New regulations on the recognition of the right to property in Vietnam

New regulations on the recognition of the right to property in Vietnam (Image from the internet)

New regulations on the recognition of the right to property in Vietnam

Article 9 of the Housing Law 2023 stipulates the recognition of the right to property in Vietnam as follows:

- Organizations and individuals that meet the conditions and have legal houses as stipulated in Article 8 of the Housing Law 2023 shall be recognized for housing ownership by the competent state agency through the issuance of the Certificate of Land Use Rights, Ownership of Houses, and Other Assets Attached to Land (hereinafter referred to as the Certificate), except for houses that are public assets.

Houses recorded for ownership in the Certificate must be available houses. The order and procedures for issuing the Certificate to the house owner shall be implemented according to the provisions of the land law.

- In cases of housing purchase with a term according to Clause 1, Article 165 of the Housing Law 2023, the purchaser shall be issued a Certificate within the agreed ownership period. When the housing ownership period expires, the ownership rights revert to the original seller as per the agreement in the contract. If the seller does not reclaim the house when the ownership period ends, it shall be resolved according to Article 166 of the Housing Law 2023 and other relevant legal provisions.

- The authority issuing the Certificate must clearly state in the Certificate the type of house, housing grade as per the provisions of the Housing Law 2023 and construction law; if the house is an apartment, the construction floor area and usable area of the apartment must be clearly stated; if the house is built as part of a project, the correct name of the housing construction investment project approved by the competent authority must be stated.

- For houses invested and constructed under a project for sale or lease purchase, no Certificate shall be issued to the project investor, but it shall be issued to the purchaser or lease purchaser, except in cases where the project investor requests a Certificate for houses not yet sold or lease-purchased; if the project investor constructs houses for lease, they shall be issued a Certificate for those houses.

Eligible entities and eligibility for owning houses in Vietnam

Article 8 of the Housing Law 2023 stipulates the Eligible entities and eligibility for owning houses in Vietnam as follows:

Subjects eligible for housing ownership in Vietnam include:

- Domestic organizations, individuals;

- Overseas Vietnamese as per the nationality law;

- Foreign organizations, individuals as stipulated in Clause 1, Article 17 of the Housing Law 2023.

Conditions for housing ownership in Vietnam include:

- Domestic organizations, individuals are entitled to housing ownership through various forms such as investment in construction, purchase, lease purchase, gift receipt, inheritance, capital contribution receipt, house exchange receipt; receipt of houses for resettlement in accordance with the law; or other forms as stipulated by law;

- Overseas Vietnamese who are permitted to enter Vietnam are eligible for housing ownership attached to the rights to use homestead land as per the land law;

- Foreign organizations, individuals are eligible for housing ownership through the forms specified in Clause 2, Article 17 of the Housing Law 2023.

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