Vietnam lawmaker seeks to retain 30 per cent foreign apartment ownership cap
A second deputy urged caution over proposed rights for foreigners to buy floor space, citing unresolved questions about underlying land rights.
Vietnamese National Assembly deputy Nguyen Thanh Tam has proposed keeping a 30 per cent ceiling on foreign apartment ownership within each condominium building, while leaving the government to determine calculation methods and procedures for managing ownership.
Tam, who represents Ho Chi Minh City, made the proposal during group discussions on amendments to legislation covering land, housing and property business. He said permitting foreign organisations and individuals to own homes legally could attract investment, but ownership limits also had implications for population administration, defence and security.
He highlighted border and coastal locations, islands and areas around strategic facilities. Tam said a higher ownership share did not necessarily pose a security threat, but changes needed clear justification and mechanisms for oversight.
Another Ho Chi Minh City deputy, Tran Anh Tuan, urged caution over draft provisions permitting foreigners to purchase or lease-purchase floor space within construction projects. The draft generally links such transactions to land use rights, requires multiple project owners to share those rights and requires the associated rights to be identified.
Existing land legislation, however, does not recognise foreign individuals as land users. Tuan said uncertainty over the distinction between owning a structure and holding rights to its land could complicate registration, ownership certificates and the resolution of related issues.
Tuan called for clarification of the legal basis, policy effects and views of relevant authorities before expanding these rights. If purchases remain permitted, he said the law should specify ownership scope, duration, limits and restricted locations, alongside registration procedures and arrangements for expiry or transfer.
