Does Vietnamese law limit the number of apartments that a foreign individual can own? Is there any restriction on foreign individuals buying multiple apartments to rent them?
Mr. Bach Vu Dan (Ho Chi Minh City)
Answer:
Point a, Clause 2, Article 161 of the 2014 Law on Housing clearly stipulates the number of houses (including detached houses and apartments) that foreign organizations and individuals are allowed to buy in Vietnam.
Specifically, for owners who are foreign individuals, they are allowed to rent houses for purposes that are not prohibited by law. However, before renting the houses, owners must have written notices about their business to district-level housing management agencies where the houses are located, according to regulations of the Minister of Construction. In addition, they must pay taxes from renting the houses in accordance with the provisions of law.
Article 10 of the 2014 Law on Real Estate Business and Article 5 of Decree 76/2015 / ND-CP dated September 10, 2015 of the Government detailing the implementation of some articles of the Law stipulate conditions of real estate business organizations and individuals. You should compare your friend’s specific case with the above-mentioned provisions to implement. If there is any difficulty or problem in the implementation process, please contact the Ho Chi Minh City’s Department of Construction to be guided and resolved in accordance with law.
Ministry of Construction
