Buying In Vietnam
July 02, 2009 - Vietnam
There is no such thing as private ownership in Vietnam. Instead, buyers have "right of use," which more or less equates to ownership.
Ownership of property directly on the beach has to be on long-term leaseholds, terms are currently set at 50 years with the option to renew.
As of 1 January 2009, foreigners are allowed to purchase houses in Vietnam with a maximum ownership time (i.e. long-term leasehold) of 50 years.
According to the state-run Viet Nam News, non-Vietnamese buyers must fall into one of five categories to be eligible to purchase property:
- foreign individuals who have direct investments in Vietnam, or who are hired by enterprises currently operating in Vietnam to hold a managerial positions;
- foreigners honored by the President or Government for their contribution to Viet Nam;
- foreigners who work in socioeconomic fields, hold a bachelor's degree or higher and possess special knowledge and skills that Viet Nam needs;
- foreigners who marry Vietnamese residents;
- or foreign-invested companies working in Viet Nam that need to buy apartments for their foreign employees, excluding companies in the real-estate industry.