet the stipulated conditions.
What are the conditions for house ownership in Vietnam?
Based on the provisions in Clause 2, Article 8 of the Housing Law 2023, the conditions for house ownership in Vietnam are as follows:
Entities and conditions for house ownership in Vietnam
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2. Conditions for house ownership in Vietnam include:
a) Domestic organizations and individuals are eligible to own houses through investment in construction, purchase, hire-purchase, receipt as gifts, inheritance, capital contribution, house exchange; receipt of housing for resettlement as prescribed by law; and other forms as prescribed by law;
b) Overseas Vietnamese who are permitted to enter Vietnam are eligible to own houses associated with homestead land use rights as prescribed by land law;
c) Foreign organizations and individuals are eligible to own houses through the forms specified in Clause 2, Article 17 of this Law.
Thus, the conditions for house ownership in Vietnam include:
- Domestic organizations and individuals are eligible to own houses through investment in construction, purchase, hire-purchase, receipt as gifts, inheritance, capital contribution, house exchange; receipt of housing for resettlement as prescribed by law; and other forms as prescribed by law;- Overseas Vietnamese who are permitted to enter Vietnam are eligible to own houses associated with homestead land use rights as prescribed by land law;- Foreign organizations and individuals are eligible to own houses through the following forms:
+ Through the implementation of housing construction investment projects in Vietnam (applied to organizations specified in Point a, Clause 1, Article 17 of the Housing Law 2023)
+ Through the purchase, hire-purchase of commercial houses from project investors of housing construction investments, receipt as gifts, inheritance of commercial houses within housing construction projects not located in areas requiring defense and security assurance (applied to organizations and individuals specified in Points b and c, Clause 1, Article 17 of the Housing Law 2023).
+ Through the purchase, hire-purchase of houses from foreign organizations and individuals who already own houses as specified in Point b, Clause 2, Article 17 of the Housing Law 2023 (applied to organizations and individuals specified in Points b and c, Clause 1, Article 17 of the Housing Law 2023).
The Government of Vietnam shall specify the documents to prove the eligibility and conditions for house ownership.
The Law Amending the Land Law, Housing Law, Real Estate Business Law, and Credit Institutions Law 2024 will be effective from August 1, 2024.
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