Land lease term for foreign investors in Vietnam

The term of land lease for foreign investors in Vietnam is 50 years, after the expiration of which is extended, it will be 70 years?

As stipulated in Article 126 of the Land Law 2013:

"Article 126 Land used for a definite term

    The duration of land assignment or recognition of agricultural land use rights for households and individuals directly engaged in agricultural production shall comply with the provisions of Clauses 1 and 2, Point b of Clause 3, Clause 4, and Clause 5, of Article 129. This law is 50 years. Upon the expiry of the time limit, households and individuals directly engaged in agricultural production shall, if so requested, be entitled to continue using the land within the time limit prescribed in this Clause.
    The duration of agricultural land lease for households and individuals shall not exceed 50 years. Upon the expiration of the land lease term, households or individuals, if any, shall be considered by the State for further land lease.
    The duration of land allocation or land lease to organizations for use in agricultural production, forestry, aquaculture or salt production; Organizations, households and individuals for use for commercial or service purposes as non-agricultural production bases; to organize the implementation of investment projects; Vietnamese residing overseas and foreign-invested enterprises to carry out investment projects in Vietnam shall be considered and decided on the basis of investment projects or applications for land allocation or lease. no more than 50 years.

          For projects with large investment capital but slow capital recovery, investment projects in geographical areas with difficult socio-economic conditions or geographical areas with exceptionally difficult socio-economic conditions, which need time The term of land allocation or lease shall not exceed 70 years.

          For projects on trading of houses for sale or for sale in combination with lease or for lease, the time limit for land allocation to investors shall be determined according to the duration of the projects; The buyers of houses associated with land use rights are entitled to stable and long-term land use.

          Upon the expiry of the time limit, the land user, if wishing to continue using such land, shall be considered by the State for the extension of the land use duration but not beyond the time limit specified in this Clause.

    The term of the lease of land for the construction of working offices of foreign organizations with diplomatic functions shall not exceed 99 years. Upon expiry of the duration, foreign organizations with diplomatic functions, if wishing to use land, shall be considered by the State for extension or lease of other land, each extension shall not exceed the time limit prescribed in this Clause.
    The lease term of land belonging to the agricultural land fund used for the public interest of the commune, ward or township shall not exceed 5 years.
    Land for construction of non-business works of public non-business organizations with financial autonomy specified in Clause 2, Article 147 of this Law and public works for business purposes shall not exceed 70 years.

          Upon the expiry of the time limit, the land user, if wishing to continue using such land, shall be considered by the State for the extension of the land use duration but not beyond the time limit specified in this Clause.

    For land lots used for many purposes, the land use duration shall be determined according to the duration of land categories used for the main purpose.
    The term of land allocation or lease stipulated in this Article shall be calculated from the date of issuance of the decision on allocation or lease of land by the competent State body. "

          Pursuant to Clause 3, Article 126 of the Land Law of 2013, the duration of land lease of foreign investors in Vietnam shall not exceed 50 years, after which the extension shall be extended, shall not exceed 70 years.