April 29, 2011

Foreign Individuals May Now Own Condominiums in Vietnam

Informed Counsel

In 2008, the National Assembly of the Socialist Republic of Vietnam passed Resolution 19/2008/QH12 (“Resolution 19”), a five-year pilot legislation which permits foreign organizations and individuals to purchase and own condominiums in Vietnam. A qualified foreign individual may only purchase one condominium for his or her private residential use. Resolution 19 does not allow foreign individuals to own stand-alone residential units. As a follow-up to Resolution 19, the Government issued implementation guidelines in June 2009 with Decree 51/2009/ND-CP. This article examines the conditions for condominium ownership, the individuals who are eligible, and the procedures for obtaining a home-ownership certificate.

Jennifer Sloan