Real estate in Vietnam means the assets on the land (eg, trees, crops and any structures thereon) and the land use rights over the land. Therefore, legal ownership in real estate includes ownership over the tangible assets and the land use rights, and ownership over the assets is limited to the duration of the land use rights.

Land users typically receive a land use right certificate (LURC), which shows the rights of  land user on the property. There are different types of land usage rights which we discuss; however, it is important to note that under current law, foreigners can retain an LURC for 50 years, while locals can have one indefinitely.

1/Types of purchased property

Property to be purchased can be apartments or residential housing (including villas, terraced houses) satisfying the following requirements:

• The Property must be part of investment projects for the construction of commercial residential housing, and not be located in national defense and security areas. The Provincial Department of Construction (“Provincial DOC”) shall provide a list of permitted commercial residential housing projects for Foreigners; and
• Foreigners/foreign organizations are only entitled to purchase no more than 30 per cent of the total number of apartments in one apartment building; or to purchase no more than 250 individual residential houses in one area with the population size equivalent to that of an administrative unit at the ward level.

​2/Rights and interests of foreigners over purchased property

Foreigners purchasing Property in Vietnam are entitled to the following substantial rights and interests:

Possession: Owning the Property as agreed in the sales contract, but with the ownership term not exceeding 50 years from the date of issuance of the ownership certificate, which may be extended. Prior to the expiry of the ownership period, Foreigners can donate or sell the Property to subjects entitled to own Property in Vietnam. If not, upon expiry of the ownership period, the Property shall belong to the State. In case of being married to Vietnamese citizens, Foreigners may own the Property on a stable long-term basis and enjoy the same rights of residential house owners as conceded to Vietnamese citizens;

Enjoyment: Using the Property for residential purposes and other purposes that are not prohibited under the laws of Vietnam; and

Disposition: Foreigners have the same rights of residential house owners as Vietnamese citizens, subject to compliance with the regulations applying to foreigners. In principle, they have the following rights: selling (not for profit purposes), transferring the contract for sale and purchase, leasing out, granting hire purchase, donating, exchanging, bequeath, mortgaging, contributing as capital, lending, permitting others to reside rent-free in, or authorizing other persons to manage the residential house; in case of donation or bequeathal of a residential house to subjects not entitled to residential house ownership in Vietnam, such subjects may only enjoy the value of such residential house.

3/Our services on Real estate law consultant, including:

• Consulting on registration procedures, applying for a certificate of land use rights, ownership of houses and assets attached to land;
• Consultancy on procedures for legalizing houses and land, procedures for splitting plots, merging house and land blocks;
• Consultancy on house completion procedures, construction completion procedures, procedures for applying for housing construction permits;
• Consulting on all types of transaction contracts: Deposit contract, land use right transfer, house purchase and sale, mortgage, house lease, etc.
• Consulting procedures for land use conversion;
• Consulting procedures for inheritance and donation of land use rights;
• Procedures for transferring projects of new urban areas, housing projects, technical infrastructure projects of industrial parks and export processing zones;
• Consulting procedures for settling land disputes.

As a legal consultant, always accompanying investors in business activities in Vietnam, over the past year, Apolo Lawyers has continuously advised and supported foreign investors on the plan as well with many experienced years in drafting and consulting specific contracts in Vietnam.

Customers can connect us with many forms including direct law advice at the office, email counseling, telephone consultation and many other forms to create the best favorable conditions for clients. For customers who cannot directly meet the lawyers, you can choose to consult via Email, or WhatsApp.

Our company will offer the most effective solutions for customers, consulting in writing to ensure high accuracy, with legal basis. With the enthusiastic support from the company, the customer will spend not only a lot of time but also travel expenses.

For further information, contact us:

Apolo Lawyers - Solicitors & Litigators

Address: 10th Floor, PaxSky Building, No. 51 Nguyen Cu Trinh Street, District 1, Ho Chi Minh City

Binh Thanh Branch      

Address: 9th/F, Tower K&M Building, 33 Ung Van Khiem St., Binh Thanh Dist., HCM City

_____________________________

Tel: (028) 66.701.709 / (028) 35.059.349

Mobile 1/ Whatsapp 1: 0939.486.086 / Mobile 2/ Whatsapp 2: 0908.043.086

Email: contact@apolo.com.vn

Website: apololawyers.com

APOLO LAWYERS