(VOVworld) – At a Tuesday working group session, National Assembly deputies assessed that the drafting of the revised real estate law was suitable to the Vietnamese government’s policy in the current period. The revision focuses on the expansion of the scope to trade real estate for foreign individuals, organizations, and overseas Vietnamese. The amendment aims to draw in more international investment resources to help the real estate market develop healthily and competitively.

Trinh Thi Thanh Binh, NA deputy of Ben Tre province, expresses her opinions. (Photo: Phuong Hoa/VNA)

But many deputies said the regulation for foreign individuals, organizations and overseas Vietnamese to transfer the right on land use and leases to build construction works for sale and rent was not suitable to the 2013 land law. Nguyen Minh Quang, a deputy of Hanoi, commented: “the expansion of the scope for foreign investors to participate in the domestic real estate market is necessary to attract more resources. But the compiling board should find a way to control the capacity of foreign investors. For example, the assessment of investors’ capacity should be made by a separate management agency or an independent company to check and supervise the process for foreign investors.”

Housing demand in Vietnam is bigger than supply

In regards of the revised housing law, deputies said the revision was appropriate because it has widened the beneficiaries and conditions for overseas Vietnamese, foreign individuals and organizations to be able to buy and own houses in Vietnam. However, it’s still necessary to clarify the possible impact of the revised law on people’s rights to have accommodation, social safety and order, and the sustainable growth of the domestic real estate market.

A plenary session is scheduled to take place next month to discuss these two revised laws.