Housing ownership of overseas Vietnamese (Vietkieu) & Foreigners
Note: The information contained herein is for your reference only. You will be responsible for seeking your own legal advice relating to the apartment purchase
On 25th November 2014, the Vietnam’s National Assembly passed the long-awaited amended Housing Law that addresses a number of issues including regulations on foreign ownership of properties in Vietnam, replacing the pilot scheme that expired in December 2013.
The new law which is effective from 01st July 2015, removes many of the previous restrictions on foreign individual buyers.
The Decree guiding the new law was also passed on 20th October 2015 and is of full force and effect from 10th December 2015, summarized as below:
FOREIGNER PURCHASING HOUSE IN VIETNAM
||- All foreigners who are allowed to enter Vietnam and not entitled to diplomatic or consular immunity and privilege.
- All foreign-invested companies, branches, rep offices of overseas companies, foreign investment funds, branches of foreign banks currently operating in Vietnam.
|Type of house
||Apartments + landed property (villas and townhouses) within the commercial residential housing projects
||-Individuals: a valid passport with a stamp of Vietnamese custom to allow to enter Vietnam.
-Organizations: investment certificate in Vietnam
||- Apartments: 30% of 1 building; in case there is more than 1 building within 1 ward, the total number of apartments owned by foreigners shall not over 30% of all apartments of these buildings.
- Landed house: 10% or 250 units of 1 residential housing projects
||-Foreign individuals: maximum 50 years + extension of maximum 50 years
- Foreign individuals married to Vietnamese citizens or Viet Kieu: free-hold
- Foreign Organizations: not exceed the project terms on its investment registration certificate (IRC) + extension if its IRC is extended
||- YES to foreign individuals
- NO to foreign organizations
Foreign individuals/organizations can only buy houses/apartments from the developers of commercial residential housing projects and foreign individuals/organizations who already bought the houses/apartments and want to re-sell. In case of a resale, the foreign individual/organization can only enjoy the remaining term of the previous foreign owner.
- Buyer/owner 1 has an ownership certificate for 50 years
- Buyer/owner 1 has used the house/apartment for 10 years
- Buyer/owner 2 will be entitled to the remainder 40 years of the ownership
OVERSEAS VIETNAMESE (VIETKIEU) PURCHASING HOUSE IN VIETNAM
||All Viet Kieu who are allowed to enter Vietnam.
Viet Kieu are those who are holding or were holding Vietnamese nationality (determined based on the blood-relation principle) and are residing overseas.
Documents to prove Vietnamese nationality:
- Certificate of birth;
- Identification Card; or
- Vietnamese passport.
|Type of property
||Apartments + landed property (villas and townhouses)
Land lot within commercial residential housing project to build house on such land
||Not mentioned in the law
|Ownership Term, Rights, and Obligations to the House
||Same as Vietnamese