Can foreigners buy apartments in Vietnam? The answer is yes, foreign individuals can purchase apartments in Vietnam, provided that they meet the applicable legal requirements.

Under the 2023 Law on Housing, three key factors must be checked simultaneously to determine whether a housing transaction involving a foreign buyer is legally eligible:

If any one of these three conditions is not satisfied, the buyer may not be legally recognized as the owner or may not be eligible to obtain a Certificate of Ownership.

The following guide explains the legal requirements for foreign ownership of housing in Vietnam and provides a practical checklist for buyers to verify their eligibility before entering into a transaction.

1. Can Foreigners Own Apartments in Vietnam?

Under Article 17 of the 2023 Law on Housing, foreign individuals who are legally permitted to enter Vietnam may be eligible to own housing in Vietnam.

Foreigners can own:

– Apartment;

– Land-attached housing includes villas and townhouses;

This is subject to the condition that the housing is located within a commercial housing development project, is eligible for sale to foreign buyers, and is not located in an area subject to national defense or security restrictions.

You can find a detailed explanation in the following article: Can foreign nationals purchase and own residential property in Vietnam?

2. Legal Requirements for Foreign Individuals

Requirement 1: Valid Passport and Legal Entry into Vietnam

.The buyer must hold a valid foreign passport and be legally permitted to enter Vietnam.

Under Decree No. 95/2024/ND-CP, at the time of entering into the housing transaction, a foreign individual must have:

– A valid foreign passport;

– An entry stamp issued by Vietnamese immigration authorities; or

– Other legally valid documents evidencing lawful entry into Vietnam.

A critical point to note is that the legal entry requirement is evaluated at time of signing housing transactions (Signing the Sales Contract), not merely when applying for the Ownership Certificate.

Accordingly, before signing the Sale and Purchase Agreement, buyers should verify:

– Whether the passport remains valid;

– Whether the buyer's full name and passport number are consistent across the deposit documentation and other transaction records;

– Whether there is evidence of the buyer's lawful entry into Vietnam; and

– If the passport has been renewed or replaced, whether the buyer has retained the previous passport and supporting documents linking the old and new passport numbers.

Requirement 2: A Bank Account in Vietnam and Transparent Payment

Under the 2023 Law on Housing, foreign individuals must make payments for the purchase or lease-purchase of housing through a credit institution or foreign bank branch operating in Vietnam.

Vietnamese law does not expressly provide that opening a bank account in Vietnam is a condition for housing ownership. In certain cases, a buyer may transfer funds directly from an overseas bank account to the developer's account in Vietnam, subject to the bank's applicable procedures and guidance. In practice, however, foreign buyers are generally advised to open a VND-denominated bank account in Vietnam to:

– Pay for the apartment, taxes, and related costs;

– Receive refunds if the transaction does not proceed;

– Retain payment records and demonstrate the lawful source and flow of funds;

– Receive payment in VND when selling or transferring ownership of the apartment;

– Facilitate the lawful purchase of foreign currency and remittance of funds overseas

Therefore, a Vietnamese bank account is not a statutory condition for determining housing ownership, but it is practically an important step in ensuring that the purchase, ownership, and subsequent transfer of the apartment can be carried out smoothly and transparently.

Requirement 3Not Eligible for Diplomatic or Consular Privileges and Immunities

A foreign individual purchasing housing in Vietnam must not be a person who is entitled to diplomatic or consular privileges and immunities in Vietnam.

This group generally includes:

– Diplomatic officials;

– Consular officials;

– Members of diplomatic or consular missions; and

– Certain individuals affiliated with international organizations who are entitled to special status in Vietnam.

According to Decree 95/2024/ND-CP, foreign individuals must have a written undertaking confirming that they are not entitled to diplomatic or consular privileges and immunities..

In practice, document requirements may vary between project owner. Some of them may request this undertaking when the agreement is signed, while others may collect it later when preparing the application for the Certificate of Ownership.

The safest approach is for the buyer to confirm with the project owner at an early stage:

– When the “Undertaking confirming that the buyer is not entitled to diplomatic or consular privileges and immunities” must be provided;

– Which form of undertaking the project owner accepts;

– Whether notarization or certified translation is required; and

– Whether any relevant documents must undergo consular legalization.

3. ĐRequirements Applicable to the Project, product

Meeting the eligibility requirements applicable to a foreign individual does not automatically mean that the individual can purchase any type of real estate in Vietnam. The project and the specific housing unit must also satisfy separate legal requirements.

Requirement 4: The project is permitted to allow foreigners to own housing.

Foreign individuals may only own housing in commercial housing development projects that are not located in areas subject to national defense or security restrictions.

Before entering into a transaction, buyers should verify:

– Whether the project is a legally approved commercial housing development project; and

– Whether the project owner has obtained the relevant confirmation that the project is eligible for sale to foreign buyers.

Requirement 5: The Building Must Have Available Foreign Ownership Quota. foreign

Under Article 19 of the 2023 Law on Housing, the total number of apartments that foreign organizations and individuals may own must not exceed 30% of the total number of apartments in a condominium building..

For example, if a building has 500 apartments, the total number of apartments that may be owned by foreign organizations and individuals would, in principle, be capped at 150 units.

It is important to distinguish between:

– A project being eligible for sale to foreign buyers; and

– A particular building still having foreign ownership quota available.

A project may be legally eligible for foreign ownership while a specific building within the project may have already reached its foreign ownership quota. In that case, a foreign buyer may not be able to purchase an apartment in that particular building.

Requirement 6: The Property Must Be an Eligible Type of Housing

Foreign individuals who meet the applicable requirements may own eligible housing and obtain a Certificate of Ownership (House Ownership Certificate) for such housing.

However, certain products, such as

– Officetel;

– Condotel;

– Shophouses are located in the commercial base of the building;

– Construction products built on land designated for commercial and service purposes.

These are not automatically classified as residential housing. The ownership rights and ownership term for these products depend on factors including the land-use purpose, the approved use and function of the property, the project's legal documents, and the project's operating term.

Therefore, buyers should carefully verify whether the specific property has been legally approved as residential housing or as a commercial or service facility before proceeding with the transaction.

4: How Can Foreigners Purchase or Acquire Housing in Vietnam?

Under the 2023 Law on Housing, eligible foreign individuals may acquire housing through the following forms:

- Purchase or Lease-Purchase of Commercial Housing from the project owner project

This is the most common form of acquisition. It applies to commercial housing development projects that are not located in areas subject to national defense or security restrictions, in accordance with the applicable list announced by the Ministry of National Defense and the Ministry of Public Security for each locality.

- Receiving Housing as a Gift or Inheritance.

Foreign individuals may receive commercial housing as a gift or through inheritance, provided that the housing is located within an eligible project and the applicable legal requirements are satisfied.

- Purchase or Lease-Purchase from a Foreign Organization or Individual

A foreign individual may purchase or lease-purchase housing from a foreign organization or individual that has lawfully acquired and owns the property in accordance with applicable regulations.

For secondary-market transactions, buyers should verify:

+ Lawful ownership status of the seller;

+ Remaining ownership period;

+ Transfer conditions;

+ Mortgage status;

+ Tax and fee obligations;

5. How Long Can Foreigners Own Housing in Vietnam?

Eligible foreign individuals may own housing in Vietnam for a maximum term of 50 years from the date of issuance of the Certificate of Ownership (House ownership certificate).

In addition, the owner may request a one-time extension for a period not exceeding 50 years, provided that applicable legal requirements are satisfied at that time.

Where a foreign individual is married to a Vietnamese citizen currently residing in Vietnam, such foreign individual is entitled to own housing and exercise homeownership rights on the same legal basis as a Vietnamese citizen.

6. Applicable Requirements for Foreign Organizations

Foreign organizations are divided into two main groups:

– Foreign-invested economic organizations directly developing housing projects: Must be legally recognized project owners under the Law on Housing and the Law on Real Estate Business.

– Other foreign organizations (branches, representative offices, investment funds, foreign bank branches): Must hold a valid Investment Registration Certificate or equivalent legal documentation authorizing their establishment and operation in Vietnam at the time of the transaction.

Foreign organizations are permitted to use housing solely to accommodate individuals working for the organization and are not entitled to use the property as an investment for third-party leasing.

The ownership term shall be determined based on the agreement in the transaction, but shall not exceed the duration specified in the organization's Investment Registration Certificate, including any approved extensions. This ownership tenure is calculated from the date the organization is issued the Certificate of Ownership for the housing.

Requirements for foreigners to own houses in Vietnam

7. Conclusion

The requirements for foreign buyers are relatively straightforward when checked in the proper order.

Buyers should satisfy three main groups of requirements:

– Possess a valid passport, be permitted to enter the country, and not be subject to diplomatic or consular exemptions;

– Choose an eligible project and a type of housing that foreign individuals are legally permitted to own; and

– Confirm that the building still has foreign ownership quota available and make payments through the lawful banking system.

Accordingly, before proceeding with a transaction, buyers should verify their personal documentation, project legal status, apartment eligibility, and payment arrangements.

8. Frequently Asked Questions

– Do Foreigners Need a Temporary Residence Card to Buy an Apartment in Vietnam?

The 2023 Law on Housing does not require a temporary residence card as a mandatory condition for purchasing an apartment. The key requirements are that the buyer holds a valid passport and is legally permitted to enter Vietnam at the time the transaction is entered into.

– Do Foreigners Have to Open a Bank Account in Vietnam?

Foreign buyers are not required to open a separate bank account in Vietnam as a statutory condition for owning an apartment. However, in practice, having a bank account in Vietnam can facilitate a smoother and more transparent process for purchasing, owning, and subsequently transferring the apartment.

– How Many Apartments Can a Foreigner Own?

Vietnamese law does not impose a specific limit on the number of apartments that an individual foreigner may own. However, within a particular condominium building, the total number of apartments owned by foreign organizations and individuals must not exceed 30% of the total number of apartments in that building.

– Can Foreigners Buy an Apartment from a Vietnamese Seller?

Under the 2023 Law on Housing, foreign individuals may purchase or lease-purchase housing from an eligible project owner, or purchase or lease-purchase housing from a foreign organization or individual that has lawfully acquired and owns the property.

– Are foreigners allowed to buy officetels or condotels?

Foreign individuals may sign long-term lease agreements to use the property for its designated purpose. These properties will not be issued a House Ownership Certificate for foreign individuals under a home sale and purchase structure. Concurrently, the duration of use is typically determined by the land use term or the remaining operational term of the investment project, as specified in the Certificate or the project's legal documentation.

This article is provided for general informational purposes only. Actual eligibility requirements and required documentation may vary depending on the specific transaction, project, developer, and requirements of the competent authorities.