VIETNAM: ASEAN’S NEXT POT OF GOLD?

The opening up of the property market to foreigners may precede a real estate boom

In Vietnam, there’s a lot of excitement leading up to 1st July. For the initial period though following the announcement of new laws to liberalise the real estate sector, the property offerings will not be that different for locals and foreigners. This is because these properties had already been designed and built or were under construction at the time the old laws were still in place.

v3In late November 2014, the National Assembly of Vietnam passed sweeping changes to its housing and real estate laws (“Residential Housing Law No. 65/2014/ QH13”) to replace the regulations of 2006. This move has long been anticipated and is seen as a step towards opening Vietnam to the global flow of wealth and to make it more attractive to foreign investments.

In the coming months and the next few years, expect to see more real estate catered for foreign investors, with well-structured property management services and guaranteed returns. The local developers will need to align themselves with international sales agents or go on their own to foreign markets, while the foreign developers are ready to play the new game.

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v1Matthew Yeoh is a partner of Yeoh Mazlina & Partners, a member of ASEAN Legal Alliance, a group of legal firms across ASEAN

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