August 13, 2008

Vietnam to Allow Foreigners to Practice Realty Brokerage

Vietnam to allow foreigners to practice realty brokerage

HANOI, Aug. 12 (Xinhua) -- Foreign real estate brokers with valid licenses granted by foreign agencies will be permitted to practice in Vietnam, Vietnam News Agency on Tuesday quoted the country's Construction Ministry as reporting.

The licenses must be translated into Vietnamese, notarized or certified in accordance with the Vietnamese law, and sent to local agencies in charge of managing real estate business activities.

The ministry will issue specific regulations on granting real estate brokerage and appraisal certificates to foreign individuals in the coming time.

Vietnam, with a population of some 87 million, needs to build 366 million square meters of residences, including 176 million square meters in urban areas and 190 million square meters in rural areas in the 2007-2010 period, according to the Vietnam Property and Land Association.

Vietnam's policy of permitting overseas Vietnamese to buy houses in the country, and its quicker urbanization pace and clearer legal corridor for the realty market are expected to boost the market's development in the future.

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