What are eligible entities for owning houses in Vietnam under the Law on Housing 2023? What are the regulations on recognition of the house ownership?
What are eligible entities for owning houses in Vietnam under the Law on Housing 2023?
Pursuant to the provisions of Clause 1, Article 8 of the Law on Housing 2023, it is mentioned that the subjects allowed to own houses in Vietnam are as follows:
Eligible entities and eligibility for owning houses in Vietnam
1. Entities eligible for owning houses in Vietnam include:
a) Domestic organizations and individuals;
b) Overseas Vietnamese in accordance with nationality laws;
c) Foreign organizations and individuals in accordance with Clause 1 Article 17 hereof.
Accordingly, referring to Clause 1, Article 17 of the Law on Housing 2023, 05 subjects are allowed to own houses in Vietnam including:
No. | Entities eligible for owning houses in Vietnam |
1 | Domestic organizations and individuals; |
2 | Overseas Vietnamese in accordance with nationality laws; |
3 | Foreign-invested business organizations building houses in projects in Vietnam in accordance with this Law and relevant law provisions |
4 | Business organizations with foreign investment, branches, representative offices of foreign enterprises, foreign investment funds, and foreign bank branches (hereinafter referred to as “FBB”) operating in Vietnam (hereinafter referred to as “foreign organizations”) |
5 | Foreign individuals allowed to enter Vietnam. |
Thus, organizations and individuals belonging to the above subjects can own houses in Vietnam if they meet the prescribed conditions.
What are eligible entities for owning houses in Vietnam under the Law on Housing 2023?What are the regulations on recognition of the house ownership? (Image from the Internet)
What are the regulations on recognition of the house ownership in Vietnam?
Pursuant to the provisions in Article 9 of the Law on Housing 2023 as follows:
Recognition of the right to property
1. Organizations and individuals eligible and having legitimate houses in accordance with Article 8 hereof shall be recognized for house ownership via issuance of certificate of land use right, the right to house and other asset associated to land (hereinafter referred to as “certificate”), except for public housing.
Houses recognized for ownership under certificate shall be existing houses. Procedures for issuing certificate to house owners shall conform to land laws.
2. In case of termed housing purchase in accordance with Clause 1 Article 165 hereof, the buyers shall be issued with certificate during the agreed duration of ownership; once the ownership duration expires, ownership shall be transferred to the sellers in accordance with agreement; if the sellers do not receive the houses upon expiry of ownership duration, Article 166 of this Law and other relevant laws shall apply.
3. Competent authority issuing certificate shall specify the type and class of houses in accordance with this Law and construction laws in the certificate; in case of dwelling units, specify floor area and usable area of dwelling units; in case of houses built in projects, specify name of housing investment and construction projects approved or decided on investment guidelines by competent authority.
4. In respect of houses built in projects to be sold or lease-purchased, certificate shall not be issued to project developers but to buyers and buyer/tenant unless project developers wish to obtain the certificate for houses that have not been sold or lease-purchased; if project developers invest and build houses in order to lease, project developers may apply for certificate for the houses.
Thus, the recognition of house ownership is carried out according to the above regulations.
Vietnam: When does the Law on Housing 2023 come into force?
Pursuant to the provisions in Article 197 of the Law on Housing 2023 on enforcement as follows:
Entry into force
1. This Law comes into force from January 1, 2025.
2. The Law on Housing No. 65/2014/QH13 amended by the 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 expire from the effective date hereof, except for cases detailed under Point b Clause 1, Points a, c, dd, e, and g Clause 2, Clause 3, Points a, b, c, d, dd, and e Clause 5 Article 198 hereof.
3. Houses under ownership of the government mentioned under legislative documents on housing promulgated before the effective date hereof are deemed public housing.
Thus, the Law on Housing 2023 takes effect from January 1, 2025.
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