FAQs
Why invest in Vietnam Real Estate Market?
The Real Estate market in Vietnam has just
open in 2015, it is a new, dynamic market with big room of development.
Who is eligible to purchase Property in Vietnam?
People who entered Vietnam legally is able to
buy with leasehold of 50 years and 1 extension up to 100 years. They would have
full rights (as Vietnamese): Buy, Sell, Gift, Inherit…
What kind of property that foreigner can own in Vietnam?
Foreigners can own any kind of property which
belong to commercial projects: Apartments, Condominiums, Land house… in their
own names, provided that the total number of foreign held units does not exceed
30% of the total number of units in a particular condominium block or 250 units
of land house in a Ward. The owner of each property obtains a certificate of
unit ownership.
What are the Service Charges (maintenance fee) for Condominiums?
Service charges are rather low in Vietnam.
They are used to maintain the common areas of the building like lifts, pools
and corridors. They vary considerably according to the degree of luxury
provided by the existing infrastructure.
Do I need bank account in Vietnam to buy property?
Not necessary. You can open an account in Vietnam to
transfer money from outside of Vietnam to the account and from the account to
Developer’s. Or transferring money directly to Developer's account from outside of Vietnam (Ask Developer for accepted currency).
Can I sell my property in the future? To Whom?
Of course it is possible to sell your property in the future, the buyers are Vietnamese or Foreigners. If selling to Foreigners, leasehold would transfer directly to new owner and keep the number of years left. If selling to Vietnamese, the leasehold right would convert to Freehold. Tax is 2% on total amount.Vietnam Property Taxes
Transfer tax
2% of the registered value of the property.
Register tax and fee 0.65%
of registered value.
DECREE: DETAILED REGULATIONS AND GUIDELINES FOR IMPLEMENTATION OF A NUMBER OF ARTICLES OF HOUSING LAW
Article 5. Documents proving the object is owned houses
1. For organizations, households
and individuals in the country when the procedures for granting certificates of
land use rights, ownership of houses and other assets attached to land
(hereinafter referred to as certificates ) they must have ID papers identify
objects under the provisions of the certificate of land legislation.
2. For Vietnam residing abroad
must have papers according to the following provisions:
a) Where Vietnam passport must be
valid and verifiable stamped immigration authorities of entry and exit Vietnam
at the passport;
b) Where a foreign passport must
be valid with stamp verifying immigration authorities of entry and exit Vietnam
at passport and accompanied by proof of nationality Vietnam or papers
confirmation is originally from Vietnam by Department of Justice of the
provinces and centrally-run cities, Vietnam representative offices abroad, the
management agency of Vietnam people overseas or other prescribed documents
Vietnam law.
3. For organizations, foreign
individuals must have proof of the object as defined in Article 74 of this
Decree; Foreign individual have confirmed the original papers Vietnam, have the
right to choose an object of application are Vietnam residing abroad or foreign
individuals to determine the ownership of houses in Vietnam.
RESIDENTIAL PROPERTY IN VIETNAM OF ORGANIZATIONS AND INDIVIDUALS ABROAD
Article 74. Documents proving the object and conditions of housing property in Vietnam
1. For foreign individuals must
have a valid passport stamped to verify immigration authorities of entry and
exit Vietnam and not entitled to the privileges and immunities of diplomatic
prescribed Ordinance on privileges and immunities for diplomatic representative
offices, consulates and representative offices of international organizations
in Vietnam.
2. For foreign institutions must
be subject to the provisions of Article 159 of the Housing Law and have the
certificate of registration of investment or document issued by the competent
authorities of Vietnam to operate in Vietnam valid at the time of conclusion of
the transaction for housing (hereinafter referred to as the certificate of
registration of the investment).
Article 75. Area which organizations and individuals have rights to own houses
1. Organizations and individuals
may only own houses (including apartments and individual houses) in investment
projects in commercial housing construction, except for the area to ensure
defense and security in accordance with the law of Vietnam.
2. The Ministry of Defense,
Ministry of Public Security shall specify the area to ensure security and
defense in each locality and written notice to the provincial People's
Committee to make based steering DoC specified investment portfolio built
commercial housing in the province does not allow organization or foreign
individual ownership of housing.
Article 76. The number of housing organizations or individuals to own
1. Based on information from the
Ministry of Defense, Ministry of Public Security and the direction of the
provincial People's Committee under the provisions of Clause 2, Article 75 of
this Decree, the Department of Construction is responsible publicized on the
Portal Electronic Information Department of the following:
a) The list of investment
projects in housing construction in the locality in the region that
organizations and individuals are not allowed to own houses;
b) Number of dwellings (including
apartments, detached houses) which organizations or individuals are owned in
each investment project housing construction is not subject to regulation at
this point a paragraph; number of apartments in each apartment building, the
amount of each individual housing projects that organizations and individuals
are owned abroad;
c) The number of housing
organizations or individuals have purchased, leased, were granted certificates
at each investment project housing construction;
d) The number of apartments that
organizations and individuals are owned in a case in areas with a population
equivalent of a ward-level administrative units have many apartment buildings;
number of individual houses which organizations and foreign individuals to own
in one case on a region with a population equivalent of a ward-level
administrative units that have one or more projects, but total number of houses
less individual or equivalent by 2,500 units.
2. Organizations and individuals
are entitled to own houses in Vietnam may purchase, lease-purchase housing
project investors build houses, buy houses of organizations and individuals
provided in Point b Paragraph 4 of Article 7 of this Decree and only
inheritance, donation of household housing, personal or donation of housing organizations
in the number of houses under the provisions of subsection 3, paragraph 4 of
this Article in the investment projects of housing construction is allowed to
own; Where organizations, foreign individuals to donate or inherited houses in
Vietnam but not entitled to own houses in Vietnam shall be settled as provided
for in Article 78 of this Decree.
3. Organizations and individuals
are permitted to own no more than 30% of the apartments of an apartment
building; case on a region with a population equivalent administrative unit
ward that many apartment buildings for sale or lease purchase, the
organizations and individuals may only own less than 30% of the apartments of
each apartment building and not exceed 30% of the apartments of all the
apartment buildings.
4. Where in a region with a
population equivalent of a ward-level administrative units that have investment
projects construction of commercial housing, including detached houses for sale
or lease purchase, the organization, foreign individuals owning number of
separate houses according to the following provisions:
a) Where there is only one
project that the number of separate houses less than 2,500 units, the
organizations and individuals may only own less than 10% of the total number of
houses in that project;
b) Where there is only one
project that the number of separate houses, the equivalent of 2,500
organizations and individuals may only own less than 250 units;
c) Where there are two or more
projects that the total number of separate houses in these projects less than
or equal to 2,500 units, the organizations and individuals may only own less
than 10% of the number of houses each project.
5. MOC specific instructions how
to determine the number of houses that organizations and individuals are owned
stipulated in Paragraph 3 and 4 of this article.
Article 77. Extension of period owned houses in Vietnam's organizations, foreign individuals
1. Where a foreign individual
ownership of housing as defined in Article 2 point c of Article 161 of the Housing
Law, the extension period house ownership is defined as follows:
a) before the expiration of 03
months of ownership housing, if owners wish to extend the application must be
clearly stated deadline extension proposal together with a certified copy of the
certificate for housing and sent to the provincial People's Committee where the
house that consideration and settlement;
b) Within 30 days from the date
of receipt of application by the owner, the provincial People's Committee for
consideration and written consent deadline extended once owned housing at the
request of the owner ownership but not
exceeding 50 years from the expiration of the first time home owner stated on
the certificate, except in cases provided for in Paragraph 3 of this
Article;
c) Pursuant to a written consent
for extension of the provincial People's Committee, the competent authority for
certificates shall record on the certificate renewal; Certificate authorities
to back a copy of the certificate and transfer to the Department of Construction
for monitoring.
2. If a foreign organization
owned housing deadline prescribed in Clause 2, Article 161 of the Housing Law,
the extension period house ownership is defined as follows:
a) before the expiration of 03
months of ownership housing, if owners wish to extend the application must be
clearly stated deadline extension proposal together with a certified copy of
the certificate for housing and certificates of registered investments were
competent agencies of Vietnam to extend the operation and sent to the
provincial People's Committee where the house in which to consider and resolve;
b) Within 30 days from the date
of receipt of application by the owner, the provincial People's Committee for
consideration and written consent deadline extended once owned housing at the
request of the owner ownership but not exceeding the time limit stated on the
certificate of registration of investment was competent agencies of Vietnam to
extend the operation;
c) Pursuant to a written consent
for extension of the provincial People's Committee, the competent authority for
certificates shall record on the certificate renewal; Certificate authorities
to back a copy of the certificate and transfer to the Department of
Construction for monitoring.
3. If on the expiry of first
ownership by individuals and foreign organizations with competent agencies of
Vietnam decided to force the exit or forced termination of operations in
Vietnam shall not be extended deadline property as defined in Paragraph 1, Item
2 of this Article; Housing objects are processed in accordance with Clause 3 of
Article 8 of this Decree.
Article 78. The case is not recognized ownership of houses in Vietnam
1. Organizations and individuals
under circumstances specified below, shall not be granted certification for the
houses that can only be sold or donated to these houses to objects owned houses
in Vietnam:
a) Organizations and individuals
donated to or inherited houses located in areas not subject to ownership as
provided for in Article 75 of this Decree or exceed the number of houses under
ownership permitted provisions of paragraph 3, paragraph 4 of Article 76 of
this Decree;
b) Foreign organizations not
operating in Vietnam, foreign individuals are not allowed to enter Vietnam but
being donated or inherited houses in Vietnam.
2. Subject to the provisions in
point a paragraph 1 of this article are direct or authorize others to sell or
donate houses; subjects specified in Clause 1 of this Article may authorize
individual or organization residing and operating in Vietnam sell or donate
houses.
3. The sale, house donation of
objects specified in Paragraph 2 of this Article shall be conducted with the
papers according to the following provisions:
a) Contracts awarded for papers
on inherited housing is made under the provisions of law on housing and civil
laws of Vietnam;
b) Proof of ownership of the
donor's house, the bequest under the provisions of the Housing Law and Article
72 of this Decree;
c) There is a written
authorization to sell or donate houses made under civil law if the other person
authorized to sell, donate houses.
4. The order and procedures for
sale, house donation of objects specified in paragraph 2 of this Article shall
comply with the provisions of the Housing Law and this Decree.
5. In the case of the object are
inherited housing both entitled to own houses in Vietnam and who are not
entitled to own houses in Vietnam, the parties have agreed inherited division
This residential property in one of the following cases:
a) The parties agree to request
the competent authority for certificates for such housing for people entitled
to own houses in Vietnam;
b) The parties agree to implement
donate or sell these houses to entities eligible to own houses in Vietnam under
the provisions of Paragraph 2, Item 3 of this Article to enjoy value.
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