Sunset Town in the South of Phu Quoc Island (Kien Giang province). (Photo: Duong Giang/VNA)
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The passing of the revised Land Law by the Vietnamese National Assembly this past January represented a significant legal development that could impact various aspects of life and business for overseas Vietnamese, particularly for the Vietnamese community residing in the United Kingdom.
This assertion was made by Mr. Nguyen Minh Duc – Vice Chairman of the provisional Executive Committee of the Vietnamese Association in the UK (VAUK) during an interview with a correspondent from the Vietnam News Agency in London.
According to Mr. Nguyen Minh Duc, the amendment to the Land Law will help protect the rights and legitimate interests of investors, owners who are overseas Vietnamese, and will contribute to a more transparent and stable real estate market.
Mr. Duc shared that he has lived and worked in the UK for the past 30 years and owns an accounting business, and has witnessed many overseas Vietnamese having to ask relatives or friends to be the nominal owners when buying houses or land in Vietnam.
When disputes arise, unclear legal factors cause many inconveniences and costly expenses; in many cases, overseas Vietnamese have lost all their investment capital and assets in Vietnam, and have lost family and friendships.
Meanwhile, the investment potential of overseas Vietnamese in the Vietnamese real estate market is huge.
In fact, there is a high demand for Vietnamese real estate from overseas Vietnamese, especially from the first or second generations who have settled down and achieved economic stability abroad.
Most of them wish to return to their homeland after retirement, even if only to live part-time.
According to Mr. Nguyen Minh Duc, Vietnam is a developing country with an emerging market that remains attractive for investment, particularly in real estate.
The Vietnamese community abroad has witnessed many success stories in real estate business projects in Quang Ninh, Da Nang or Phu Quoc with profits many times higher than the initial capital when choosing the right time and location to invest.
This has made overseas Vietnamese even more eager to follow in the footsteps of their predecessors and invest more in the Vietnamese real estate market.
With many years of experience in community work and holding the position of Vice Chairman of VAUK, Mr. Duc commented that the amendment to the Land Law this time is not only a policy aimed at creating more favorable conditions for overseas Vietnamese to invest and live in Vietnam, but also demonstrates the consistency of the Party and State in “viewing Vietnamese people abroad as an inseparable part and a resource of the Vietnamese national community,” in line with the spirit of Resolution No. 36-NQ/TW, dated March 26, 2004, of the Politburo “On work related to Vietnamese people abroad.”
Mr. Nguyen Minh Duc said that the primary concern of overseas Vietnamese when investing in Vietnam is that their assets and interests are protected by domestic and international laws.
Therefore, the community hopes that the Government will provide specific guiding documents and an official legal advisory channel to support this issue.
Mr. Duc believes that overseas Vietnamese around the world will feel more secure using official channels instead of relying on external private services.
If local organizations or associations of the Vietnamese community are well-equipped with knowledge of the amended Land Law, it will be much easier to provide guidance and provide accurate, timely, and reliable information to overseas Vietnamese./.
Phong Ha
