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The NA resolution, which will take effect next year, limits the ownership period to a maximum of 120 years, including 70 years of extended ownership after the initial 50.

Richard Leech, executive director of CB Richard Ellis (CBRE) Vietnam, said he did not know �why [officials and lawmakers] spent so much time discussing foreign ownership.�

�It�s not buying. It�s a 50- to 70-year rent,� Leech said.

Choi Chul Gyu, chief executive officer of South Korean Infinity Design and Construction Company, said the policy �doesn�t open wide enough.�

�I guess just a few foreigners will both qualify and have the demand,� he said.

�The government should consider making more foreigners eligible too.�

Around 10,000 out of some 80,000 foreigners living in Vietnam will be eligible for apartment ownership.

Those eligible include investors, foreigners with Vietnamese spouses, and those who �possess special knowledge and skills that Vietnam needs.�

Jimmy Won, managing director of the South Korean Dongjin Company, said he was �happy� about the new policy.

�I want to stay here for a long time, but the rent is too high,� he said.

Graham Potter, director of marketing and business develop ment at Long Hai Security Services Joint Stock Co. in Ho Chi Minh City, called the initiative �a step in the right direction� but still insufficient.

�I have resided and worked legally in the city for 13 years and always paid personal income tax, but it seems that I still don�t qualify to have my own house here,� said Potter, who currently rents a house in HCMC�s Phu Nhuan District.

He said allowing foreigners to owna house would benefit Vietnam a great deal.

�This law should be expanded to people who are considering retiring in Vietnam,� he suggested.

�They will spend their money in Vietnam and will continue supporting the country and its people.�

Market unchanged

This is what i extracted from a website which may be useful for any brudders who intend to buy a house in Vietnam. Unless you intend to have a BX in HCM or set up business there to qualify.
Nguyen Manh Ha, director of the Construction Ministry�s Housing Management, said there would be no price increases immediately following the program�s approval as the number of foreign buyers waslimited and apartment supply was soaring.

Vo Dinh Quoc, CEO of ABLand Real Estate Investment Company, said he expected the policy would have long-term effects.

�More and more investors will come to Vietnam, creating more demand for foreign ownership.�

But for now, Leech from CBRE Vietnam said, the approval was �not going to have any clear impact on the market.�