Vietnam relaxes foreign property ownership rule

Ho Chi Minh City

VIETNAM'S Parliament approved a law allowing broad foreign ownership of property, as the government seeks to boost an ailing real-estate market and accelerate economic growth. Foreigners with a valid visa as well as foreign companies and international organisations operating in Vietnam will now be permitted to purchase houses and apartments, according to the National Assembly's website on Tuesday.

Current laws restrict ownership to foreigners married to Vietnamese and th…