Vietnam is enjoying the property hot seat right now with many reports stating that the country’s economy is on a huge up rise. Vincom Joint Stock Co. reported a 33 percent increase in revenue for the first quarter of 2008 alone. The Vietnamese real estate developer reports that a range of clients signed contracts to rent stalls at higher rentals than usual.

A recent draft regulation that allows foreigners to “lease” property for a 70 year period has created quite a stir amongst foreign investors and foreign expatriates in Vietnam.

Discussions evolved over the fairness of allowing foreign nationals who work and pay taxes in the country and have the same rights as the Vietnamese itself when it comes to buying and selling property.

When private business was made legal in Vietnam back in 2000, a new stockmarket was born and with it came lowered trade barriers, soaring exports and imports and a new boom that places Vietnam as one of the most open economies in the world right now.

Vietnam certainly has made a turn out of its former poverty and famine. With bright and busy cities, modern living and a countryside that is getting more and more recognized by tourism it is no wonder that the country is along the fastest developing in all of Asia.

Over the past decade Vietnam has grown at a rate of 7.5 percent per year. Foreign direct investment (FDI) has risen to US$4.6 billion in the first four months of this year alone.

Many of those FDI dollars are being invested into resort developments and new hotel projects.

While most of the locals can’t afford to buy housing, the building boom will certainly help to create more jobs and put more money into their pockets. This trend has however also created an adverse effect by creating inflation due to overpriced produce because of the demand.

Despite this, the outlook for Vietnam is good and with the current way the economy grows, we will see more about this amazing country.

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