Foreign owners can apply for additional 50-year leasehold on top of original 50 years.
As expiration of the 50-year leasehold on their house approaches foreigners can now apply to extend the term for an additional 50 years at a maximum, the Ministry of Construction has determined in the final draft Decree of the Law on Housing.
The Decree states that Provincial People's Committees have the power to sign off on such extensions, with owners having to submit an application three months prior to the leasehold expiring.
If the owner is not an individual but an organization, the length of the extension must not be longer than the valid period stated on the investment certificate issued by competent authorities.
It is expected that the Decree will be issued this month and will take effect on July 1 - the same day as the Law on Housing. The National Assembly passed the law last November, which contains a chapter on foreign ownership of housing in Vietnam.
- house ownership