Can foreigners own property or buy land in Vietnam? that is a topic of increasing interest many people. Because of the rapid economic development, attracting FDI massively poured into Binh Duong. Many companies and factories were built, creating countless jobs, inviting many foreign experts to work and live, leading to an increasing demand for housing. And if you are a foreigner interested in buying property in Vietnam, you need to have some knowledge about how the property market works. So, let’s know some solid information before you decide to be part of Vietnam’s property market as a foreign investor.

Can foreigners buy property in Vietnam?

The answer is ‘yes’ for the houses. According to Vietnamese law, foreigners do not have any restrictions on the number of houses, or units, or properties they can buy. All the foreigners who have a Vietnamese visa stamp on their passport are permitted to buy a property in Vietnam. But, the scenario will be different if they are enjoying diplomatic or consular immunities and privileges, as it is not applicable.

Not only the individuals but also the foreign companies, foreign investment branches of foreign banks that are being operated in Vietnam also have permission to purchase the property of residential projects. The local government launched the Vietnamese Law on Residential Housing in 2015. This law made it easier to buy property in Vietnam.

Can foreigners buy land in Vietnam?

The answer is ‘no’ for the lands. Although foreigners can purchase houses, they are not allowed to own the land like many other countries in Southeast Asia. In Vietnam, the land is a national good; for this reason, only the structures built on the land are allowed to be purchased, not the whole land that they are on it. In fact, even the citizens of the country are not allowed to own lands, unless the Vietnamese people collectively own them. Still, the lands are governed by the state.

However, the law allows foreign companies and individuals to lease the land for up to 50 years. But in some cases, it can be up to 70 to 99 years. Regardless of whether the rules and regulations are getting increasingly comfortable and prone to loosen up more, later on, it is vital for you to be still mindful. For instance, there isn’t anything to ensure that you can generally refresh your lease time.

Real estate foreign ownership in Vietnam

Before you can buy real estate in Vietnam, It’s essential for you to obtain your property ownership certificate from the Vietnamese government. This certificate is commonly called the Pink Book and it’s a document that expresses your full ownership of properties or any other assets in Vietnam.

Moreover, there is a restriction for foreigners on buying a maximum of 30% of the units in condominiums. They are not allowed to buy more than 10% of the properties in a landed project. They are not allowed to buy property in areas reserved for national defense and security. To know more about the areas reserved for national defense and security, you should check in with the department of construction in your area. When the foreigner is married to a Vietnamese citizen, the journey gets totally uncomplicated for him/her since he/she can have the same rights for ownership as the citizens of the country.

Getting started with property in Vietnam

When planning on buying property or setting up a company in Vietnam, it is wise to seek legal advisory beforehand.