Can a foreign company be named on an apartment sale contract in Vietnam?

Hello Lawyer, I’m a foreigner, now the company I want to invest in to buy an apartment and whose name is on the contract is the parent company overseas. Can I ask if an overseas company is allowed to be named on an apartment sale and purchase contract in Vietnam? I hope a lawyer will reply to me soon. Thank you.

Lawyer X will answer questions about “Can a foreign company be named on an apartment sale contract in Vietnam” yours as follows:

Legal grounds

• Housing Law 2014

Subjects entitled to own houses and forms of house ownership in Vietnam by foreign organizations and individuals

Pursuant to the provisions of Article 159 of the Law on Housing 2014:

• Foreign organizations and individuals entitled to own houses in Vietnam include:

Foreign organizations and individuals investing in housing construction under projects in Vietnam in accordance with this Law and relevant laws;

Foreign-invested enterprises, branches, representative offices of foreign enterprises, foreign investment funds and branches of foreign banks operating in Vietnam (hereinafter collectively referred to as foreign organizations) );

Foreign individuals are allowed to enter Vietnam.

• Foreign organizations and individuals may own houses in Vietnam through the following forms:

Invest in housing construction under projects in Vietnam in accordance with this Law and relevant laws;

Purchase, lease-purchase, donation or inheritance of commercial housing, including apartments and separate houses in housing construction investment projects, except for areas ensuring national defense and security as prescribed. government.

Conditions for foreign organizations and individuals to own houses in Vietnam

Pursuant to the provisions of Article 160 of the Law on Housing 2014:

For foreign organizations and individuals specified at Point a, Clause 1, Article 159 of this Law, they must have an investment certificate and have a house built in the project in accordance with this Law and relevant laws. mandarin.

For a foreign organization specified at Point b, Clause 1, Article 159 of this Law, it must have an investment certificate or documents related to its permission to operate in Vietnam (hereinafter referred to as the Investment Certificate). private) issued by a competent Vietnamese state agency.

Foreign individuals specified at Point c, Clause 1, Article 159 of this Law must be allowed to enter Vietnam and not be entitled to diplomatic and consular privileges and immunities as prescribed by law.

The Government shall detail documents proving the subjects and conditions for foreign organizations and individuals eligible to own houses in Vietnam.

Rights of house owners being foreign organizations and individuals

Pursuant to Article 161 of the Law on Housing:

– Foreign organizations and individuals specified at Point a, Clause 1, Article 159 of this Law may exercise the rights of house owners as prescribed in Article 10 of this Law; In case of building houses on leased land, they are only entitled to rent houses.

– Foreign organizations and individuals defined at Points b and c, Clause 1, Article 159 of this Law have the same rights of house owners as Vietnamese citizens but must comply with the following provisions:

a) Only buy, rent-purchase, receive as gifts, inherit and own no more than 30% of the number of apartments in an apartment building; if it is a separate house, including villas and adjacent houses, in an area with a population equivalent to a ward-level administrative unit, only buy, rent-purchase, receive as a gift, inherit and own no more than two hundred and fifty houses.

In case there are many apartment buildings in an area with a population equivalent to a ward-level administrative unit, or for separate houses on a street, the Government shall specify the number of apartments, the number of apartments and the number of apartments. separate houses that foreign organizations and individuals may buy, rent-purchase, receive as gifts, inherit and own;

+) In case the number of houses specified at Point a of this Clause exceeds the number of houses specified at Point a of this Clause, they will only be entitled to the value of the house as a gift or inheritance. there;

+) For foreign individuals, they are entitled to own houses as agreed upon in contracts of purchase, sale, lease-purchase, donation or inheritance, but for a maximum of 50 years from the date of issuance of the Certificate of Inheritance. certification and can be extended according to the Government’s regulations if required; The term of house ownership must be clearly stated in the Certificate.

In case a foreign individual marries a Vietnamese citizen or marries a Vietnamese residing abroad, he/she is entitled to own a stable and long-term house and has the same rights of a house owner as a Vietnamese citizen;

+) For foreign organizations, they are allowed to own houses as agreed upon in contracts for purchase, sale, lease-purchase, donation or inheritance of houses, but not exceeding the time limit stated in the Certificate of Inheritance. the investment granted to that organization, including for an extended period; the house ownership period is counted from the date the organization is granted the Certificate and is clearly stated in this Certificate;

+) Before the expiration of the house ownership period as prescribed in this Law, the owner may donate or sell this house to subjects eligible to own houses in Vietnam; If the house ownership period expires but the owner does not sell or donate the house, the house shall be owned by the State.

Obligations of house owners being foreign organizations and individuals

Pursuant to Article 162 of the Law on Housing:

– Foreign organizations and individuals defined at Point a, Clause 1, Article 159 of this Law have obligations of house owners as prescribed in Article 11 of this Law.

– Foreign organizations and individuals specified at Points b and c, Clause 1, Article 159 of this Law have the obligations of house owners like Vietnamese citizens but must comply with the following provisions:

+) For the owner being a foreign individual, the house may be leased out to be used for purposes not prohibited by law, but before the house is leased, the owner must give a written notice of the lease. rent a house with the housing authority of the district where the house is located according to the regulations of the Minister of Construction and must pay tax from this housing rental activity in accordance with the law.

In case a foreign individual marries a Vietnamese citizen or marries a Vietnamese residing abroad, he/she has the same obligations of the house owner as a Vietnamese citizen;

+) For the owner being a foreign organization, the house may only be used to house people who are working at that organization. another purpose;

+) Make payment for house purchase or lease purchase through credit institutions operating in Vietnam.

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Can a foreign company be named on an apartment sale contract in Vietnam?

Regarding the purchase, ownership and lease of houses, it is recommended to comply with the contents of Chapter IX of the Law on Housing, which provides for the ownership of houses in Vietnam by foreign organizations and individuals.

According to the provisions of Article 159 of the Law on Housing, foreign organizations (including foreign-invested enterprises) that meet the conditions prescribed in Article 160 of the Law on Housing may purchase commercial houses in their investment projects. investment in housing construction, except for areas ensuring national defense and security according to the Government’s regulations.

According to the provisions of Article 162 of the Law on Housing, the owner being a foreign organization is only allowed to use the house to arrange for the people working at that organization, not to use the house for lease or as an office. or used for other purposes.

Accordingly, foreign-invested companies are entitled to buy houses and construction works to use as offices, production, business and service establishments in accordance with the use of the house. that construction.

Thus, according to point b, Clause 1, Article 159 of the Law on Housing 2014, foreign companies will not be allowed to own houses in Vietnam according to current law.

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