Buying a property in Vietnam

Vietnamese government has not even determined all the rules, yet. Good luck to those that have bought without the rules in place. Here is a news report:

http://tuoitrenews.vn/business/39373/se … developers

I can shed some light on the process. I'm a lawyer in Vietnam, and have assisted foreign clients in buying property here. I'm a foreigner myself, and have personally purchased an apartment in VN.

can I own a property in VN? (please note: not just my wife, but also myself)

Yes - either by yourself or together with your wife. As a foreigner married to a Vietnamese, under law, you'll enjoy the same home ownership rights as enjoyed by Vietnamese citizens - e.g., not being subject to the usual 50 year ownership period applied to foreigners.

- are there limitations as to what/where to buy?

As foreigner, your property selection is limited to project-based housing. You generally can only purchase housing (villa, apartment, etc.) linked to a development project. Currently many around in VN - some developed, many still off-the-plan.

Generally, older existing houses would be a no go.

- any reputable law firms that would assist with the process?

Many around. Though I suggest you start first with a decent real estate agent to identify suitable projects. They can also help connect you with a lawyer if you ask.

The lawyer will help with (i) checking the developer's documentation to ensure what you buy has received all valid papers under law, (ii) reviewing the deposit agreement / sale and purchase agreement, (iii) negotiating with the developer or agent.

- can I then resell, if I change my mind?

Yes. Recently, due to real estate boom, many investors - both local and foreign - have been "flipping" property for a quick profit. Re-selling is doable process and usually not many issues, depending at which stage you plan to sell.

7Steven wrote:

Vietnamese government has not even determined all the rules, yet. Good luck to those that have bought without the rules in place. Here is a news report:

http://tuoitrenews.vn/business/39373/se … developers

Hi Steven,
Yep..it's still a dogs breakfast.  Nothing has really changed because the National Assembly recently stated that the  Interpretation , Implementation & Dispute resolution involving the new property dealings are to be handled by "local" authorities.......so get the coffee money ready.

Besides,....there's some dark clouds on the horizon for the economy here. 

Every day we read about the South China Sea dispute.  If that situation escalates into any kind of military confrontation the only thing you'll want to buy here will be a Plane ticket out of the joint.

"..a Plane ticket out of the joint..? "

..for the silent majority, maybe, but we all know
007 is a man of action...    Well, was...

Hiding in plain site is my personal ploy   

Salut,

We are currently purchasing an apartment. (I'm French too)
Having your wife as a Vietnamese will help a lot, as she will be able to purchase it.
I'm not sure tho, but I heard you are entitled to own a house as a couple if one of them is Vietnamese. (VN Passport).

For non VN people, the only way is to purchase from either:
- Project developer directly (Meaning new housing / not yet delivered)
- Foreigner owning a house (Second hand then), but he/she must have the pink book. (not many are selling and they tend to increase the price for this benefit actually)

For us, we are purchasing a new unit directly from the project developer.
(A lot of agents told us we could purchase on the secondary market, but it is not legal in fact, but you know, they might know a friend of a friend, blah blah)

Good luck !