On November 25, 2014 the National Assembly officially approved the Housing Law No. 65/2014/QH13, replacing the Housing Law No 56/2005/QH11 with many new contents.
For owners of commercial housing projects, within 50 days from the date of handover of houses to purchasers or from the time when lessees make full payments as agreed upon, to request competent state agencies to grant certificates to house purchasers or lessees, unless the latter voluntarily carry out the procedures to apply for certificates.
Another significant content of this Law is regulation on Vietnam-based house ownership of foreigners. Specifically, foreign organizations and individuals permitted to enter Vietnam may only purchase, rent-purchase or receive as donation or inheritance, and own no more than 30% of the number of apartments in a condominium. For individual houses, including villas and semi-detached houses, in an area with a population equivalent to a ward-level administrative unit, they may only purchase, rent-purchase or receive as donation or inheritance and own no more than 250 houses. Besides, foreign individuals may only own houses for no more than 50 years from the date they are granted the certificates and may enjoy extensions under regulations of the Government if they so wish. A foreign individual who is married to a Vietnamese citizen or an overseas Vietnamese is entitled to own houses in a stable and long-term manner.
This Law takes effect on July 01, 2015.