Vietnam News Today (Feb. 14): New regulations to remove bottlenecks for OV real estate investment

Party General Secretary Nguyen Phu Trong (front, centre) and other officials offer incense at Kinh Thien Palace in the Imperial Citadel of Thang Long on February 13. (Photo: VNA)

Party leader offers incense at Thang Long Imperial Citadel

Party General Secretary Nguyen Phu Trong paid tribute to the kings and ancestors who made enormous dedications to the country at Kinh Thien Palace, part of the Imperial Citadel of Thang Long, in Hanoi on February 13. He was accompanied by Politburo member and Secretary of the Hanoi Party Committee Dinh Tien Dung, Secretary of the Party Central Committee, and Chief of the Party Central Committee’s Office Le Minh Hung, along with other officials of the Party and Hanoi.

Offering incense to the kings and ancestors on the occasion of the Lunar New Year, the Party leader and officials reported on national development achievements and prayed for peace for the country as well as wealth and happiness for the people.

Talking to the staff of the relic site, General Secretary Trong said the Thang Long Imperial Citadel embodies the quintessence of the national culture and also witnessed successive feudal dynasties constructing and defending the country, which contributed to the time-honored history and culture of Vietnam.

He asked them to uphold the highest sense of responsibility to help preserve and promote the historical and cultural values of the citadel’s central sector, which was recognized as a world cultural heritage site by UNESCO.

Kinh Thien Palace was built in 1428 under the Le Dynasty (1428 - 1789) on the grounds of Can Nguyen Palace of the Ly Dynasty (1009 - 1225) and Thien An Palace of the Ly and Tran (1226 - 1400) dynasties. During the Nguyen Dynasty (1802 - 1945), a new citadel was built under the reign of King Gia Long, but the Kinh Thien Palace still formed an important part there. This palace was renamed Long Thien in 1841.

A meeting is held in New York on February 12 by the Preparatory Committee for the fourth UN Conference to Review Progress Made in the Implementation of the Programme of Action to Prevent, Combat and Eradicate the Illicit Trade in Small Arms and Light Weapons (SALW) in All Its Aspects. (Photo: VNA broadcasts)

Vietnam committed to combating the illegal trade of small arms, light weapons

The Government of Vietnam comprehensively manages the production, use, and transportation of weapons according to Vietnam law, Deputy Permanent Representative of Vietnam to the United Nations (UN) Minister Counsellor Le Thi Minh Thoa has said.

Addressing at a meeting held in New York on February 12 by the Preparatory Committee for the fourth UN Conference to Review Progress Made in the Implementation of the Programme of Action to Prevent, Combat and Eradicate the Illicit Trade in Small Arms and Light Weapons (SALW) in All Its Aspects, Thoa shared her concern about negative consequences of illegal trade of small arms and light weapons, saying that it would increase violence and instability, and seriously impact international peace and security.

In that context, the fight against illegal trade of SALW should be placed within a broader framework of action to help strengthen international security, seek solutions, prevent conflicts and crime, and promote development, she added. The Vietnamese representative underscored the need to abide by international law and the UN Charter and guarantee the right to produce, import, and possess small arms and light weapons for national security and defense.

Vietnamese laws and legal documents stipulate that small arms light weapons and related equipment only serve national defense and security purposes, and the import of weapons, unless permitted by the State, is prohibited. Illegal acts of transporting, using, and trading weapons and explosives constitute criminal offenses, she said. Vietnam has participated in relevant regional mechanisms, including the ASEAN Ministerial Meetings on Transnational Crime, and meetings within the framework of the ASEAN regional forum. Vietnam and ASEAN countries discussed and approved the ASEAN Declaration on Combating Arms Smuggling last August.

On this occasion, the Vietnamese representative reaffirmed Vietnam's commitment to implementing measures and coordinating with relevant partners to achieve the program's goals. The Programme of Action to Prevent, Combat, and Eradicate the Illicit Trade in Small Arms and Light Weapons in All Its Aspects was adopted by all UN member states in 2001. The conference to review the implementation of the action program is held every six years, following the meeting of the Preparatory Committee. This meeting of the Preparatory Committee for the fourth review conference is expected to close on February 16.

Northcentral region eyes breakthroughs in investment attraction in 2024

Localities in the northcentral region have made concerted efforts and implemented various measures to attract investment, especially foreign direct investment (FDI), contributing to socioeconomic development in 2024. Nghe An is the leading locality in the region in attracting investment capital in 2023.

The local authorities granted investment licenses to 116 projects and approved capital additions for 185 existing projects with a combined capital of over 57.89 trillion VND (nearly 2.36 billion USD). The total newly granted and additional capital of FDI projects hit 1.6 billion USD, up 66.8% compared to 2022.

According to the Southeast Economic Zone Management Board in Nghe An, the locality recorded six new investment projects with a total registered capital of 390 million USD in early 2024, all of them high-tech and environmentally friendly. Le Tien Tri, director of the management board, said thanks to efforts of the local authorities to accelerate administrative reform and develop infrastructure and human resources, new investments have been pumped into the locality in recent times.

The locality supported and connected to provide 8,000 workers for FDI enterprises in 2023. The figure is expected to increase to 15,000 - 20,000 this year. According to data released by the Foreign Investment Agency under the Ministry of Planning and Investment, Thanh Hoa was one of the localities that attracted the most FDI in 2023. The locality lured 83 direct investment projects with a total registered capital of nearly 1.4 billion USD, including 14 foreign-invested ones.

Notably, the provincial authorities granted investment certificates to 15 domestic projects worth more than 10 trillion VND, and six FDI ones with a total capital of 50 million USD in the Nghi Son Economic Zone and industrial parks. In 2023, Ha Tinh gave in-principle approval to 18 domestic investment projects with a total registered capital of 1.72 trillion VND and two foreign-invested projects worth 70 million USD. Estimates show approximately 18.96 trillion VND in FDI was poured into the locality, surging by 99.17% year-on-year.

Illustrative image (Photo: VNA)

New regulations to remove bottlenecks for OV real estate investment

The newly approved Land Law, Housing Law, and Law on Real Estate Business, which will take effect in 2025, are expected to create more favorable conditions for Overseas Vietnamese (OVs) in owning and trading real estate, according to experts. The laws provide a uniform approach to issues related to land, housing, and real estate, ensuring the rights of OVs the Vietnamese nationality to own and trade real property like Vietnamese citizens residing inside the country, evidencing the country’s policy of taking OVs as an inseparable part of the nation.

Under the newly adopted Land Law, Vietnamese citizens residing abroad can enjoy full rights related to land, not only those on residential land, like their fellow residents inside the country. They are allowed to build houses and invest in construction projects for sale, lease, lease purchase, and invest in technical infrastructure in real estate projects to transfer, lease, and sublease the right to use land with technical infrastructure.

Currently, OVs are allowed to own houses in Vietnam, but can only receive transfer of residential land use rights through purchase, lease purchase, inheritance, and donation of housing attached to land use rights, or only receive residential land use rights in housing development projects. The regulations have prevented them from transferring, donating, and inheriting land outside housing development projects, and from enjoying the right to build and own houses on land outside housing development projects.

Lawyer Nguyen Van Hau, Vice Chairman of the Ho Chi Minh Bar Association, said that with the new regulations, it will be easier for OVs to own real estate in the country. He elaborated that previously, although regulations allowed OVs to buy real estate in Vietnam, many had to authorize their relatives to be the owners of the property. Because of concerns about complicated procedures and regulations, many overseas Vietnamese hesitated to buy real estate in the country, he added.

This amendment has created equality between domestic individuals and OVs in terms of investing and undertaking ventures in the real estate business. When buying a house and having the rights of domestic citizens, they will transfer remittances to invest and buy a house in Vietnam. Thus, the real estate market will see great demand from OV individuals for high-end housing in the market now, Hai stated.

Last year, more than 19 billion USD in remittances flowed into Vietnam, a similar figure to 2022. It is forecast that in 2024, remittances will increase by about 20% compared to 2023.

Since 2012, the amount of remittances sent to Vietnam has reached over 10 billion USD per year, of which about a quarter is poured into real estate. Mai Hai, a real estate broker, said that the populous market and high profits are considered attractive for remittance to pour into Vietnamese real estate. He noted that the rate of OVs buying houses in Vietnam is increasing, adding that Vietnam’s rental profit is also quite attractive at 5-7%, higher than developed markets like Australia or the US.

According to the Business Association of Overseas Vietnamese, in the future, the amount of remittances will be abundant because the Vietnamese community abroad is increasing in both quantity and living areas. The number of Vietnamese people living abroad, which was about 2.7 million in 2004, has now tripled to about 7 million in 109 countries and territories around the world. About 80% of overseas Vietnamese live and work in developed countries such as the US, Australia, Canada, and France, and more than half a million work through labor export programs, or study abroad.

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