Gateway Thao Dien apartment in District 2

The figures are a 50% increase on the equivalent period of the previous year.  The first half of 2014 saw $1.13bn FDI enhance the market, itself seen at the time as an encouraging figure.

This new money coincides with wider investment trends in construction of new property and infrastructure, particularly in areas around the country’s economic capital, Ho Chi Minh City.  The construction of new retail and commercial units, on top of transport developments such as the new Metro line, are said to be worth close to $9bn dollars – with even better figures expected in the latter half of the year.

The figure of $1.69bn, released by the Ministry of Planning and Investment, covers the year until the end of June.  Crucially, this was the period immediately before legal changes, allowing foreign individuals and companies to buy property in Vietnam, were enacted on the 1^st of July – an act expected to dramatically increase the inward flow of overseas capital. 

With pre-changes FDI accounting for around 19% of the year’s new money, experts are predicting an even greater upsurge in interest from overseas buyers.

Asset ownership opportunities

Industry leaders are suggesting that foreign businesses – already attracted to Vietnam due to lower labor costs and capital investment requirements – will be further enticed by the prospect of fully owning production units such as factories and warehouses.

CBRE Vietnam is one such leader backing the claim of Vietnam’s increasing appeal to overseas enterprises.  Mrs. Nguyen Hoai An, VP of research for CBRE, says “The potential ROI (return on investment) for businesses taking root in Vietnam is substantially higher than key regional competitors.  Such large-scale expansion and economic repurposing, as is happening in the east of HCMC, just isn’t possible in space-restricted island-states like Hong Kong or Singapore.  Additional asset ownership opportunities simply sweeten the deal for wavering speculators.”

Residential property benefit

The $1.69bn in FDI is focused 22 new or extended projects.  These include Empire City in District 2, a collaboration involving the Government, local investors and the UK’s Denver Power Ltd.

Sala apartment, opposite to Empire City in District 2

In addition to increased interest from foreign and Viet Kieu individuals, attracted by law changes allowing their legal ownership of property for the first time, developers are also banking on increased buying power from the growing number of upwardly-mobile locals.

“The volume of new entrants into the Vietnamese middle-classes is continuing to grow”, said Mrs. Nguyen, “and the luxury segment of the real estate market is expected to become even more profitable.  The relative stability of the economy in the face of regional turbulence – buoyed by closer economic ties to the West through TPP – is facilitating more local entrants into the high-end sector.  Even those wealthy enough to purchase in competing cities, like Bangkok or Kuala Lumpur, are choosing HCMC instead because the initial investment cost is just so much lower in Vietnam.”

As the first figures from the second half of 2015 – the period following changes allowing foreign property purchases in Vietnam – emerge, we’ll be offering exclusive coverage.  Keep in touch with us to hear all the latest news and commentary on the Vietnamese property market.

VietApartment NEWS

———————————————————————————————–

Second chance for you to buy Estella Heights apartments in District 2 in October, 2015.

>>>Register now!<<< for the best option and price! Thank you!

Estella Heights apartment showroom first stage

Overseas investment in Vietnam is on the rise, attracted by newly opened markets and a growing economy.  Property values are expected to be the latest beneficiary, with foreigners now able to buy legally.  One expert, however, is urging patience and caution to new entrants in this emerging market.

Ngo Dinh Han is a lecturer at Ho Chi Minh City’s University of Economics.  He expects foreigners to reap the benefits of legislation introduced on July 1^st, allowing them for the first time to own property in Vietnam.  He reminds would-be buyers to be aware of these 7 common errors when taking their first steps on Vietnam’s property ladder.

Riverside Vinhomes Central Park Project of Vingroup developer

1. Don’t follow the crowd

The projects with the most hype are not necessarily the best investments.  Some unscrupulous agents have ploys to simulate high interest and attract those looking for quick wins.  Don’t be fooled by promises of quick profits – do your homework. 

“Look beyond headline figures to the developer’s track record in timely delivery.  Check and double check the payment schedule and conditions.  Don’t sign anything you don’t understand – get an agent or legal expert to translate every document if you don’t speak Vietnamese.  Some, like Vinhomes Central Park, offer everything in English, which is great – but check, and check again before making any commitment.”

2. Avoid early-stage peaks

The last round of ‘early bird’ offers before completion are designed to prompt impulse buys – but are often the least profitable in the short-term.

“This is the highest price before general release, and, with over-capacity issues prevalent at the minute, is something to avoid.  You may well see a return in the long-run, but its unlikely prices in the first 12 months will match those final totals offered in the last cycle of development.”

Luxury Gateway Thao Dien Apartment in District 2

3. Look at value before prices

This advice is applicable in every market, but is perhaps more relevant here.  Some prices reflect the low appeal of a neighborhood or confidence in a developer, while other higher prices reflect surrounding development such as the new metro system.

“Always remember why you’re buying somewhere.  Profit is likely in a growing market – the only question is how long you want to wait.  Are you buying to live, or buying to let?  Are you looking at long-term growth or a short-term flip?  Make judgments based on your value strategy.”

4. Limit your leverage

With some uncertainty over the viability of long-term profits, be sure to bank on a conservative return rather than the maximum, and plan your borrowing around that to limit your exposure to market changes.

“There’s been a great deal of fluctuation in local interest rates, and these could eat up your profits if you’re not careful.  Look at properties where large-scale lending isn’t necessary.”

5. Wait and see

Unit prices are much lower than neighboring metropolises like Bangkok and Kuala Lumpur currently.  But the effect of the recent property laws have yet to be felt, and Ngo Dinh Han believes it may be a little while before a true picture of market values emerges.

“Getting in on a good development early is always preferable – but don’t go too soon.  Property speculation can feel like a gamble, so look at the whole board.  Observe the progress of promised infrastructure developments, population changes in your chosen area, and any new amenities opening up.  Transport, city-wide migration and services are the trinity of any property investment decision.  Take your time.”

6. Don’t bank on a quick flip

For all these reasons and more, speculators banking on fast turnaround at profit are likely to be disappointed.

“Emerging markets do offer enormous potential – but equally, enormous risks.  Patient, sensible investors with research in-hand who are not over-leveraged are likely to succeed.  Speculators looking for a fast profit are not, however.  Don’t go beyond your financial limits, and don’t gamble what you can’t afford to lose on the promise of a quick win.”

The Sun Avenue from Novaland – middle-income apartment in District 2

7. Vary your investments

Buyers on a larger scale should follow the ‘Buffet model’ in all areas, but in an emerging property market especially.

“Don’t risk it all in one sector or one area.  Diversify your interests across districts, cities, and property types.  The luxury end is most profitable right now – but will that remain the case in the long-term?  Hedge your bets, and look at middle-income apartments, houses, tourist villas and commercial property to keep you in the game until the end.”

—

We offer regular updates on the Vietnamese property market, specializing in helping foreigners and Viet Kieu buy property in Ho Chi Minh City and beyond.  We offer regular market updates on these pages, so stay tuned for the latest news.  Get in touch with any questions about how you can invest in Vietnamese property, or with any issues you’d like to see covered in these pages.

VietApartment NEWS

In the early years following Doi Moi reforms, Vietnam hoped for much needed investment from across the globe.  It was its near neighbors, however, who were the first to show financial faith in the slowly-opening country.

Foreign involvement in property began in the 90s, with investors from Singapore, Hong Kong and Japan leading the way.  Such pioneers were instrumental in modernizing Vietnam’s property infrastructure.  Hotels, offices and residential units were conceived and constructed throughout the country through these early collaborations, giving the country its first modern property boom.

As the decade ended and the millennium dawned, it all changed.  Regional powerhouses were pulled back to matters at home, with stagnating economies limiting capital for overseas investment.

Internal Services in Gateway Thao Dien Apartment

Law changes

Western companies filled the void they left behind, and regional giants were thought reticent to return to Vietnam.  Until now.

Since changes to the property market laws were announced in 2014, Asian investors are back. The changes – allowing overseas ownership of property for the first time – came into force on July 1^st 2015, and have clearly proved tempting to investors of yore.

This month (9/2015) will see one such stalwart return.  HongKong Land were responsible for 2 Hanoi developments in the 90s – 63 Ly Thai To (in 1998) and Central Building (in 1995).  They are expected to announce a new luxury development in the east of Ho Chi Minh City, in conjunction with Hammond and SonKimLand – themselves responsible for HCMC’s Gateway project in Thao Dien.

Jen Capital is another Hong Kong returnee.  Jen, a member of the city-state’s Chiaphua Group, are set to top $50m in its most recent investment cycles, having already been instrumental in modernizing HCMCs District 2, including Thao Dien.  This area has proved particularly popular for foreign investors – as it has with foreign residents in the city – but is far from the only beneficiary of new pan-Asian investment.

Rising demand in luxury segment

Japanese investors are also back with big ideas, for HCMC especially.  One such company, Creed Group manages equity of $5bn. A year ago, Creed partnered with a local group (Nam Bay Bay) in signing contracts to add more affordable units to the market in the shape of District 8’s City Gate Tower. 

It has its eyes on the higher end, however.  Creed has committed $200m to An Gia Investment, a major player in Vietnam’s luxury housing sector.  The investment will see Creed become equal partners with An Gia in its property portfolio, with additional loans and cash in the pipeline to expand its interests still further.  This group accounts for around $1bn total investment value in HCMC, with deals for land in districts 2, 4, 7 and Tan Binh considered imminent.

Luxury villas in Vinhomes Central Park Project

It may be only the beginning.  Mr. Toshihiko Muneyoshi – chairman of Greed Group – suggests the $200m investment is simply a seed, from which he expects great growth.  “The key appeal of this market is the youth of the population.  The average age here is much lower, while the middle class is expanding rapidly.  Currently, there are too few luxury units to cater for this expected growth, so the potential is huge.”

Another recent law change allowed 100% foreign ownership in certain Vietnamese business sectors, but collaboration between foreign and native investors is likely to continue in the property sector.

How will the return of these investors shape the market?  Keep up to date on these pages as we share the latest news about Vietnam’s property market.

VietApartment NEWS

At a housing conference, the market’s appeal to overseas investment was a hot topic.  There was broad consensus that overseas Vietnamese (Viet Kieu) would be attracted to their country of origin, but less agreement was found on the other new sector of the market: non-Vietnamese foreigners, particularly those that live here and rent currently.

Gateway Thao Dien – Hot and luxury apartment in District 2

Recently conducted research didn’t offer any knockout news for those on the fence, but did confirm that prices are far lower than other regional hubs like Bangkok and Kuala Lumpur.

Much cheaper

In fact, the comparison with neighboring countries was stark.

A ‘standard’, non-luxury apartment in Ho Chi Minh City can start at around $30,000, while similar units in Bangkok, Hong Kong and Manila go at around ten times that rate with median prices at around $300,000.

A cross-section of comparable properties also came out in Ho Chi Minh City’s favor:

In every category, ticket prices in HCMC were considerably lower than counterparts in Bangkok, Jakarta and Manila, ASEAN competitors for foreign investment dollars.

Price and affordability

At the ‘luxury’ end of the scale, average prices again come way under other regional metropoles.

CBRE specializes in research on property worldwide.  A recent report of theirs shows that the average price of luxury apartment in HCMC around $1781 per square meter, (around $178000/unit at 100sqm). Similar apartments in Singapore, Shanghai or Malaysia it cost around $500,000 to $600,000.

Whether these substantially cheaper prices will rise over the next 5-10 years, thus offering greater value to speculators, is questionable – as is any declaration that low prices equate to high value.

What is insightful however is Vietnam’s position in the affordability index.  It suggests that there is scope for locals to invest in first or upgraded homes with a greater degree of ease than some neighboring countries, with average incomes rising and capacity at a favorable level for buyers.

Surveys by market-leading agents like Savills received mixed responses when seeking opinions about current prices.  It came to no conclusion about whether the overall perception that costs were ‘cheap’ or ‘expensive’, but did find common optimism that the market will favor early investment in the first months following permitted foreigner purchases. “The market is still emerging, still taking shape – but all the indicators are that Vietnam’s appeal to foreign businesspeople, investors and professionals will increase substantially over the next decade.” Said Mr. Troy Griffiths, CEO of Savills Vietnam.

The highest-end offerings in the market represent the biggest bargain – and the biggest opportunities for growth, say some leading experts.  Mr. Peter Ryder, “The luxury segment retains very high potency.  Prices are incredibly good in comparison with other cities, averaging around $2900/sqm here in Saigon versus $20,000/sqm in the top-line Bangkok and KL equivalents.”

What do you think?  Got any thoughts on property prospects to share?  Leave a comment below or get in touch for any questions or feedback on the Vietnam property market

VietApartment NEWS

————————————————————————————————————————————
[HOT] Project Estella Heights Apartment in District 2 will be opened to sell second stage in this September after a successful first stage.

Register now to have reservation and visit showroom! Thank you!

For the last decade, Vietnam has been opening its doors to the world.  In that time, McDonalds have opened their first branches here, WTO membership has been secured, and foreign tourism – though currently stagnating – has become an integral part of the Vietnamese economy.

Beautiful riverside Saigon Pearl apartment price from $125.000

On July 1^st 2015, another milestone was met: for the first time, foreigners were allowed to buy property in Vietnam.  2 months on, a steady flow of purchases have been welcomed by the industry as a sign the policy will boost a market which has suffered over-capacity in recent years. 

While bottom-line contributions to the economy – which is still experiencing robust growth – are the key driver of the changes, there is fervent hope that an additional benefit will be felt in improvement of Vietnam’s international business reputation.

Although cross-border trade and exports are healthy, Vietnam still suffers an unwanted reputation for ‘dodgy dealing’ and limited transparency.  Concerns abound that this may discourage foreigners from investing capital in.

But what are the realities of the situation?

Question time

If our inbox is anything to go by, the realities matter far less than suspicions that all is not as it seems.  Expats resident in Vietnam and buyers overseas have inundated us with questions, laden with concern and cautiousness.  Some have had bad experiences trading on the ground, or dealing with the authorities, while others have simply read horror stories on the internet and fear the worst.

The questions have a repetitive ring to them:

• “Can I actually buy property, and then sell it afterwards?”
• “Is it true that I can’t take my money out of Vietnam?”
• “Are there any safeguards if it all goes wrong? I’ve heard it’s the wild west out there….”

Simple questions, but – as with any aspect of life in a developing country – the answers are not always straightforward.  We’ve tried our best, however, to come up with answers for these and other key points which honestly reflect the situation as it stands.

1. “Is it really ownership, or just a lease?”

Perception: Foreigners don’t have the same right to buy as locals, and ‘foreign property ownership’ is effectively just a lease with severe limitations.

Reality:  In many media articles and in government output, the allowed ownership term has been described as a ’50 year lease’.  The term ‘lease’ is interchangeable in modern English with ‘rent’, and this is the source of confusion. 

The new law does limit the term of ownership to an initial 50 years, with an extension of 50 years allowable after that.  However, this is very different from a ‘lease’, and is in line with neighboring countries like Singapore and Thailand.

And unlike a lease, if a foreigner buys a property, there is no other ‘owner’ with overall rights to the residence, office etc. The foreigner owns the property entirely, just as a Vietnamese person would own it. 

The difference between local and foreign ownership is this: after 50 years, or 100 years after extensions, you are compelled to sell the property. You can sell it to whoever is eligible to buy it, and revenue from the sale would be yours. Period.

Vinhomes Central Park overview

2. “Can I transfer cash out of Vietnam?”

Perception: Getting cash into Vietnam is easy, but banks and the authorities will block any transfer of money out of the country.  They want to keep the money in the country at all costs.

Reality: It’s not as quite as easy transferring money from bank to bank in your own country, but it’s pretty straightforward – as long as everything is legal and above board – although exchange rates might prove problematic.

Sending money home from a sale does require a few hurdles to be jumped, but it is a transparent process regulated by the State Bank.  They stipulate the procedures to the commercial banks, who are required to check the legality of all money going out of the country.

We spoke to Techcombank, which is backing some big new projects like Vinhomes Central Park and Masteri Thao Dien, and were told the steps to transferring your cash out following the sale of a property are:

1. Retain all documentation, including banking transactions, proving the property you’ve sold is yours and the proceeds are rightfully yours.
2. Take this, along with ID like passport, Visa and/or resident’s card, to the relevant bank, and fill out the transfer order forms
3. The bank then checks your paperwork, and that the amount being transferred doesn’t exceed the proceeds of the sale. If it all checks out, they process the transfer.

There is one issue which might cost foreigners to lose some cash in such a transaction: exchange rates.  By law, all purchases must be in the local currency – Vietnamese Dong (VND).  The buyer is required to transfer the cash into the country in foreign currency, and then convert it to VND prior to purchase.

The reverse then applies after a sale – VND has to be converted back into foreign currency before it can be transferred out.

The big banks offer globally competitive currency exchange fees, and remain a better option than using secondary or ‘black market’ sources, especially for preserving the legality of the sale.  The real question for every buyer and seller – as with any international transaction – is: will global exchange rates help or hinder your profit margin at the end of the day?

3. “Are there any agents we can trust?”

Perception: Everything in Vietnam is about getting quick cash today and not thinking about tomorrow, and it makes vendors impossible to verify.  Can any local agent be trusted?

Reality: Sadly, there are too many bad agents out there for this to be entirely in the ‘myth’ category.  But there ARE good ones, and there are ways to find them.

Though there are isolated cases of outright theft in the industry, the biggest issue that all buyers – foreign and domestic – face with disreputable agents is what can be charitably called ‘misdirection’:

• assurances that facilities can be included when they can’t;
• promises of lovely views tarnished by the reality of a new adjoining construction;
• wildly overestimating completion and delivery times; and
• a complete lack of transparency in dealing with problems and questions on every level.

As agents ourselves, we despair at hearing tales of dodgy dealings.  Most Vietnamese people are honest, and feel genuine anger and embarrassment each time a fellow countryman behaves dishonorably towards an honest foreigner.

Don’t despair though – here are some tips on avoiding the bad guys:

1. Check their trade memberships: the industry as a whole is keen to improve its reputation, and bad agents tend to shy away from its glare by acting alone. Always check whether an agent is part of an association which regulates its membership, such as Ho Chi Minh City Real Estate Association, the Hanoi equivalent, or the national association, VnREA.
2. Take on two: want to verify the answers you get from an agent? Speak to a competitor, and compare the information.  If something doesn’t add up, then move on.  It’s a buyer’s market out there, so use this to your benefit.
3. Ask lots of questions: don’t be afraid of asking the most searching queries. If the answer is always “Yes, of course” or a broad, smiley shrug, they’re probably a wrong ‘un: good agents want you to have all the information you ask for, not just tell you what you want to hear.
4. Research, research, research: Found somebody whose website looks great? Ask around about them, whether a friend or an online expat/business community.  Check and double check every reference you get, and if they don’t provide them, say goodbye.
5. Check the menu: does an agent keep offering you property in a development you’ve already rejected? If so, go elsewhere.  A good agent is there to help you find the right solution for you, not their mates at a project offering them extra commission, and should have a wide range of options available.

We of course can’t guarantee these steps will always lead to a good experience, but they will help.

4. “Won’t the government change its mind?”

Perception: Vietnam’s communist government lacks transparency, and is prone to sudden changes.  They are pro-foreign money now, but they could well change their policies in a heartbeat.

Reality: It’s true that the Vietnamese policy-making machine is far from open and accountable, and remains a mystery to those outside its inner circle.

However, it’s track record suggests it isn’t prone to knee-jerk changes in big chunks: in fact, quite the opposite.  Big changes happen slowly – too slowly for some – and any major policy shifts which would reduce their standing in international circles (apart from China perhaps) are thought to be seriously unlikely.

Especially so in 2015, when the previous decade has seen the Government double down time and again to increase – not decrease – its entanglements with foreign bodies.  From WTO membership in 2007 right through to the imminent TPP deal, international trade ties are deepening all the time, and any moves – like suddenly changing foreign property laws – would do lasting harm to these pursuits.  Details have been amended through subsequent circulars, and further updates are expected, but the core of the legislation is likely to be unmoved for some time.  Foreign ownership is here to stay.

Of course, there is technically the possibility that a big change could occur. But isn’t there also a technical possibility that Canada could declare war on the USA?

5. “Is it true we can buy property but not land?”

Perception: the law says that while foreigners can buy property, they can’t own land.

Reality: Entirely accurate – but this goes for all buyers, not just foreigners.  Officially, the state is the sole owner of all land in the country.

Gateway Thao Dien, Beautiful riverview apartment

6. “Why can we only buy apartments, and in certain areas?”

Perception: Foreigners are corralled into buying in certain districts, and certain types of property.

Reality: The law is clear on this: though there are some restrictions on the quantities of foreign ownership, individuals retain the right to buy any kind of property, in any part of the country.

The broadest restriction is this: each individual ward (or Phuong) can only allow 250 houses, or 30% of an apartment block, to be purchased by foreigners.  Currently, there’s plenty of capacity for anyone to buy where they want, and any local authority resisting this faces investigation higher up the food chain, and even by the police.

There are other caveats yet to be clarified, such as foreign ownership being disallowed in areas owned by the military, but risks around contravening this are minimal.

7. “Is our investment safe in Vietnam?”

Barring the acts of criminals, it’s as safe as it is at home.  Of course, the value of property can go down as well as up, but the same is true anywhere.  Right now, the market looks positive, and the deepening of US-Viet ties look set to keep it buoyant in the long term.

Just the beginning

So, is it safe for foreigners to buy property in Vietnam?  We think so.  We think it’s a good investment too, but it’s important to note that there are hurdles to jump along the way.  These are just some of the issues facing all buyers – foreign and domestic – in an emerging market taking its biggest steps to openness in history.  We’re only 2 months into this ‘brave new world’ and some parts are still to settle down and reveal themselves, while other issues are yet to emerge.  When they do, we’ll let you know about it honestly and objectively.

It’s important to note that, yes, we are an agency – and we would love to sell you a property –  but in addressing these questions, we feel the right thing to do is to give you an honest appraisal based on facts and experience.

Got any questions you want answered about the property market here in Vietnam?  Get in touch and let us know.
Subcribe our Newsletters

VietApartment NEWS

(Any reproduction of this material by any means, in whole or in part, is prohibited without written permission from VietApartment.com)

Though the broad legalities sanctioning property sales were brought into force on July 1^st 2015, expected circulars and decrees to offer guidance on their application have yet to be published.  Domestic real estate developers and agents are urging the Government to accelerate publication to negate any market uncertainty.

The Sun Avenue in District 2, hot project of Novaland

Chairman of the Basico Law Company, Luong Thanh Duc, is clear that the new law allows all foreigners and organizations who enter Vietnam legally to buy property if they wish – but detail on regulating some of the finer points is still to be clarified.

Of particular concern is the limitation in the law stipulating foreign ownership may only account for “250 houses or 30% of an apartment block” in any administrative ward.  Mr. Duc is still unclear as to who will “monitor and manage this stipulation, and keep vendors informed about whether that ward can allow the sale.  If parties proceed under this cloud and then the contracts is voided in such a circumstance, how will this be handled?”

Mr. Le Hoang Chau, chairman of Ho Chi Minh Real Estate Association (HoREA), is buoyant about the impact of foreign ownership in his constituency.  He too, however, would like to see questions answered by the government – and sooner rather than later.

Specifically, further detail is needed on definitions of “Viet Kieu”, Overseas Vietnamese who, in the same law, were granted the same property rights as their resident relatives.

“In practice, many Viet Kieu – particularly 2^nd or 3^rd generation – may not have any extensive documentation outlining their heritage.  We’d like the Government to confirm that documentation acquired from the Viet Kieu’s host country is sufficient to enjoy the benefits of the law.”

Regarding the provision limiting sales to foreigners by ward, he said the industry would like to see rational flexibility applied to account for natural migratory demand.

“It’s natural that communities of expats form over time.  We’ve seen many foreigners cluster together in Hanoi, Da Nang, Khanh Hoa, Hai Phong, Binh Duong, Dong Nai, and Thanh Hoa.  In Ho Chi Minh City, foreign demand is highest in Tan Phong Ward, District 7, Thao Dien Ward, District 2.”

Gateway Thao Dien, luxury apartment for foreigner in District 2

Some members of HoREA have also suggested that, to protect domestic supply to local low and middle-income families, restrictions on ownership in these areas are limited to properties starting at VND 21 million/1sqm($1.000/1sqm), although there is little prospect of this being applied.

Mr Nguyen Huu Cuong, chairman of Ha Noi Real Estate Club, agrees that percentage flexibility should be applied.  “In Ha Tinh province there are a lot of foreigners already, so we expect to see big demand in this area which we hope the Government will allow us to meet.”

Exemptions in the law apply to areas controlled by the Defense department, and Mr. Cuong considers extension of this provision be applied to areas in close proximity to key facets of national and civil defense, such as airports, sea ports and other sensitive geographic areas.  These need to be established to allow thorough transparency.

With the legislation being so new, there is little data yet on how property laws surrounding foreigners will complement laws on immigration and residency.  He cites the United States and Canada “which allow foreign ownership but separate this from residency rights.  We’d like more information on the separation of these in Vietnam to best inform buyers.”

In the meantime, enterprises and associations are urging that prospective buyers keep in touch with reliable agents and advisors to stay in touch with expected developments.

Want more information about buying property in Vietnam?  Need to know more about your legal right to purchase as a foreigner?  Then get in touch today.

VietApartment NEWS