» 3 useful FAQs for foreign buyers in Vietnam
3 useful FAQs for foreign buyers in Vietnam
Viet Nam is one of Southeast Asia’s premier emerging markets. From 2014 to 2016, Viet Nam’s economy recovered, with strong GDP growth of 5.4%, 6.0% and 6.7% mostly due to the implementation of effective monetary policy. The positive signals of the economy and new updated land laws have led to a significant growth in demand from foreign buyers aiming to own properties in Vietnam.
1. What are the regulations on foreign property ownership in Viet Nam?
Current Law: effective 1 July 2015
Who: Foreigners permitted entry to Viet Nam.
Property: Residential properties: apartments and landed houses
30% total units of any apartment development
10% of landed villa and/or housing project stock
250 landed properties in one administrative ward
Duration: 50 year leasehold with extension, subject to authority approval
Purpose: Living, sale, lease, inheritance, gift or donation.
2. A local bank account
To ensure more seamless transfer for local property purchases, foreign investors are advised to set up a local bank account. There are many international banks in Viet Nam such as: Shinhan Bank, Citi Bank, HSBC and Standard Chartered.