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Vietnam Launches Pilot Program for Foreign Property Ownership

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Posted: 12 Jul 2009 | 9:30 am

A new Vietnamese Government resolution issued June 3 has set out guidelines and implementing rule for foreign organizations and individuals to purchase apartment units. The new scheme is limited to foreign individuals who invest in Vietnam or have a senior role in an operating company or are married to a Vietnamese citizen. For companies the requirement specifies that there are local operations and an official investment certificate.

In the past the emerging Vietnamese property market has struggled with the issue of foreign ownership but this latest move is clearly meant to stimulate its real estate sector. Many counties in the region are recognizing the need to boost overseas investment; while here in Thailand the current Democrat led Government has yet to target this as a priority issue.

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The changes of it happening in Thailand are about as good as waking up tomorrow morning finding Phuket 50cms under snow. Its a matter of extreme xenophobia, selfishness, unfairness (rich Thais buy property everywhere in the world unhindered but don't accord the same privileges)and a lack of vision. The issue of property could be handled in a regulated way. But the main issue is the failure to see the broader picture of the benefits they could stand to win.

Ian, 15 Jul 2009 | 9:38 am

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