VietNamNet Bridge – The revised laws on Housing and Real Estate Business, which allow foreigners to buy houses in Vietnam, were keenly lauded by the foreign community when they came into force in July 2015. Many foreigners living here have, for many years, wanted to own property in Vietnam either as a home or as an investment.

Quan’s family visited Vinpearl Nha Trang for the “Journey of experiencing Vinhomes’ living values” event, which was organised by Vingroup

Foreigners in love with Vietnam

When he first visited Vietnam in 1993, Belgian Gricha Safarian instantly fell in love with the country. After some years living in the US and his homeland, Safarian decided to return to Vietnam in 2008, and has been living here ever since.

“There was something about the people and the country that was fascinating, and I still feel the same way today. Vietnam is a country that has been through terrible challenges throughout the 20th century, but the country is building for the future without complaining about the past. This is an attitude that I appreciate a lot, and that is clearly lacking in many other parts of the world,” Safarian told VIR.

Safarian is now an entrepreneur running a cocoa and chocolate business in Vietnam. Having been in and out of Vietnam for the last 22 years, he said he has been amazed by the harmonious development of the country.

“Vietnam is a fantastic place for entrepreneurs, and I have the utmost satisfaction with the business I’ve created here, thanks to all of the loyal and clever people working for me,” he added.

Safarian, however, does find one aspect of his life in Vietnam “a bit difficult”. “Everybody uses their horn for no reason in traffic, and I think this is ridiculous,” he added.

Despite this, Safarian wants to live in Vietnam over the long-term, and he has no plans to leave anytime soon. He has built up a company that employs 250 people, and deals with thousands of cocoa farmers across Vietnam.

Similarly, Swedish-Vietnamese businessman Truong Vinh Quan returned to Vietnam in 2007 to set up a business here. Quan is now living with his family in Ho Chi Minh City.

“My birth country has been good to me. In Vietnam, there is a proverb that says: ‘Where the land is good, the birds will flock’,” Quan said. “Our motherland has always interested me because of its people, its landscape, and its business climate. I have not encountered many difficulties here. That’s why I decided to come back to Vietnam after 20 years living in Sweden.”

Looking for a home in Vietnam

However, until recently, falling in love with the country was not enough for foreigners or overseas Vietnamese to be granted permission to own property here. As such, many have been looking forward to owning a home here for many years.

Safarian said, “I have my house in Belgium, and soon I’ll have my apartment here in Vietnam. These are the two countries where I spend most of my time. I’m not buying a property in Vietnam to make a profit. I’d rather buy one to have a nice place to stay. I work very hard here, so living in a convenient place is important.”

Conversely, Quan reckons that apart from serving as a functional residence for some time, buying a house in Vietnam at this point could be a profitable investment opportunity. Asides from buying an apartment for the family to live in, Quan has invested in another five apartments that he will rent out. All six units are in Vinhomes Central Park, a project in Ho Chi Minh City developed by Vingroup, the leading property developer in Vietnam.

Safarian has also bought an apartment in Vinhomes Central Park, which he hopes to occupy for some time.

Like Quan and Safarian, South Korean Lee Young Woon has snapped up a home in the Vinhomes property project. The decision was rather swift and was made some weeks ago while he was here on a business trip with his son.

“I think that the Vietnamese government's recent decision to open the door to foreigners, allowing them to buy a home in Vietnam, is a very good one, and we want to take this opportunity to buy an apartment for our long-term investment here,” Lee said.

“I have travelled in and out Vietnam many times over the last 20 years. However, I did not decide to let my son stay here and develop our business until recently. Having a home here is a great idea,” Lee added.

A dwelling that’s attractive to foreigners

The revised laws on Housing and Real Estate Business have opened up opportunities for foreigners to buy properties in Vietnam.

“I hope the new laws can create more liquidity and more transactions, which benefit all stakeholders,” Safarian said.

“For any market to be sustainable over the long-term you need to create liquidity, meaning lots of transactions. This is true for the stock market and for real estate markets. Foreigners can help increase the liquidity of the real estate market in Vietnam,” he added.

Safarian is now living in a sizeable apartment on the top of a tower overlooking Ho Chi Minh City’s District 1. “For me, there were only two choices for buying the home of my dreams. If it’s a house I’d like to have a garden, but if it’s an apartment I will need a nice view. After looking for the suitable place for many years, I finally ended up buying an apartment in Vinhomes Central Park with a fantastic view,” he said.

Vinhomes Central Park is developed by Vingroup – one of the country’s largest and most prestigious real estate developers. The Group has also built other top-notch properties, including multifunctional complexes in Hanoi, Ho Chi Minh City, Nha Trang, Danang, and other major cities nationwide.    

Backed by sound financial resources and a track record of on-time construction, Vingroup has delivered numerous high-quality homes in large mixed-use projects, for both locals and foreigners alike. The group won the “Best Developer in Vietnam” award at the Southeast Asia Property Awards in Singapore last October, in addition to many other domestic and international plaudits.

“I believe in the financial and management skills of Vingroup. With its strengths, Vingroup is able to ensure the construction progress and quality of my future houses,” Quan said.

Vingroup, Safarian noted, has also carried out a range of other projects, proving its financial strength and managerial prowess.

Vinhomes Central Park will be built as a green city located along the bank of the Saigon River. Together with Ba Son, and Khanh Hoi, this project is a key element of the “miniature green city” redevelopment.

Vinhomes Central Park is possibly in the best location in Ho Chi Minh City, as it is adjacent to the city’s upcoming first-ever metro line.

Located in Binh Thanh district, in the increasingly trendy eastern part of central Ho Chi Minh City, the 43-hectare urban township is designed with a building density of just 16 per cent. There will be 14 hectares of green space and river frontage stretching over a one kilometre expanse of the Saigon River.

Vinhomes Central Park will also be the first urban township to have a luxury marina. The project will also benefit from a convenient transportation system, the on-site Vincom Landmark 81 shopping mall, and peace-of-mind from the best security that the market has to offer.

The developer has also decided to use Low-E glass, which, despite its high initial cost, has immense environmental benefits. A water filtration system based on European technology will be installed in every apartment and villa throughout the development to guarantee the quality of drinkable water right out of the tap.

Topping it all off, Vinhomes Central Park will be enhanced with high-end facilities and the international-standard Vinschool and Vinmec hospital, providing top-class convenient services for all residents.

VIR