Currently, approximately 3,000 foreigners own houses in Vietnam, and according to Sophie Dao, Senior Partner at Global Business Services LLC (GBS), this number is anticipated to rise to about 4 million in the future.
In light of this, let’s explore the rights and obligations that foreigners have when owning houses in Vietnam.
1. Inviolable Ownership Rights:
– Enjoy the right to ownership of legally owned housing.
– Utilize the house for residential purposes and other lawful purposes.
2. Legal Recognition:
– Obtain a Certificate for houses under legal ownership.
3. Transaction Flexibility:
– Engage in various transactions such as selling, transferring, leasing, gifting, exchanging, inheriting, mortgaging, contributing capital, loaning, staying, and authorizing housing management.
4. Donations and Inheritance:
– If donating or inheriting housing to ineligible subjects, they can only enjoy the value of the property.
5. Shared Facilities:
– Enjoy shared use of public facilities in residential areas.
6. Maintenance and Alterations:
– Maintain, renovate, demolish, and rebuild housing in accordance with regulations.
7. Compensation and State Actions:
– Receive compensation according to law if the State demolishes or requisitions housing.
– Market price compensation if the State pre-purchases legally owned housing for defense, security, socio-economic development, or in emergencies.
8. Legal Protections:
– Exercise the right to complain, denounce, and sue against acts violating legal property rights.
9. Social Responsibilities:
– Ensure fire prevention and safety, hygiene, and environmental standards as per regulations.
– Comply with administrative sanctions for violations of housing laws.
10. Compliance in Transactions:
– Fully comply with legal provisions when selling, transferring, leasing, gifting, exchanging, inheriting, mortgaging, contributing capital, loaning, staying, or authorizing housing management.
11. Adherence to Housing Laws:
– When maintaining, renovating, demolishing, and rebuilding housing, comply with housing laws to avoid adverse effects on state interests or the rights of others.
12. Insurance Obligations:
– If required, participate in fire and explosion insurance, fulfilling obligations according to regulations.
13. Financial Responsibilities:
– Fulfill financial obligations to the State during transactions and housing usage.
14. Inspections and Monitoring:
– Responsibly participate in the inspection, monitoring, and maintenance of equipment and infrastructure systems under common ownership.
Understanding and adhering to these rights and obligations is crucial for foreigners navigating the complexities of owning houses in Vietnam.
Stay informed and compliant with Vietnam Insider for further updates on housing regulations.