House ownership for foreigners in Vietnam: Peace of mind when choosing Phu My Hung

After the article: “House ownership for foreigners in Vietnam: Positive signs from Phu My Hung” (Thanh Nien Newspaper 27/2/2014), we have received many responses from the readers that they requires more details regarding this issue. Here are the opinions of the insider.

“Choosing Phu My Hung, I have successfully purchased a residential house in Vietnam”

Dr. Akira Hosomi (Head of representative office in Vietnam of Japanese International Transportation Consultancy Company): “I came to work in Ho Chi Minh in 2004. After a short-term live in district 1, I moved to district 7 and leased an apartment in Phu My Hung City Center. Due to the long-term essence of my work and my life, I intended to buy a residential house in Vietnam. However, after studying the process and procedure of home-purchase for foreigners, I was so confused. As a foreigner, although I’m eligible to do that, it’s quite hard to complete everything on my own.

My difficulties were sorted out by Phu My Hung Development Corp. I just needed to get necessary documents for them. These other steps in procedure were completed by Phu My Hung’s employees. Now I have got the certificate of house ownership. I feel very happy as now I have my own house in Vietnam.

I feel peace of mind when choosing Phu My Hung not only due to its nice living space, but also the whole-hearted supports from the developer”.

“Many foreigners are eligible to purchase residential houses in Vietnam”

According to MBA – Lawyer Truong Thi Hoa: “Pursuant to the Article 2, Resolution 19/2008/NQ – QH12, the following foreign organizations and individuals are allowed to purchase and own residential houses in Vietnam:

_ Foreign individuals who make direct investment in Vietnam under the investment law or are hired to work as managers by enterprises operating in Vietnam under the enterprises law, including domestic enterprises and foreign-invested enterprises.

_ Foreign individuals who have made contributions to Vietnam and are conferred orders or medals by the President of the Socialist Republic of Vietnam: foreign individuals who have made special contributions to Vietnam as decided by the Prime Minister.

_ Foreign individuals who are working in socio-economic domains and possess university or higher degrees, and specialists in field which Vietnam has demand for.

_ Foreign individuals who marry Vietnamese citizens.

_ Foreign-invested enterprises which are operating in Vietnam under the investment law but not engaged in real estate business, and wish to purchase residential houses for their employees.

The general requirement for foreigners to purchase residential houses in Vietnam is that they must be residing in Vietnam, permitted by competent state agencies to reside in Vietnam for at least one year, and ineligible for diplomatic or consular privileges and immunities under Vietnamese law.

In addition to these general things above, each individual has to meet particular conditions, particular regulations in accordance with their cases. After 5-year application of Resolution 19/2008/NQ-QH12, almost foreigners who have purchased residential houses in Vietnam are in group of getting married with Vietnamese citizens (108/126 cases in Vietnam). Those are the foreigners who lack some conditions and are afraid of procedure and document.

In fact, there are still many foreigners eligible to purchase and own Vietnam residential houses, specifically foreign individuals who are working in socio-economic domains having the university or higher degree. For this group, they need to meet 2 requirements: certificate of their qualification issued by authorized company of Vietnam or abroad and Work Permit or License issued by authorised company of Vietnam.

Mr. Nguyen Buu Hoi – Vice President of Phu My Hung Development Corporation describes the procedure of purchasing residential houses for foreigners in Phu My Hung City Center.

Step 1: Individuals and corporate customers hand in necessary documents for salespersons of company.

Step 2: Salesperson and legal staff review and examine the legality of your document.

Step 3: Salesperson informs customer the result. Contract signing will be carried on if your document is qualified.

Via: Thanh Nien Online