Can foreigners buy real estate in Vietnam?
According to Clause 1, Article 75 of Decree 99/2015/ND-CP, foreign organizations and individuals are only allowed to own houses (including apartments and separate houses) in investment projects on housing construction. commerce, except for areas where national defense and security are ensured in accordance with Vietnamese law. Accordingly, foreign individuals do not have the right to use land in Vietnam, that is, foreigners will not be able to buy land or buy the whole house.
Regarding house ownership, Point b, Clause 2, Article 159 of the Law on Housing 2014 stipulates: Foreign individuals can only own houses in Vietnam through the following forms: “b) Buy, rent-purchase, receive as gifts. give or receive inheritance of commercial houses, including apartments and separate houses in housing construction investment projects, except for areas ensuring national defense and security as prescribed by the Government.”
Thus, foreigners are allowed to buy apartments and separate houses, but they must be in the area of commercial housing investment projects, except for areas ensuring national defense and security as prescribed. In other words, foreigners are still allowed to buy individual houses but are limited in geographical area, security and defense. The areas for ensuring national defense and security in each locality shall be determined by the Ministry of National Defense and the Ministry of Public Security and notified in writing to the People’s Committees of provinces and centrally run cities for use as a basis for directing the Department of Construction to identify specifying a list of investment projects to build commercial houses in the area, allowing foreign organizations and individuals to own houses.
Please contact a lawyer of Minh Anh Law Firm for advice to help limit risks when buying real estate in Vietnam