OBS_VALUE: All land is owned by the people and governed by the state on their behalf. There is no private ownership of land but there is right to use land (LUR) in the form of LUR certificates granting to individuals and organizations by way of land allocation or lease. The LUR is distinct from the ownership of buildings constructed on the land, which can be recognised private ownership.Before July 2014, only Vietnamese individuals or companies could be granted a LUR in the form of freehold right. Foreign enterprise could only obtain a freehold right if in association with a local partnerSince July 2014, both foreign and domestic enterprise are allowed to obtain freehold rights for residential land and leasehold rights for commercial and residential land for lease. But only a legal entity established under the laws of Vietnam can acquire LUR (foreign investor must establish a firm in Vietnam either alone or with a joint venture partner). A foreigner can obtain a land lease only for the duration of the investment project. (max 50 years, can be renewed up to 70). Since 2015, a foreign enterprise is also allowed to purchase constructed real estate for business purposes on a freehold basis.