Apartments in Vietnam: Making Deposits and Rent Payments
Are you looking for a new home in Vietnam? Do you plan on moving into buildings with a low to moderate number of apartments? Vietnam is a great place to move to. There are plenty of cozy and affordable apartments you can purchase or rent.
Try looking for a building with a small to moderate number of apartments. This will allow you to have an easy and comfortable stay because you won’t have to wait for the elevators during rush hour. It will also be easier for you to navigate compared to a crowded building.
However, this is easier said than done. To help you with that, we’re going to guide you on the process of renting an apartment in Vietnam:
Step 1: Apply for residency
Applying for residency is the first step when renting an apartment in Vietnam. Your landlord will often help you apply for residency with local authorities. You can also apply yourself via the electronic residence websites available in all provinces such as Ho Chi Minh City, Hanoi, and Da Nang. Remember to apply for residency within 12 hours of your check-in.
Step 2: Pay the deposit
Deposits are usually worth one or two months of your monthly rent. For example, suppose the monthly rent is $500. You would have a deposit worth $1,000. The essence of a deposit is to protect the landlord should you fail to pay rent in the future.
They can also use it to pay off your last months of stay in the apartment. When drafting the contract, the amount should be in VND instead of USD. It is required by law (Decree No.04/2003/NQ-HDT) that tenants must make their payment in VND.
The contracts will be written in both English and Vietnamese, with the Vietnamese copies considered legally binding. Hire an agent to help you read through the contract. Only sign them when the Viatnamese copies are the same with the English copies. It is not required to have the contracts notarized, but you can have them notarized.
Notarization is a fraud-deterrence process which is performed by a notary executive in any Notary Office in the city that includes appraising, certifying, and documenting important and legal documents. The goal of notarizing a document is to make sure that it is authentic, trustable, and legally binding. So, to give you more protection on your rights as a tenant, have the contracts notarized. Work with your landlord for the notarization of the contract or ask the property agent to do it on your behalf.
The normal notarization fee is VND40,000 (~USD1.73) for a rental contract document for a property with rental value under VND50,000,000 (~USD2,166.75) and VND80,000 (~USD2.46) for a rental contract for a property with rental value in the range of VND50,000,000 to VND100,000,000 (~USD2,166.75-USD4,333.51).
Step 3: Pay the property agent for the services
Property agents are usually paid by the landlords. There are no consultation fees, but you can tip them as a sign of your gratefulness for their help. It is best to deal with the property agent before engaging with their services.
There are many apartments and locations in Vietnam to choose from. May these steps give you a brief idea of what to expect when you move to Vietnam. If you want to make the process easier, you can reach out to a local property agent or real estate company.
Vietlong housing offers apartments for rent in Hanoi. We have been helping thousands of expats to find dream homes for them and their families—and still work hard, even during those uncertain times. Drop us a message, and find your perfect home today!