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ARTICLE · 07 SEPTEMBER 2015

Real Estate Foreign Ownership Possible Now

Duane Morris LLP
Duane Morris LLP
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With the adoption of the new Law on Real Estate Business 2014 ("LREB") and the Law on Residential Housing 2014 ("LRH"), Vietnam's real estate industry will see a higher demand in property...

VietnamReal Estate and Construction
Oliver Massmann
Oliver Massmann
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With the adoption of the new Law on Real Estate Business 2014 ("LREB") and the Law on Residential Housing 2014 ("LRH"), Vietnam's real estate industry will see a higher demand in property and more investments are expected in short term because foreigners are allowed to own now for the first time. Although the LREB and the LRH are greatly welcome, there are still certain provisions that may restrict the competitiveness of enterprises in real estate industry. We will discuss below the main issues with suggested solutions.

1. Legal capital requirement

The third Draft Decree guiding the LREB requires a minimum legal capital of VND50 billion for real estate projects which must obtain in-principle approval of the authorities. However, it seems to be inconsistent with the general required legal capital (i.e., VND20 billion) for enterprises doing business in real estate in the same Draft Decree.

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