Reply To ::: Ronald Low Xpat.Life Forum → Asia-Pacific → Southeast Asia Vietnam real estate and foreign ownership Please log in to reply 24 replies to this topic #1 stv3n Posted 26 April 2011 - 02:57 PM hey guys just like to ask if anyone could help me with laws in vietnam in regards to purchasing of realestate and in terms on foreign ownership. thanks guys. #2 Kimloannguyenself Posted 27 April 2011 - 07:01 AM Its depends on wether you are a Viet Kieu or a fully foreigner . If you are a viet kieu and is married to a local then you are entitled to own property only if you be able to prove that you gonna live here at least 6 months per year . And as a fully foreigner you are not be able to own land here unless you are a biz owner that need to buy land to build factory , but you can buy a condo with 50 years leasehold but to be honest i have not known one foreigners that own a condo here on their name so i am not so sure if u can really do it even though there is a law for it B) #3 dglocke Posted 27 April 2011 - 08:14 AM Actually, full foreigners can buy real estate in Vietnam and has been fully legal for about 2 years now. The problem is at the local level many province level government employees dont fully understand the law. I am planning on buying a house in Vung Tau towards the end of the year. The only thing is that you need to have a VN citizen on the house book. The biggest problem we are facing is financing. Although it is legal now many banks still dont have proper mortgage loan packages available. #4 Kimloannguyenself Posted 27 April 2011 - 01:52 PM That is not true really as Last month i was acted as an interpreter for my friends husband at the goverment office for him to sign an Affidavit that he has nothing to do with the property which my friend purchasing . As foreigner still cant own land in Vietnam even though there is a law for it but still not affect YET . I own a house here and my husband had to sign the same Affidavit for me to be able to have the house in my name and also the same thing with my land . And for mortgage , there is mortgage available with every bank here but you have to prove that you have an income which has to be paid in by bank transfer (Banks that in VN) . But the mortgage interest here are crazy and why would you even consider doing that . even with ANZ their mortgage interest is more than 18% a year ... #5 dglocke Posted 27 April 2011 - 03:15 PM My friend who lives in the next house over from me bought his house a few months ago. He is from Australia and his wife is Vietnamese. He is listed as the owner of the house with his wife as co-owner. Vung Tau is a little different than Saigon. We plan on putting everything in my wifes name as it will make everything easier, I was just stating it is possible. I was really comparing mortgage loans from the US and Vietnam. #6 wasabi8899 Posted 09 May 2011 - 02:31 PM Hello Kim, Im also planning to buy a house in Vietnam, Hanoi. Im not very familiar with the term Viet Kieu. I was not born in Vietnam, I have never lived there, I dont speak Vietnamese much, but both of my parents are Vietnamese. Does it make me a Viet Kieu anyway? Do you know what kind of proofs I would need to provide to show them I would stay at least 6 months in Vietnam? In the case, Im viewed as a foreigner, I would like to know about the law you were talking about. Is there any way I can find that law on the web and read more about it? 18% interest rate is really high. Is that for everybody in Vietnam, even locals? What interest mortgage rate did you get if you dont mind asking? Also, can foreigners get a mortgage from a Vietnamese bank? If there is a law against foreigners to have a property in Vietnam, I guess mortgages would not be allowed for the foreigners from Vietnamese Bank? sorry, for all those questions. I tried to look into the web, but there is not much info about it or its pretty confusing. View Postdglocke, on 27 April 2011 - 03:15 PM, said: My friend who lives in the next house over from me bought his house a few months ago. He is from Australia and his wife is Vietnamese. He is listed as the owner of the house with his wife as co-owner. Vung Tau is a little different than Saigon. We plan on putting everything in my wifes name as it will make everything easier, I was just stating it is possible. I was really comparing mortgage loans from the US and Vietnam. Hello dglocke, Did your friend get a mortgage from a Vietnamese bank? If yes, what kind of interest mortgage did he get? Or did he use his own money to purchase his house? Thank you #7 Kimloannguyenself Posted 09 May 2011 - 05:18 PM Wasabi, yes you are a Viet Kieu :yawn: as u are viet by blood hehehe. and i think ur parents should be able to help you with the properties law for Viet kieu as i dont think there is anything written in english about those laws and i assume you do not read vietnamese (correct me if i am wrong) . what kind of proof you need to provied that u living here more than 6 months per year ?? >>Visa and stamps on ur passport i guess 18% is not the highest rate here as in the smaller banks they tend to have higher interest rate (coz they make it much easier for you to get a mortgage than those foreigner bank such as ANZ i listed below) and i dont do mortgage like most of all other vietnamese I think with HSBC and ANZ here , foreigners can be able to get a mortgage from those banks if they can provide the banks like proof of income, proof of residency (work permit,labour contract and bank statement which shows ur salary being paid to your account) I dont really know about Local banks since i dont use them at all #8 chingy_ Posted 10 May 2011 - 05:01 AM Quote but both of my parents are Vietnamese yes you are consider vietkieu, you wont have any problem buying property but it required you to live there for certain period of time. Quote 18% is not the highest rate here as in the smaller banks they tend to have higher interest rate good lord kimmi 18% interest #9 dglocke Posted 10 May 2011 - 06:04 AM According to a report by the State Bank of Vietnam, the highest lending interest rate now is 22 percent per annum. However, according to VTC, some banks are offering loans at the interest rate of 26 percent per annum. #10 chingy_ Posted 10 May 2011 - 10:04 AM gee! talking about mafia style lending. #11 eddyii Posted 21 March 2013 - 03:11 AM Hi everyone, i chanced upon this thread which is already a year old since the last reply. But i wish to ask more regarding this topic. Does it makes any difference if things were to be fully paid in cash? Which essentially skips the bank lending process. But the land laws will remain, certainly. But will it lubricate the whole process? #12 con_bravura Posted 22 March 2013 - 08:19 AM View Posteddyii, on 21 March 2013 - 03:11 AM, said: Hi everyone, i chanced upon this thread which is already a year old since the last reply. But i wish to ask more regarding this topic. Does it makes any difference if things were to be fully paid in cash? Which essentially skips the bank lending process. But the land laws will remain, certainly. But will it lubricate the whole process? Just as an aside, I vaguely remember my parents telling me that it was way more costly to get a mortgage in VN. As a result, I think cash is the preferred method by a lot of folks for home purchases. Im pretty sure thats what we were told when we tried to get financing to build a house for my grandpa. #13 lawcreac Posted 22 March 2013 - 10:40 AM Hi Eddyii, correct me if I am wrong but you are asking about buying the condominium and you are able to afford buying the apartment without mortgaging the condominium in question at the bank to get enough money right? Then you surely can! If you qualify the prerequisites that the Vnese government apply on foreigners buying house then go ahead. @ To people who are still interested in buying real estate property in Vietnam: Im a lawyer / legal adviser and I can assure you that, foreigner can have ownership over real estate in Vietnam! However, they can only own a condominium in a commercial house project. The duration of ownership is 50 years. After that, a foreigner has to bequeath, or to sell the house to get the value of the house. Please be noted that, not only people are able to buy condominium in Vietnam, entity with foreign element can as well! But the duration of such ownership will be fixed to match the duration of the entitys Investment Certificate (And is therefore normally, shorter). Lets say: an America investor establishes an LLC company in Vietnam. Such LLC company shall be able to have ownership over houses that they buy for the executives to live in. Last note: the law does allow foreigners & entity with foreign element to buy condominium apartment as I said but, many provincial governmental bodies do not fully understand and are scared of legal liability, therefore, 50% of the times, foreigners got rejected when they try to buy house in Vietnam. Oh, I nearly forgot to mention that entity and foreigner married with a Vietnamese have much easier time trying to persuade the governmental bodies to get their acceptance on such transaction! Anyways, if you are going to buy a house in Vietnam, keep those things in mind and I wish you good luck! You can ask me for free advisory work regarding the matter here as well. Cheers! Edited by TizMe, 22 March 2013 - 11:45 AM. read the rules #14 lawcreac Posted 23 March 2013 - 03:57 AM hey Mr. mod, as a lawyer who values originality and precision, i would rather not have other people to edit my own post. I you are going to post it with your edit, then i would rather NOT have it posted after all. I was new to the forum because I thought people here can use some real help from real lawyer. But this is such a rude and unfriendly manner, even worse than in a third world country. Well, good luck to you then, I am outta here. @Other people: sorry i cant be of help anymore, I do not like the restriction and ridiculous rules of this forum. #15 Morlar Posted 23 March 2013 - 04:41 AM If you object to our rules, you should not register at our forum. Good bye. #16 chris# one Posted 23 March 2013 - 01:04 PM A Vietnanese lawyer that may have been use to me at some time to buy/own property in Vietnam one day.You scared him off he seemed genuine (as far as lawyers go) cant trust them to do things in your best faviour (or in your best interest) He maybe a better and legit.person than you think Dont want to buy a condo. just s 2bedroom house in Mue ne or Nha trang or basicly anywhere by the water #17 britmaveric Posted 23 March 2013 - 01:17 PM Not a matter of scaring off - he can easily use pm system. No need for anything else or looks like its a business promotion and he would need to contact OE Admin on rates. #18 Morlar Posted 23 March 2013 - 01:33 PM You dont seriously think someone that comes here to solicit trade for themselves (something we consider to be an abuse of our community), and then demands the moderator lets them, is going to last more than a few minutes here do you? As a reminder... Public discussion of moderation, moderator decisions or policies is not allowed. Queries should be directed to the individual moderator privately. Moderators are not obliged to respond.The management of this website, which is a private dictatorship i.e not a democracy, shall not be obliged to answer for its decisions, set up, or policy... in any way. The link to the forum rules is always available at the bottom of every page. If you find these rules are not acceptable, you should not use Orient Expat. End of conversation. #19 Stocky Posted 24 March 2013 - 02:26 AM Not a very good lawyer if he didnt read and understand the fine print before signing up! I wouldnt use him to buy a cup of coffee let alone a condo. #20 stumpy Posted 24 March 2013 - 04:52 AM He did have a good dummy spit didnt he.... :laughing1: I agree with Stockys sentiments. #21 Cwhite1805 Posted 16 September 2013 - 10:11 PM Hi, Seems after the lawyers dummy spit the topic has died any chance of reviving it ? I am interested in buying a residential property in Danang and setting up a business I do have a partner in Danang and we will get married in 2014 #22 calmrivervn Posted 17 September 2013 - 08:11 AM If you are married with Vietnamese and have been living in Vietnam legally for more than one year, you can buy a house in Vietnam and own it for 50 years maximum. #23 thanhtrung1189 Posted 19 November 2013 - 10:34 AM Foreigner have 50 years leasehold ownership, but you can assign your property to other people, then why do you have to care too much about property ownership in Vietnam? #24 Khoa Posted 25 November 2013 - 07:28 PM Is the 50 year lease restricted to just condos or does this include real estate with land as well? #25 thanhtrung1189 Posted 28 November 2013 - 08:06 AM @Khoa: 50 years for both of them, during that amount of time you can assign it......
Posted on: Tue, 28 Oct 2014 05:16:06 +0000
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