Vietnam to allow foreigners to own apartments

0 Comments | AFP, May, 2008

HANOI (AFP) — Vietnam plans to allow foreigners to own apartments, but not houses, in the country, starting from early next year, the communist government said on its official website Friday.

The national assembly approved the project on a five-year trial basis for certain foreign individuals and organisations in a vote on Thursday.

Foreigners eligible will include those married to Vietnamese citizens, those with direct investments or special skills needed by the country, and those who have made contributions acknowledged by the president or prime minister.

They will be allowed to own the flat or condominium for a maximum of 50 years and must then either sell or donate it, the online report said.

The official Vietnam News Agency said about 21,000 out...