Until recently, the protection of property rights in Vietnam was rudimentary at best: contracts were weakly enforced, dispute settlement could take years, and the state had ultimate ownership of all land. However, in 2003, some changes were brought about by a new land law. Foreigners can now engage in real-estate deals and lease land for 50-70 years which can be renewable. From 2009 onwards, foreigners who meet certain criteria can own apartments in Vietnam.
In line with the countryâ€™s bid to enter the WTO, an intellectual property law covering copyrights and industrial property, amongst other things, was enacted. However, intellectual property rights are often infringed and weakly enforced.