The People's Committee of Bac Ninh Province, northern Vietnam, has officially announced two residential investment projects where foreign organizations and individuals are permitted to own property.
The first project is the Song Khe - Noi Hoang mixed-use and commercial service housing development, invested by Abey Holdings JSC. Under this project, foreign ownership is permitted specifically within the HH-OCT mixed-use building.
The second project is a mixed-use apartment complex located on Plot CT within the detailed planning of the high-end mixed-use and entertainment urban area in Tan Tien Ward. Developed by Soho Capital JSC, foreign nationals are eligible to own units in buildings R1 and R2.
According to local authorities, this move aims to improve the provincial investment environment and provide housing support for the foreign community currently living and working in Bac Ninh. Under Document No. 2303/UBND-XDCB, the Provincial People’s Committee has directed relevant departments to facilitate for purchase and rental of housing for foreigners.
Specifically, the Department of Construction has been tasked to lead and coordinate with the Provincial Police, the Provincial Military Command, and other relevant units to review and publicly disclose a list of commercial housing projects eligible for foreign ownership on the official portals of the province and the Department. This list must comply with the regulations set forth in the 2023 Housing Law. Furthermore, the department is responsible for proposing solutions to tap into the housing demand of the foreign community.
Project investors and real estate businesses are required to provide transparent and honest legal information regarding their projects, as well as the specific conditions under which foreigners can sign contracts for the purchase, lease-purchase, or rental of housing units.
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