The Chairman of the National Assembly is worried that it is too easy for foreigners to buy houses

The story of opening the door for foreigners to buy houses in Vietnam once again attracted the attention of delegates, when the National Assembly Standing Committee continued to discuss the Housing Law (amended) on the morning of August 12.

This regulation was first reported to the Standing Committee by the Ministry of Construction in March 2014.

The report on receiving and explaining opinions discussed in the hall presented by the Standing Committee of the Law this morning shows that most National Assembly delegates agree with the regulations expanding the subjects and conditions to own houses in Vietnam.

However, the biggest concern is raised with Article 156, which stipulates that `foreign individuals allowed to enter Vietnam have the right to own a house`.

Allowing foreigners to buy homes is expected to help the real estate market warm up.

However, the Law Commission (the inspection agency) believes that there should be no further regulations on residence conditions.

Also in the bill, foreign organizations and individuals who own houses in Vietnam are required to pay through credit institutions operating in Vietnam to prevent and combat money laundering.

The Committee emphasized that regulations such as the draft law not only attract foreign capital into Vietnam but also contribute to promoting the development of the domestic real estate market, in accordance with the trend of international economic integration.

However, this argument received a surprised reaction from the Chairman of the National Assembly.

Presenting later, the Chairman of the National Assembly welcomed foreigners returning to Vietnam to buy houses to settle, do business, and study.

Another content that also worries the head of the National Assembly is the proposal to establish a Social Housing Development Fund by the Minister of Construction – Trinh Dinh Dung: `The money needed for housing development is very large, while the income of

Agreeing with this policy, the Law Committee believes that the establishment of the fund is to create an additional capital mobilization channel with preferential, stable interest rates and long-term lending periods for localities with high needs.

However, the Chairman of the National Assembly suggested considering it because `you cannot just create a law project and create a fund`.

“Is it necessary to include housing development funds in the law?