Owning an apartment in and around Vung Tau

I'm going to assume you are new at this if you don't even know how banks transfer money (wire transfer, SWIFT network). 
As a public service announcement, are you aware of the risks in buying real estate in Vietnam? If so, never mind! If not, there are discussions on this Viet Nam forum
Search for 'buying property', 'real estate'.

Since you said Vung Tau, one rule is don't purchase a new apartment until the building is completed. Example, Melody Vung Tau. Sold out, half constructed, owner vanished. I don't think it was ever reported in the news.

(My wife and I had looked into it but were put off by all the speculators the builder was bussing there for free from Saigon on weekends. All the nicer view units sold off really fast. We went back a year later, my wife asked the fruit lady across the street why the buildings were no where near finished. The fruit lady told us the story that the newspaper was afraid to print. That was a year ago, it might be finished now though, somebody took it over.)

Thanks for your reply. I was aware within about a day of the buy now, see you later scam. I'm not stuck on Vug Tau, but the places I've seen are finished and have some occupants. Still a little too pricey. I'm taking nearly three months to make a go at it, and won't sign anything, or transfer any funds until I know it's legit.

Could they be talking about 50 years? this is the maximum period for which foreigners can own the apartment. I'm not aware of a 5 year provision

Be aware of what you can or cannot buy because there are only limited properties in Vung Tau that foreigners can buy.

Also, i advise against paying the owners directly from your US bank. if possible, you should open an account in Vietnam. this is to facilitate money outflows. Due to tight currency control in Vietnam which require full documentary record, payment by US account could lead to issues in the future when payments need to be returned or proceeds are repatriated back offshore

Thank you, saigonlolo!

I made sure (I hope?) to have plenty of time to sort things out. I don't have to leave before April, and I have a multipul-entry visa.

I was told by several native Vietnamese, including the guy I rent my place from, that foreigners can't own property unless they're married to a citizen, and cannot open a bank account. That might have been true three years ago, but the laws have changed since then, and I'm guessing no one has told them.

I'm going bank hunting today. Since there's a Citi Bank, and one or two others that have branches in the U.S., I thought that would be the best way to go?

can80n wrote:

...

I'm going bank hunting today. Since there's a Citi Bank, and one or two others that have branches in the U.S., I thought that would be the best way to go?

I had the same thought and was about to choose either Citibank (for their Global Transfers service) or HSBC. However, after doing some searches on the internet and expat.com, Citibank and HSBC customer service doesn't really get high marks. The advice seems to suggest that you'd be better off finding a good local bank (if memory serves me right, Vietin and Vietcom bank got favorable mention).

Good luck in your decision. Please come back to share your experience, thanks.