Ho Chi Minh City, as the largest population centre in Vietnam, is the bustling, dynamic and industrious heart of the Southeast Asian nation and its undisputed economic capital. The laws pertaining to foreign ownership of land in Vietnam is currently under review by the country’s government.
An example of what may be to come was seen in a pilot project that saw some 21,000 foreigners who had been living in Vietnam for some time qualify to purchase a house in the country. However, the rules of the scheme are relatively restrictive, under which foreigners are only permitted to buy one house. Foreigners and foreign organisations can also only own houses for up to 50 years (depending on the duration of their projects in Vietnam) which can then be extended.
However, foreigners have been buying into apartments in HCMC for some time and at an astonishing rate. Around 85 per cent of foreign direct investment (FDI) that found its way into the city during 2017 flowing directly into the Ho Chi Minh property sector. HCMC attracted US$2.5 billion during that period with over US$2.1 billion going into real estate (mainly office and condominium developments).