Can foreigners sell property in Vietnam?

Foreign citizens in Vietnam who possess homeownership also have the same rights to sell their land as Vietnamese. However, there are some rules of which you should take notice:

• If the property is used for housing employees, the organization who owns it can’t lease or sell the house

• If the house is still under a lease contract, the lessee must be notified 30 days before the sale of the house

Foreigners are allowed to transfer purchased apartments and need to complete the following administrative procedures:

First step, make a notarized certificate of marital status and translate it at the registry in your home country. After that, it must be notarized again and translated into Vietnamese at the local notary office. This takes a long time and comes at a cost.

Second step, prepare the deposit contract and the sale contract; Both copies must be notarized and signed by all parties including the owner who sold the property. Because there is no standard contract, the buyer must prepare it himself or seek the help of a consultant.

Third, the contract must be translated, signed and witnessed in Vietnamese by a notary. When the transaction is completed, the buyer will pay tax on the value of the property. Foreigners will not be able to return the investment money back to their home countries if the tax obligation is not fulfilled.

As a final step, by the time the money is transferred to the bank account, the buyer should note that the only way to return the money invested back home through international banks is to ensure compliance with Vietnamese laws. Provide all of the above documents including the red invoice as payment vouchers from the tax department.

Once that is done, the bank will allow the money to be received. In addition, the buyer is also required to pay a fee to the owner to complete the transfer.

Steps to sell your property in Vietnam

In general, selling real estate in Vietnam is a time-consuming and complicated process. To successfully sell and receive cash payment, you must follow these steps:

• Step 1: Re-list your property on websites,

• Step 2: Clean up your house and repairing (if necessary),

• Step 3: Take pictures of your house to post on websites,

• Step 4: Find agents (fees up to 3-4%),

• Step 5: Wait for prospective purchasers to contact you,

• Step 6: Have interested buyers to visit your property,

• Step 7: Negotiate back-and-forth with potential buyers,

• Step 8: Complete required paperwork,

• Step 9: Hand the property over,

• Step 10: Relocate to your home country.

The details of step 8 and 9: 

Step 1:Receiving Deposit Goodwill 

Your buyer will place a non-refundable goodwill deposit of between VND 100 million to 500 million (both buyer and seller agree on the amount) and a “Deposit Agreement” will be executed by both. It will show that both parties are willing to enter this agreement; the buyer decided to buy this property and the seller won’t sell it to anyone else; and at this point the negotiated terms are irrevocable without a financial penalty.

Step 2:Preparation for main Transaction

If the residential property has yet to received an Ownership Certificate, seller submits “Letter of Request to Transfer SPA” to the developer and in return receive a “Letter of Confirmation” from the developer verifying that the property:

1. Has not yet apply for an Ownership Certificate with the government authorities;

2.Is allowed to be transferred;

3.Has the amount paid to the developer till date.

*Note:Skip to Step 3 for property that has been issued an Ownership Certificate.

Step 3:Executing the Transfer of Property

Seller and buyer to meet up at a Notary Office to execute the signing of a SPA (resale cases) or Agreement to Transfer SPA (sub-sale cases). Prior to signing the contract, the seller will collect the payment of up to an accumulated 95% to 98% of the agreed price from the buyer or your profit on top of whatever amount that you have paid so far to the developer.

The Notary Officer will witness, stamp and endorse on the contract (notarisation). And the seller will handover keys and Ownership Certificate (if any) of the property to the buyer.

Step 4:Payment of Seller’s personal income Tax

Seller will proceed to the Tax Department in that city & submit the standard “Personal Income Tax(PIT) Declaration Form”.The form can be attained at the Tax Department itself.

Personal Income Tax

Generally,in 7 to 10 days,the seller will receive a formal Tax Notification and will have to return to the Tax Department to pay the PIT.

Step 5:Completion of Transfer

In the case of a sub-sale, seller returns an original copy of

of the notarised “Agreement to Transfer SPA”,”PIT Declaration Form”,”Receipt of PIT Payment” and the original SPA(Vietnamese and English copies) to developer for the “Final Confirmation of the Transfer”,

In the case of a resale, seller needs to support the buyer with the necessary documents such as “PIT Declaration

You will be paid in immediate cash or bank transfer for your transaction. There is no set timeline for closing, but it might take up to 3-4 months. You can hire agents or other third-party service providers to expedite the process, but this comes with additional effort, trust, and fees.

Furthermore, without supervision, first-time sellers can face frauds and a low property liquidity. Working with leading real estate companies to sell your property is more efficient for you to complete transactions. 

Edited: Expathelpvn

Source: Homebase / Weereal.

Here Expathelpvn in Hai Phong, You can contact  for support in your selling journey:

• Address: 9th Floor, VCCI Tower, No 462-464 Lach Tray, Ngo Quyen, Hai Phong
• Tel: 0374.330.915
• Hotline: 0366.456.179
• Email: expathelpvn@gmail.com