The real estate industry in Vietnam has witnessed remarkable growth and transformation in recent years, making it an increasingly attractive sector for investors and businesses. With a rapidly growing economy, a substantial urbanization rate, and a burgeoning middle-class population, cities such as Hanoi, Da Nang, and Ho Chi Minh City have transformed into vibrant and profitable metropolises.
1. System of Registration
Additionally, when the owner makes a request, the registration of ownership for houses and other land-attached assets follows the guidelines specified in Article 95.1 of the Land Law 2013. This process operates under the supervision of the land administration agency, following the requirements of Article 95.2 of the Land Law 2013.
2. Applicable Law
The main legislation which governs real estate transactions in Vietnam are as follows:
+ The Law on Real Estate Business No. 66/2014/QH13 (“LREB 2014”);
+ The Law on Housing No. 65/2014/QH13 dated 25 November 2014;
+ Land Law 2013;
+ The Law on Construction No. 50/2014/QH13.
3. Tenure and Ownership
There are two main categories of ownership and interests related to real estate in Vietnam:
+ Land Use Rights (LUR): This pertains to the right to exclusively use and manage the land in a specified manner.
+ Ownership of Attachments: This refers to owning the buildings and structures on the land, rather than the land itself.
4. Investing in Vietnam
Vietnam’s substantial economic rebound following the challenges of the Covid-19 pandemic and the Russia-Ukraine conflict is bolstering the expected recovery. This positive outlook indicates increased investor expectations for the real estate industry market in 2024.
In conclusion, the real estate industry in Vietnam is a vibrant and promising sector that offers both domestic and international investors numerous opportunities for growth and prosperity. With a robust legal framework, a stable economic environment, and a continually improving infrastructure, Vietnam has become a hotspot for real estate investments. Whether you are looking to invest in residential properties, commercial projects, or industrial developments, Vietnam provides a conducive environment for success.
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Harley Miller Law Firm “HMLF”