Condominium
The website of the Ministry of Justice defines condominiums in Vietnam as houses with two or more storeys which have passages, stair cases and infrastructure systems commonly used by many households, or individuals. Condominiums comprise sections privately owned by families or individuals and sections under the common ownership of all households and individuals using such condominiums. For each condominium, a management board must be formed to act as representative of owners and users in protecting their rights and legitimate interests in the course of using the condominium.

Foreign invested enterprise FIE
According to JLL, foreigners investing in real estate business activities in Vietnam must submit a proposal to the relevant licensing authority that specifies, inter alia, the location of the project and the need for land use. The licensing authority evaluates the proposal before issuing an Investment Registration Certificate (IRC). Next, the FIE registers for an Enterprise Registration Certificate (ERC), a tax code and seal with the relevant departments of the Local PC. Only then can the FIE enter into land lease agreements.

There are three methods in which a foreign corporation can participate in real estate business activities and/or acquire land use rights in Vietnam:

(i)    Establishing 100 per cent foreign-owned entity in Vietnam 
(ii)    Establishing a joint venture with a Vietnamese entity that leases land from the state and subsequently contributes the value of the land use right to the joint venture.
(iii)    Acquiring shares or capital contribution in a Vietnam-domiciled company that has been engaging in real estate business activities and leased/allocated land from the state authorities.

A 100 per cent foreign invested company may either enter into a lease agreement directly with the state authority for the duration of the investment project, with rent being paid annually or on a lump sum basis OR they enter into a land allocation agreement directly with the state authority in the case of implementation of investment projects for the construction of houses for sale or for a combination of sale and lease. FIEs cannot purchase houses or other buildings for resale or lease, nor receive an allocation of land for subdivision of land lots for sale. In addition, there is a minimum capital requirement for enterprises undertaking real estate business activities of at least VND 20 billion (approximately USD 1 million).

Investment Registration Certificate IRC
The Investment Registration Certificate is a document required by foreign companies seeking to buy property. It is issued by the relevant licensing authority.

Land Use Rights LUR
All land in Vietnam is owned by the people, and administered by the State. The right to use land is the closest possible equivalent of freehold interest in Vietnam but is not technically the same as owning land. 
 
Vietkieu
Not a legal definition, the term Vietkieu refers to people who were born in Vietnam but are living overseas. 

Wards or phường
Vietnamese cities are subdivided into wards for administrative purposes. Ho Chi Minh for example has around 260 wards. Under the 2015 changes to the Housing Law foreigners are allowed to own up to 250 villas or townhouses within a ward.

Units of Measurement
Vietnam uses the metric system, with real estate commonly measured in square metres (sqm). Traditional Vietnamese measurements were already largely decimal in nature, with the base unit, Thước or Xích (meaning ruler), equal to 1 metre.

Local knowledge: Public holidays
Vietnamese workers are entitled to nine paid holidays per year, though other special days are recognised by the government.

Tết
Vietnamese New Year, known as Tết, occurs around late January-early February each year, generally at the same time as Chinese New Year. It is the largest holiday of the year, with many families gathering together for reunions, gifting money, sharing sweet rice cakes and visiting friends. Dragon and lion dances as well as fireworks are a familiar sight.

Hung Kings Commemoration Day
The Hung Kings were the first emperors of Vietnam. A recent addition to the Vietnamese calendar, the Hung Kings Commemorations are celebrated on the tenth day of the third lunar month, with procession and festival at the Hung Temple in northern Vietnam.

Reunification Day
30 April commemorates the end of the Vietnam War and joining together of north and south Vietnam. Parades and festivals are celebrated throughout the country.

International Labour Day
Labour Day in 1 May is celebrated in many countries across the world. In Vietnam people use the day to celebrate with friends and family. 

National Day
September 2 is set aside as a day celebrating Vietnamese culture, with speeches, parades, and with firework displays across the country.

Source: Jones Lang Lasalle Vietnam Property Guide 2015
Ministry of Justice

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