Vietnam has become a better place for foreigners to visiting and staying.
Many chose Vietnam as home and they come to Ho Chi Minh City, Ha Noi, Da Nang,
Phu Quoc, Nha Trang… to buy real estates for living. Many foreigners consider
seeking understanding and with the advisory of their real estate lawyers in
Vietnam to purchase the property under their name for best interest protection.
There are a number of foreigners seek to cooperate with local Vietnamese under
investment agreement to invest in properties. It has always been suggested the
buyer or investor to receive legal advice from real estate lawyers and law firms in Vietnam before committing the
investment to a certain extent.
According to the Law on housing 2005, foreign organizations and individuals
investing in construction of houses for sale and lease in Vietnam have the
right to own the houses in Vietnam. However, according to the provisions of the
Law on housing 2014, the house owners expand and include foreigners being
investors building the houses under investor projects, foreign organizations
operating in Vietnam and foreign individuals being allowed to enter Vietnam under
the provisions of the Law on Entry, Exit, Transit and Residence of Foreigners
in Vietnam; and are not entitled to diplomatic privileges and immunities.
Under the provisions of the Law on housing 2014, foreign organizations and
individuals are allowed to own apartments, individual houses (villas and
townhouses) in commercial housing projects. The total number of foreign
individuals/organizations owned does not exceed 30% of an apartment building or
does not exceed 10% or 250 houses of a housing project. Foreign individuals may
own houses for up to 50 years and are allowed to extend for no more than 50
years. Foreign organizations own the houses according to the time limit on the
Investment Registration Certificate and the extension period. During the time
of owning the houses, foreign individuals are allowed to sublease, but foreign
organizations are not allowed to sublease the houses.
For foreign individuals/organizations, when buying the houses in Vietnam,
it is necessary to have a well drafted sales contract for purchase and sale of
the houses because all rights and obligations related to the purchase, sales
and ownership of houses are regulated in the contract. Therefore, the buyer
should consider the contract carefully, usually with the help of real estate
lawyers whom understand Vietnam laws before signing, in order to protect their
legitimate rights and interests.
The foreigner when buying and selling the houses, especially off-plan
house, need to also pay attention to the regulations on payment schedule in the
contract. According to Article 57 of the Law on housing 2015, the payment in
the purchase, sales, lease sales of the off-plan realestate in Vietnam is
carried out in installments, and the first time must not exceed 30% of the
contract value, the next times must be in accordance with the construction
schedule, however, not exceeding 50% of the contract value when not handed over
when the buyer is an enterprise with foreign investment, not exceeding 70% the
value of contract, if the buyer is the foreigner individual the payment is not
exceed 50% the value of the contract before handing over the house to the
buyer. Until the buyer is issued with a certificate of land use right,
ownership of houses and other assets attached to the land, the buyer shall pay
no more than 95% the value of contract.
Foreigners in Vietnam need to be assisted to be familiar with the laws
relating to the purchase and sale of real estate in order to protect their
legitimate rights and interests when participating in transactions in Vietnam.
It is important that the foreigners consider using the services of law firm in
Vietnam specializing in real estate to advise and help manage the transaction.
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