Opening a bank account in VN as a tourist?

OceanBeach92107 wrote:

Golgo13 wrote:

colinoscapee wrote:

You may want to add a link backing up your theory.

Its a fact not a theory 

Then if you know it's a fact, then it shouldn't be hard at all to provide a reference link, should it?

For instance
https://luatvietan.vn/thu-tuc-nguoi-nuo … t-nam.html

Golgo13 wrote:

OceanBeach92107 wrote:

Golgo13 wrote:

Its a fact not a theory 

Then if you know it's a fact, then it shouldn't be hard at all to provide a reference link, should it?

For instance
https://luatvietan.vn/thu-tuc-nguoi-nuo … t-nam.html

Here is the Google Translation of that page.

I don't think it fully supports your stance:

=====copy=====

Procedures for foreigners to buy condominiums in Vietnam
Currently, according to Vietnamese law, foreigners are allowed to buy a house in the following cases:

Buying, renting and buying houses only from housing construction project owners;
Buying houses from foreigners;
Only accept houses as gifts from households and individuals, and receive houses as gifts from organizations.
However, in cases where the investor who buys a house from the investor has not received the land-related documents, he / she can still buy goods from that individual. So the procedure includes:

Step 1. Foreigners and individuals make a written transfer of the house purchase and sale contract. The document of contract transfer signed by the two parties is made into 07 copies (3 copies to be handed over to the investor for storage, 1 copy to be submitted to the tax agency, 1 copy to be kept by Vietnamese individuals, 01 copy to be kept by foreigners. ); 01 copy to keep at a notary office.

Step 2. Conduct notarization or authentication. An application for notarization or authentication includes the following documents:

07 original transfer agreement of house sale and purchase;
Original house sale and purchase contract signed with the investor of the commercial housing project (and appendixes if any);
Certified copy or copy and the original must be presented for comparison of the following documents: valid ID card or passport;
Step 3. After fulfilling the obligations to pay taxes, fees and charges for the transfer of the house sale and purchase contract as prescribed, the foreigner shall submit 1 set of dossier to request the investor for confirmation in the transfer document. contract assignment. An investor's dossier of request for certification includes the following documents:

05 original copies of the transfer contract of house purchase and sale (notarized, authenticated);
The original house sale and purchase contract signed with the investor; a certified copy of the house handover record;
The receipt of tax payment for the transfer of the house purchase and sale contract or a document proving the tax exemption in accordance with the tax law;
A certified copy or a copy and the original must be presented for comparison of the foreigner's papers: Identity card or citizen ID card or passport or equivalent document;
The investor is responsible for confirming the contract transfer document within a maximum of 05 working days from the date of receipt of a complete application as prescribed in Point a of this Clause and handing it over to the applicant. Some of the following documents:

2 documents on the transfer of the house purchase and sale contract certified by the investor, including 01 copy of Vietnamese individual and 01 copy of foreigner;
The original house sale and purchase contract signed with the commercial housing project investor; a certified copy of the house handover record (in case the investor has handed over the house);
The receipt of tax payment for the transfer of the house purchase and sale contract or a document proving the tax exemption under the tax law.
Step 4 . Foreigners are granted certificates by competent state agencies in accordance with the land law. When carrying out the procedures for granting the Certificate, in addition to the papers prescribed by the land law, the applicant must submit to the Certificate-issuing agency the following papers:

The original house sale and purchase contract signed with the investor; the original house handover record;
The original copy of the last transfer contract certified by the investor

Golgo13 wrote:

colinoscapee wrote:

Golgo13 wrote:

Wrong. You can buy any apartments in residence you want (during 50 years) even with a tourist visa. Foreigners just cannot buy lands or houses.

You may want to add a link backing up your theory.

Its a fact not a theory 

You can only buy in certain buildings, fact.

Vietnam Net Global

"Da Nang also named three projects that do not allow foreigners to own houses, including: F-Home Apartments, Da Nang Diamond Tower (hotel complex, Marriott serviced apartments and houses for sale) and Indochina Riverside Tower."

OceanBeach92107 wrote:

Golgo13 wrote:

OceanBeach92107 wrote:

Then if you know it's a fact, then it shouldn't be hard at all to provide a reference link, should it?

For instance
https://luatvietan.vn/thu-tuc-nguoi-nuo … t-nam.html

Here is the Google Translation of that page.

I don't think it fully supports your stance:

=====copy=====

Procedures for foreigners to buy condominiums in Vietnam
Currently, according to Vietnamese law, foreigners are allowed to buy a house in the following cases:

Buying, renting and buying houses only from housing construction project owners;
Buying houses from foreigners;
Only accept houses as gifts from households and individuals, and receive houses as gifts from organizations.
However, in cases where the investor who buys a house from the investor has not received the land-related documents, he / she can still buy goods from that individual. So the procedure includes:

Step 1. Foreigners and individuals make a written transfer of the house purchase and sale contract. The document of contract transfer signed by the two parties is made into 07 copies (3 copies to be handed over to the investor for storage, 1 copy to be submitted to the tax agency, 1 copy to be kept by Vietnamese individuals, 01 copy to be kept by foreigners. ); 01 copy to keep at a notary office.

Step 2. Conduct notarization or authentication. An application for notarization or authentication includes the following documents:

07 original transfer agreement of house sale and purchase;
Original house sale and purchase contract signed with the investor of the commercial housing project (and appendixes if any);
Certified copy or copy and the original must be presented for comparison of the following documents: valid ID card or passport;
Step 3. After fulfilling the obligations to pay taxes, fees and charges for the transfer of the house sale and purchase contract as prescribed, the foreigner shall submit 1 set of dossier to request the investor for confirmation in the transfer document. contract assignment. An investor's dossier of request for certification includes the following documents:

05 original copies of the transfer contract of house purchase and sale (notarized, authenticated);
The original house sale and purchase contract signed with the investor; a certified copy of the house handover record;
The receipt of tax payment for the transfer of the house purchase and sale contract or a document proving the tax exemption in accordance with the tax law;
A certified copy or a copy and the original must be presented for comparison of the foreigner's papers: Identity card or citizen ID card or passport or equivalent document;
The investor is responsible for confirming the contract transfer document within a maximum of 05 working days from the date of receipt of a complete application as prescribed in Point a of this Clause and handing it over to the applicant. Some of the following documents:

2 documents on the transfer of the house purchase and sale contract certified by the investor, including 01 copy of Vietnamese individual and 01 copy of foreigner;
The original house sale and purchase contract signed with the commercial housing project investor; a certified copy of the house handover record (in case the investor has handed over the house);
The receipt of tax payment for the transfer of the house purchase and sale contract or a document proving the tax exemption under the tax law.
Step 4 . Foreigners are granted certificates by competent state agencies in accordance with the land law. When carrying out the procedures for granting the Certificate, in addition to the papers prescribed by the land law, the applicant must submit to the Certificate-issuing agency the following papers:

The original house sale and purchase contract signed with the investor; the original house handover record;
The original copy of the last transfer contract certified by the investor

You can talk law and never WIN with google translate, aparently. As you need to be able to read the original and understand the nuance of the language.

I actually have a method of checking the translations. Also, I've been successful in translating something a native level Vietnamese speaker (why is this 'speaker'?, how come it's not 'understander'?) has written in English to Vietnamese using Google translate, searching the web using the Vietnamese translation, then coming up with where it was originally stated.

As someone has already mentioned, the foreigners only being allowed to buy in certain buildings checks out.

It says here:

https://amp.laodong.vn/bat-dong-san/ngu … 897445.ldo

<Snip>
Bên cạnh đó, Luật cũng đề cập người nước ngoài chỉ được sở hữu nhà ở tại Việt Nam thông qua một trong các hình thức sau:

......

- Mua, thuê mua, nhận tặng cho, nhận thừa kế nhà ở thương mại bao gồm căn hộ chung cư và nhà ở riêng lẻ trong dự án đầu tư xây dựng nhà ở, trừ khu vực bảo đảm quốc phòng, an ninh theo quy định của Chính phủ.

Google translate (reverse translated to check consistency):

'In addition, the Law also mentions that foreigners can only own houses in Vietnam through one of the following forms:'

......

- Purchase, lease-purchase, donation or inheritance of commercial houses including apartments and detached houses in housing construction projects, except for areas under national defense and security regulations. Government regulations.

-----translation ends-----

Notice how the last sentence is inconsistent. So I translate
'..trừ khu vực bảo đảm quốc phòng, an ninh theo quy định của Chính phủ.'

And get:

'except for areas where national defense and security are ensured according to the Government's regulations.'

Reverse translate the above and it matches the Original Vietnamese text.

Well personally I already lost my appetite for real estate investing in Vietnam.
The buying process isn’t straight forward, Even made complicated on purpose, translating VN texts wording agreements are disputable, poor lease 50 years, pricey properties, visa and open bank account and money transfer in and out all these simple things seem have been made complicated. Probably with even weak rent returns but anyway they need to revise their real laws. All seems foreigner investor unfriendly !! I just rent some affordable unit from one of these desperate landlords who been suckered into a purchase without doing their homework.

Mangoshake wrote:

Well personally I already lost my appetite for real estate investing in Vietnam...

Is this all you have to contribute to the subject?

You've already posted this same essential message in another thread, where another forum member pointed out the offensive nature of your messages.

@Oceanbeach,

Yes well and what’s ur contribution about the subject ?  I have explained clearly why i am not buying a single brick in VN. I was just replying to Sanooku that it doesn’t matter for me how words will get translated because i will just rent and then i gave my motives why so.

Mangoshake wrote:

@Oceanbeach,

Yes well and what’s ur contribution about the subject ?

Didn't you know that he is the rules enforcer here?  If there is no rule, he has even been know to make one up.

While we're at it why is this thread  ?  Isn't it supposed to be about opening bank accounts.  Just joking.   

OceanBeach92107 wrote:

Golgo13 wrote:

colinoscapee wrote:

You may want to add a link backing up your theory.

Its a fact not a theory 

Then if you know it's a fact, then it shouldn't be hard at all to provide a reference link, should it?

I'll add some color and say that Golgo13's statement is misleading. Yes, foreigners can buy with just a tourist Visa. But foreigners can't just buy any apartment they want. The apartment has to be built after July 1, 2015 as that is when the government relaxed the housing law for foreigners and implemented the quota system. Before that, only special cases that allowed foreigners to purchase under strict guidelines and only for the purpose of living. Also, it is up to the developer to decide if they want to sell to foreigners and have to apply for approval from the government during their approval process. Some developers opt not to deal with foreigners and only sell to Vietnamese. Biconsi is one of them.

Mangoshake wrote:

Well personally I already lost my appetite for real estate investing in Vietnam.
The buying process isn’t straight forward, Even made complicated on purpose, translating VN texts wording agreements are disputable, poor lease 50 years, pricey properties, visa and open bank account and money transfer in and out all these simple things seem have been made complicated. Probably with even weak rent returns but anyway they need to revise their real laws. All seems foreigner investor unfriendly !! I just rent some affordable unit from one of these desperate landlords who been suckered into a purchase without doing their homework.

Good thing you lost your appetite cause you can't buy much real estate for 75K in Vietnam. How are we suckers if some one was able to amass a large portfolio in Vietnam as a foreigner? My Audi Q5 cost more than your Thailand condo sale proceeds. ***

CoderX10 wrote:

My Audi Q5 cost more than your Thailand condo sale proceeds. ***

Isn't it possible to disagree with someone else without calling them a ***?

THIGV wrote:

CoderX10 wrote:

My Audi Q5 cost more than your Thailand condo sale proceeds. ***

Isn't it possible to disagree with someone else without calling them a bum?

Maybe Coder's name is ***, and he was signing off.

THIGV wrote:

CoderX10 wrote:

My Audi Q5 cost more than your Thailand condo sale proceeds. Bum.

Isn't it possible to disagree with someone else without calling them a bum?

When speaking with others, yes. While speaking to @mangoshake, no.

OB.  Why aren't you reciting the rules when we need you to do so?   

From the Forum Terms and Conditions:  "Respect: We encourage respect among our Members."

THIGV wrote:

OB.  Why aren't you reciting the rules when we need you to do so?   

From the Forum Terms and Conditions:  "Respect: We encourage respect among our Members."

Mind you, Mangoshake has been going on about this subject ad-nauseam.

CoderX10 says
Good thing you lost your appetite cause you can't buy much real estate for 75K in Vietnam.

Yes so that is another important reason for me personally for not buying where you are “investing” . I can buy nice FREEHOLD real estate units for 70K with stunning views , in Thailand, Philippines, Spain , Portugal , Etc etc. And hopefully u understand that several affordable units make usually better rent returns  then one expensive unit. So why the heck will I invest in expensive properties in VN  with poor rent returns and poor 50 years of lease?   Why are these prices expensive? Do u think a Vietnam construction worker gets an higher salary then a Spanish construction worker?  Not only on your VN properties but you will loose big time on ur pricey car too. 😇

Mangoshake wrote:

CoderX10 says
Good thing you lost your appetite cause you can't buy much real estate for 75K in Vietnam.

Yes so that is another important reason for me personally for not buying where you are “investing” .😇

Why do you assume I only buy units? Because I'm a foreigner? I buy units under foreign quota, and I buy land with my wife. At any given time, I can add my wife's name to the title of the unit and it'll get converted to long term hold. I'm 43, retired, all because of real estate. I’ll take my chances.

@coderX10
The only reason i can think of why Condo prices are high in VN is probably because developers  mostly come from  local influential families all knowing each-other and have formed a cartel. Labor , land, construction materials all are cheaper in VN then in Spain, Portugal and Simular to Thailand so something doesn’t add up in their pricing. You’re married that gives you more options. Just me as an outsider emotionally not attached am not interested in investing in VN condos just because its not attractive enough. I will just rent and continue to invest elsewhere.

Mangoshake wrote:

@coderX10
The only reason i can think of why Condo prices are high in VN is probably because developers  mostly come from  local influential families all knowing each-other and have formed a cartel. Labor , land, construction materials all are cheaper in VN then in Spain, Portugal and Simular to Thailand so something doesn’t add up in their pricing. You’re married that gives you more options. Just me as an outsider emotionally not attached am not interested in investing in VN condos just because its not attractive enough. I will just rent and continue to invest elsewhere.

From what I am told one of the biggest property developers here is the army.

goodolboy wrote:

Mangoshake wrote:

@coderX10
The only reason i can think of why Condo prices are high in VN is probably because developers  mostly come from  local influential families all knowing each-other and have formed a cartel. Labor , land, construction materials all are cheaper in VN then in Spain, Portugal and Simular to Thailand so something doesn’t add up in their pricing. You’re married that gives you more options. Just me as an outsider emotionally not attached am not interested in investing in VN condos just because its not attractive enough. I will just rent and continue to invest elsewhere.

From what I am told one of the biggest property developers here is the army.

The military has its fingers in many,many pies.

Oh that explains more the complicated and foreigner investor unfriendly real estate process  and laws.

Mangoshake wrote:

Oh that explains more the complicated and foreigner investor unfriendly real estate process  and laws.

How does that explain anything? You actually believe that statement? The statement starts off “from what I’m told...”

That statement is also incorrect. The military is one of the biggest land owner not developer. And if they do develop, it’s not for sale. They actually have to give up their land for government approved projects such as the expansion of Tan Son Nhat airport.

From what I’m told, the /!\ I AM A STUPID SPAMMER /!\ controls Washington. Yea, that explains it all.

CoderX10 says : The military is one of the biggest land owner not developer.

Anyway i do not much like such a situation and I suspect some sort of kartel is in place responsible for keeping the New condo prices unrealistic. If no foul play explain me pls why are new condos in VN pricier then in Spain?

CoderX10 wrote:

Mangoshake wrote:

Oh that explains more the complicated and foreigner investor unfriendly real estate process  and laws.

How does that explain anything? You actually believe that statement? The statement starts off “from what I’m told...”

That statement is also incorrect. The military is one of the biggest land owner not developer. And if they do develop, it’s not for sale. They actually have to give up their land for government approved projects such as the expansion of Tan Son Nhat airport.

From what I’m told, the /!\ I AM A STUPID SPAMMER /!\ controls Washington. Yea, that explains it all.

No, your statement is in correct. The military or businesses affiliated to them do develop are investors in  apartment blocks & as a matter of fact I actually own (50 year lease) one in D12.

CoderX10 wrote:

Mangoshake wrote:

Oh that explains more the complicated and foreigner investor unfriendly real estate process  and laws.

How does that explain anything? You actually believe that statement? The statement starts off “from what I’m told...”

That statement is also incorrect. The military is one of the biggest land owner not developer. And if they do develop, it’s not for sale. They actually have to give up their land for government approved projects such as the expansion of Tan Son Nhat airport.

From what I’m told, the /!\ I AM A STUPID SPAMMER /!\ controls Washington. Yea, that explains it all.

Ah Yes, that ole nugget! 21 hectares of land used by vietnam air force handed over for developing tan son nhat airport. You don't mention the land grab of 50 hectares from farmers to give to vietnam's largest telecoms company viettel, which is state owned and operated by the military.

Currently I'm using viettel, but after hearing of these nasty practices I may switch to another provider like vinaphone or mobiphone (even if they offer less coverage - perhaps just keep the viettel mobile sim for traveling to rural parts - to use if there is no coverage with vinaphone or mobiphone).

goodolboy wrote:

No, your statement is in correct. The military or businesses affiliated to them do develop are investors in  apartment blocks & as a matter of fact I actually own (50 year lease) one in D12.

I don't dispute that the military has its hand in Vietnam's economic activities. Viettel is a good example. I also don't dispute that the military had some part in developing your project in D12.

But to say they are one of the largest developers, I respectfully disagree. It might be so in the past, but that's not how it’s been in the last 15 years when developments really started to boom, primarily in HCMC, Hanoi, and Da Nang.

The grey hair guy is focused on taking control from military owned assets, such as land, as they have demonstrated to be poor administrators with countless land mismanagement corruption cases. The 157 hectare golf course next to Tan Son Nhat is a prime example.

Vingroup is the largest developer in Vietnam. It is a publicly traded company. Any large government land up for sale including military owned land, they have an informal first right of refusal, which shall include grease, and lots of it.

In today’s market, the military wouldn’t even be ranked in the top 10 of developers because they are not developing 1,000’s upon 1,000's of units annually compared to the top 10 developers.

sanooku wrote:

CoderX10 wrote:

Mangoshake wrote:

Oh that explains more the complicated and foreigner investor unfriendly real estate process  and laws.

How does that explain anything? You actually believe that statement? The statement starts off “from what I’m told...”

That statement is also incorrect. The military is one of the biggest land owner not developer. And if they do develop, it’s not for sale. They actually have to give up their land for government approved projects such as the expansion of Tan Son Nhat airport.

From what I’m told, the /!\ I AM A STUPID SPAMMER /!\ controls Washington. Yea, that explains it all.

Ah Yes, that ole nugget! 21 hectares of land used by vietnam air force handed over for developing tan son nhat airport. You don't mention the land grab of 50 hectares from farmers to give to vietnam's largest telecoms company viettel, which is state owned and operated by the military.

Currently I'm using viettel, but after hearing of these nasty practices I may switch to another provider like vinaphone or mobiphone (even if they offer less coverage - perhaps just keep the viettel mobile sim for traveling to rural parts - to use if there is no coverage with vinaphone or mobiphone).

Who cares?....nobody!

colinoscapee wrote:

sanooku wrote:

CoderX10 wrote:

How does that explain anything? You actually believe that statement? The statement starts off “from what I’m told...”

That statement is also incorrect. The military is one of the biggest land owner not developer. And if they do develop, it’s not for sale. They actually have to give up their land for government approved projects such as the expansion of Tan Son Nhat airport.

From what I’m told, the /!\ I AM A STUPID SPAMMER /!\ controls Washington. Yea, that explains it all.

Ah Yes, that ole nugget! 21 hectares of land used by vietnam air force handed over for developing tan son nhat airport. You don't mention the land grab of 50 hectares from farmers to give to vietnam's largest telecoms company viettel, which is state owned and operated by the military.

Currently I'm using viettel, but after hearing of these nasty practices I may switch to another provider like vinaphone or mobiphone (even if they offer less coverage - perhaps just keep the viettel mobile sim for traveling to rural parts - to use if there is no coverage with vinaphone or mobiphone).

Who cares?....nobody!

In your opinion!!

sanooku wrote:

colinoscapee wrote:

sanooku wrote:

Ah Yes, that ole nugget! 21 hectares of land used by vietnam air force handed over for developing tan son nhat airport. You don't mention the land grab of 50 hectares from farmers to give to vietnam's largest telecoms company viettel, which is state owned and operated by the military.

Currently I'm using viettel, but after hearing of these nasty practices I may switch to another provider like vinaphone or mobiphone (even if they offer less coverage - perhaps just keep the viettel mobile sim for traveling to rural parts - to use if there is no coverage with vinaphone or mobiphone).

Who cares?....nobody!

In your opinion!!

Nah, most people's opinion. That's why nobody replies to your illinformed rants.

My offer is still open. Let's see how much of a keyboard warrior you are.

colinoscapee wrote:

sanooku wrote:

colinoscapee wrote:

Who cares?....nobody!

In your opinion!!

Nah, most people's opinion. That's why nobody replies to your illinformed rants.

My offer is still open. Let's see how much of a keyboard warrior you are.

They don't always use the quote feature.

As for ill-infomed, I always tend to check if links actually work before posting and not leave it to casual reader to figure out.

sanooku wrote:

colinoscapee wrote:

sanooku wrote:

In your opinion!!

Nah, most people's opinion. That's why nobody replies to your illinformed rants.

My offer is still open. Let's see how much of a keyboard warrior you are.

They don't always use the quote feature.

As for ill-infomed, I always tend to check if links actually work before posting and not leave it to casual reader to figure out.

I suggest you get your wife, poor woman, to book you into here

sanooku wrote:

colinoscapee wrote:

sanooku wrote:

In your opinion!!

Nah, most people's opinion. That's why nobody replies to your illinformed rants.

My offer is still open. Let's see how much of a keyboard warrior you are.

They don't always use the quote feature.

As for ill-infomed, I always tend to check if links actually work before posting and not leave it to casual reader to figure out.

I tell you what I will do.

I won't reply to any of your imbecilic posts, as long as you don't reply to any of my informative,well-received posts.