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PROPERTY

According to Mr. Nguyen Hoai legitimate rights of overseas Viet-
Bac, a Vietnamese Canadian, in namese, who can rest assured
order to see Vietnam fully develop, when investing in, buying homes,
“we must be ‘open-minded’ to or doing business in their native
expand investment, business, and country. “The amendments will
development,” he said. “Housing also help increase overseas remit-
is now no longer just an individual tances for investing in real estate,”
concern in an individual country she said. “They also encourage
but a global issue. Vietnam is not overseas Vietnamese to retain their
exempt from this, particularly with nationality or reapply for Viet-
over 5.3 million overseas Viet- namese citizenship. We hope there
namese. Overseas Vietnamese will be soon be specific guidance
investing in buying homes in Viet- on how overseas Vietnamese can
nam demonstrates their desire to conduct real estate transactions,
connect with their homeland both such as buying, donating, trans-
physically and mentally.” ferring, or inheriting land use
He also noted that housing is rights and housing.”
related to dozens of other sectors. Assessing the impact of the
A stagnant real estate market affects amendments on Vietnam’s real will open up additional sources
the overall economy as well. He estate market, Mr. Peter Hong, Figures from the State of capital and knowledge for the
therefore believes that to ensure Chairman of the Business Asso- Committee for country. We are witnessing this
that the legal changes effectively ciation of Overseas Vietnamese, Overseas Vietnamese happening in various industries
enter into practice, guidelines for stressed that there are currently Affairs show that, in Vietnam. For example, the New
implementation need to be especially over 2 million overseas Viet- from 1993 (the first Turing Institute and VinAI, which
transparent and clear so that overseas namese aged between 50 and 60 year figures were kept) is a team of over 20 PhDs who
Vietnamese easily understand them who wish to return to Vietnam to the end of 2022, have returned to Vietnam and are
total remittances
and can conveniently invest in the and settle down. Most dream of exceeded $190 billion, using their knowledge and intel-
real estate market or buy individual owning a house in their homeland.
nearly equal to the lectual property to help develop
properties in Vietnam. This demand has long been in amount of FDI the country.”
Mr. Tran Ba Phuc, Chairman place but could never be met pre- disbursed in the same Figures from the State Com-
of the Association of Vietnamese viously, due to laws prohibiting period. It is estimated mittee for Overseas Vietnamese
Entrepreneurs in Australia and overseas Vietnamese from pur- that about 15-20 per Affairs show that, from 1993 (the
Vice Chairman of the Business chasing land use rights or invest- cent of these funds first year figures were kept) to the
Association of Overseas Viet- ing in real estate in Vietnam. were directly invested end of 2022, total remittances
in real estate.
namese, believes that the passage Overseas remittances exceeded exceeded $190 billion, nearly equal
of these laws is a significant mile- $16 billion in 2023, at a time to the amount of FDI disbursed
stone for overseas Vietnamese in when Vietnam’s real estate market in the same period. It is estimated
general and those in Australia in has been sluggish. Therefore, these that about 15-20 per cent of these
particular, reflecting Vietnam’s recent amendments, containing funds were directly invested in real
open policies, which have been more favorable conditions for estate. Therefore, many experts
made for national unity. overseas Vietnamese at this oppor- believe that these new regulations
tune moment, can be considered hold great significance for the real
Market revival a “golden opportunity” to revive estate market and the economy as
“The issue of property owner- and stimulate the country’s real a whole, especially as remittances
ship in Vietnam has always been estate market. reached over $16 billion in 2023.
of interest to overseas Vietnamese Mr. Troy Griffiths, Deputy Man- It is expected that remittances this
in Australia,” Mr. Phuc said. “The aging Director, Central Manage- year and the years to come will
Vietnamese community in Aus- ment, at Savills Ho Chi Minh City, remain substantial. %
tralia is very happy with the pas- said Savills has had the opportunity
sage of the amended Land Law, to collaborate with many overseas
which aligns with amendments to Vietnamese. They are individuals
the Law on Housing and the Law who have migrated abroad after
on Real Estate Business. These years of hard work and now possess
amendments contribute to certain assets and funds, and are
addressing a longstanding legal considering reinvesting in Vietnam
disadvantage, so that overseas Viet- or even contemplating returning
namese can buy a house in Viet- to their homeland.
nam.” He added that the amend- “Vietnamese people usually
ments grant overseas Vietnamese hold family values in high regard,”
the right to own property and to he said. “This tradition is quite
live in their own house while work- beautiful, because it not only pro-
ing and living in Vietnam. vides financial resources but also
Similarly, Ms. Phan Bich Thien, skills and expertise that can be
Vice President of the Vietnamese transferred to Vietnam. Thus, this
Community in Hungary, said a initiative from the government is
clear legal foundation protects the greatly welcomed, and hopefully

en.vneconomy.vn May 1, 2024 Vietnam Economic Times 43