The Vietnam News Agency (VNA) on July 2 quoted a document from northern Hung Yen Province’s Department of Construction as confirming the approval for foreign organizations and individuals to own residential properties in two projects developed in the province by Vinhomes JSC.

The province confirmed that the Dream City Ecological Urban Area project (Vinhomes Ocean Park 2) and the Dai An Urban Area project (Vinhomes Ocean Park 3) are not located in areas requiring security and defense protection, and foreign organizations and individuals are therefore permitted to own residential properties in these projects.

Moreover, the authority granted permission for foreign organizations and individuals to own up to 250 separate houses in each of the projects.

The number of condominium units that foreign organizations and individuals can own in these two projects must not exceed 30% of the total residential units in each building, however.

According to the Housing Law and the Land Law, which are expected to take effect from August 1, foreigners will be allowed to own residential properties for 50 years, with an option to extend ownership for another 50 years if desired. The ownership duration must be clearly stated on the certificate of ownership.

The Vinhomes Ocean Park 2 project is located in Nghia Tru and Long Hung communes in Van Giang district of Hung Yen province. Once completed, the project will provide approximately 124,000 apartments and over 2,000 semi-detached villas, terraced houses, and shop houses.

Meanwhile, Inhumes Ocean Park 3 covers an area of 294 hectares in Van Lam and Van Gang districts. It includes 10 apartment buildings and over 8,000 low-rise houses.