Property ownership for foreigners extended to 99 years in special economic zones
Prime Minister Nguyen Xuan Phuc has ordered to increase the maximum years that foreigners are allowed to own a property in Vietnam from 50 to 99 years.
The issue was discussed during a government's regular meeting on August 2 about the law on special administrative-economic zones drafted by the Ministry of Planning and Investment. The attendants include Pham Minh Chinh, Secretary of the Party Central Committee and Head of the Central Organisation Commission, leaders of various departments and heads of Quang Ninh, Khanh Hoa and Kien Giang provinces where the special administrative-economic zones are being built.
They should create an open, attractive, transparent and stable playing field so that the special administrative-economic zones will be the national leading growth force.
The Ministry of Planning and Investment was asked to gather opinions to complete the draft law and submit to the National Assembly. Phuc also asked the ministry to always update information to make the zones competitive. But first, they must attract investors.
"We must consider all the issues. What is beneficial for the investors, for us? What is good in the long-term and short-term? We shouldn't just think about the negative effects," the prime minister said.
He also asked to extend home ownership for foreigners to 99 years. They would also be allowed to use their property as collateral with international banks.Vietnam also needs regulations that encourage investors to make investments in specific fields.
Vietnam has 18 special economic zones and 325 industrial zones with varied preferential treatments. Last year, the government approved the plan to build three more special economic zones in Van Don District, Quang Ninh Province, Bac Van Phong in Khanh Hoa Province and Phu Quoc in Kien Giang Province.
The issue was discussed during a government's regular meeting on August 2 about the law on special administrative-economic zones drafted by the Ministry of Planning and Investment. The attendants include Pham Minh Chinh, Secretary of the Party Central Committee and Head of the Central Organisation Commission, leaders of various departments and heads of Quang Ninh, Khanh Hoa and Kien Giang provinces where the special administrative-economic zones are being built.
A special economic zone to be built in Kien Giang Province
They should create an open, attractive, transparent and stable playing field so that the special administrative-economic zones will be the national leading growth force.
The Ministry of Planning and Investment was asked to gather opinions to complete the draft law and submit to the National Assembly. Phuc also asked the ministry to always update information to make the zones competitive. But first, they must attract investors.
"We must consider all the issues. What is beneficial for the investors, for us? What is good in the long-term and short-term? We shouldn't just think about the negative effects," the prime minister said.
He also asked to extend home ownership for foreigners to 99 years. They would also be allowed to use their property as collateral with international banks.Vietnam also needs regulations that encourage investors to make investments in specific fields.
Vietnam has 18 special economic zones and 325 industrial zones with varied preferential treatments. Last year, the government approved the plan to build three more special economic zones in Van Don District, Quang Ninh Province, Bac Van Phong in Khanh Hoa Province and Phu Quoc in Kien Giang Province.
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