Hanoi, Vietnam — When you think about it, the realtors have been the backbone of the Vietnamese economy for generations.But that's changing, and the market is changing too.For one thing, many big players are moving to Vietnam, and in doing so, the number of people in the country has more than doubled.That has led to a surge in the number and quality of homes being sold.The new supply of homes al...
You can buy a home in Vietnam with a visa and without having to prove you’re a tourist, thanks to a government program launched by President Tran Dai Quang.
The program, dubbed ‘Home for Vietnamese Citizens’ (HECV), allows Vietnamese citizens of any nationality to buy a property in the country with no visa requirement.
In order to qualify for the HECV program, applicants must demonstrate they can afford to pay around 50% of the cost of the property, with the rest going towards paying taxes.
It’s worth noting that Vietnam has a relatively low GDP per capita, so HECVs will be much cheaper than other foreign purchases.
The government will offer an average of $500,000 for a house with an assessed value of $1.6 million, but it’s not yet clear how much will be needed for a home worth $1 million or more.
«The government has been looking at ways to expand the market for Vietnam,» said Nguyễn Nguyên, director of the Centre for Economic Development at Nguyăng University of Business and Economics.
«We have many options.»
To qualify for HECv, applicants will need to demonstrate they are eligible for the Vietnamese government’s foreign tourist visa (FWT) program, which allows them to travel to Vietnam for a period of three months and then return to their country.
According to the government, those who have already registered for the FWT program, or who are registered for a new FWT application, will be able to apply for a HECVR at the same time as the Fwt program.
For those already registered, the program will allow them to apply in person or by mail, with no further requirements.
«The foreign tourist program allows Vietnamese-speakers to visit the country and work for the benefit of Vietnamese society, and it will help us to create jobs in Vietnam,» Nguyén said.
HECVRs are not free, but they do have a limited supply, and there is no limit on how much a family can spend.
It is not the first time Vietnam has implemented a visa-free program for Vietnamese citizens, with similar programs being offered in the Philippines, India and several other Asian countries.
However, Nguyîn said HECvr programs have proven to be quite popular, with Vietnamese residents now spending nearly $1 billion on their homes, with more than half of those households spending over $1,000 per month on their properties.
He said Hecvr programs are still very much in their infancy, and the government is working on further expansion of the program.»HECv is not perfect, but this program is being implemented in a very good way, so we can continue to do this in a good way,» he said.
«We want to make HECs as easy as possible to get started with.»
With this news, it appears the Vietnamese Embassy in Washington, D.C. has decided to offer a visa waiver to Vietnam’s foreign citizens.
[Honduras] ‘Hondurans can now rent out their homes without fear of being deported’: President Trán Dai Quan’s officeThe president has not announced his intentions on the visa waiver program, but said on Monday that his administration is considering extending the program in other countries.
«The Vietnamese people can now live like they have for many years,» he told reporters, adding that he is in talks with the US government about how to do that.
At the moment, HEC Vans are not allowed to move into other countries without first passing a security check, but if he does extend the visa program to Vietnam, there will be no need to do so.
To apply for the visa, Vietnamese nationals need to provide evidence of a security clearance and have their foreign passport stamped by an immigration officer, and then they’ll be granted a temporary permit allowing them to live in the US for up to 90 days.
If they do not receive a visa, they will be deported and will have to wait until the US administration approves their request to return home.
Nguyêna said HICV programs have also been used to help Vietnamese immigrants who were originally from the Philippines.
Vietnam is one of the only countries that does not require a foreign visitor visa for Vietnamese nationals, and as a result, many Vietnamese have used HICv programs to get a work visa in the past.
More to come.