Vietnam has passed the amended Real Estate Business Law, which officially came into effect on January 1, 2025.
Let's take a look with ICAFAS at three important points that overseas Vietnamese should note if they are planning to buy, rent, or conduct real estate business in Vietnam.
First, overseas Vietnamese who retain Vietnamese citizenship under the nationality law and are permitted to enter Vietnam have the right to buy, lease, purchase, and conduct real estate business in Vietnam, just like Vietnamese citizens residing in the country, through the following forms:
- Invest in the construction of housing or buildings for sale, lease, or lease-purchase.
- Invest in building technical infrastructure within real estate projects to transfer, lease, or sublease land use rights with completed infrastructure.
- Purchase or lease-purchase housing, buildings, or floor areas within buildings for resale, lease, or lease-purchase.
- Receive the transfer of land use rights with completed technical infrastructure in real estate projects for resale or lease.
- Lease housing, buildings, or floor areas within buildings for sublease.
Lease land use rights with completed technical infrastructure in real estate projects for sublease.
- Receive the transfer of all or part of a real estate project to continue investment, development, and business operations.
Overseas Vietnamese who hold Vietnamese citizenship are allowed to purchase, lease-purchase housing, and conduct real estate business in Vietnam just like citizens residing in the country.
Second, under the new regulation in Clause 5, Article 23 of the 2023 Real Estate Business Law regarding deposits in housing transactions, developers are only allowed to collect a deposit of no more than 5% of the selling price or lease-purchase price of the property in order to protect buyersu2019 rights and reduce risks. The deposit agreement must clearly state the selling price.
Third, regarding payment regulations: if the buyer has not yet been granted a certificate of land use rights and ownership of assets attached to the land in accordance with land laws, the seller may not collect more than 95% of the contract value. The remaining amount must only be paid after the competent state authority issues the certificate of land use rights and ownership of assets attached to the land to the buyer in accordance with the law.
Therefore, starting from 2025, overseas Vietnamese will be able to own homes and invest in real estate in Vietnam more easily. At the same time, regulations on deposits and payments are designed to better protect buyers, helping reduce potential risks during real estate transactions.
Source: https://moc.gov.vn/vn/tin-tuc/1173/78690/quoc-hoi-thong-qua-luat-kinh-doanh-bat-dong-san-sua-doi.aspx
