Can expats buy properties in Vietnam? And where should they choose?

Nguyen Anh Thu17/06/2021

Living in Hanoi can bring a true taste of Oriental life. Vietnam was once a country of low population density with a history closely associated with war. Today, however, it is becoming increasingly popular as a tourist destination and especially, a promising land of work and new opportunities. As for the surging number of expats in Hanoi – the capital city of Vietnam, Hanoi housing market for them is more developed than ever. The most important question in this case is that: “Can expats buy properties in Vietnam?”

Vietnam has become more and more popular as a destination for foreigners in recent years and it is now recognized as a safe place for foreigners to live and work. Foreigners are attracted by good weather, low cost of living, vibrant culture and stable improvement in Vietnam’s infrastructure.

Can expats buy properties in Vietnam – Hanoi housing?

Current law of Vietnam has many open policies for foreigners who want to own properties in Vietnam. However, there are still many limitations. Procedures for foreigners to buy properties in Vietnam are quite complicated and are stipulated in the Housing Law 2014; Resolution No. 19/2008/QH12. According to Clause 1, Article 3 of Resolution No. 19/2008 / QH12, Conditions for foreigners and Vietnamese overseas Vietnamese to buy houses in Vietnam are noted as below:

“1. Foreign individuals defined in Clauses 1, 2, 3 and 4, Article 2 of this Resolution must be living in Vietnam and permitted by the competent Vietnamese state agencies to reside in Vietnam from a years or more and not entitled to diplomatic or consular privileges and immunities under Vietnamese law. “

Can expats buy properties in Vietnam?

Who can buy properties in Vietnam?

• Foreign organizations and individuals invest in the construction of houses according to projects in Vietnam according to the provisions of this Law and relevant laws;
• Foreign-invested enterprises, branches and representative offices of foreign enterprises, foreign investment funds and foreign bank branches operating in Vietnam (hereinafter referred collectively to as organizations) foreign);
• Foreign individuals are allowed to enter Vietnam.

What are the forms of ownership of properties in Vietnam?

• Investment in building houses belonging to projects in Vietnam in accordance to the provisions of the Housing Law and relevant laws;
• Purchase, rental, receival and inheritance of commercial properties including apartments and separate houses in housing construction investment projects. (Except housing projects in the area of national defense and security under the regulations of the Government of Vietnam).

Conditions, rights and obligations of foreigners buying houses in Vietnam

• For individuals and organizations investing in the construction of houses under projects in Vietnam when owning houses in Vietnam, they must meet the following conditions: Have an investment certificate and Products built in the project in accordance with the housing law

• For foreign organizations being foreign-invested enterprises, branches and representative offices of foreign enterprises, foreign investment funds and foreign bank branches operating in Vietnam when buying houses In Vietnam, the following conditions must be met: Having an investment certificate or papers related to the permission to operate in Vietnam (hereinafter referred to as investment certificate) issued by a competent state agency of Vietnam.

• For foreign individuals buying houses in Vietnam: Being allowed to enter Vietnam and not entitled to diplomatic or consular privileges and immunities under the provisions of law.

Where should expats stay at?

Ho Tay was once the destination of many expats but now, the population of this community has scattered throughout the city of Hanoi. While Tay Ho is the home of most of the westerners in Vietnam who come from Europe, America, Australia, etc., Nam Tu Liem District is the newly developing area with many services and amenities for Asians including Koreans, Japanese and Singaporeans. Regarding the possession of real estate by foreigners, since 2014, the Housing Law has been amended to create favorable conditions for foreigners to buy properties in Vietnam.

Where should expats stay in Hanoi?

The western area of ​​Hanoi is an attraction to expats from Korea, Japan, Malaysia, Singapore to buy and rent apartments in Hanoi. In recent open-sale projects, the number of foreign buyers buying apartments in the Western Capital area is increasing.

While Nam Tu Liem is the center of many ministries, national key projects, Cau Giay is the heart of the information technology zone as well as the headquarters of many businesses and large enterprises, both domestic and abroad.

Not only that, the transport infrastructure in this area is quite modern and stable, which is convenient for moving to different areas in the inner city. The facilities and services in this area serve all aspects of life such as education, health, green parks, regulating lakes, shopping to entertainment. These features are the factors that foreign customers pay special attention to when choosing an apartment for rent in Hanoi (view more at: https://alphahousing.vn