➢ 本文作者：Michael Lee、Helen (Trang) Nguyen、魏俊民
➢ 原文标题：Land Acquisition Routes for Foreign Investors in Vietnam （2026）
A Practical Issue
实务问题
In practice, clients often ask what seems a simple question: can our company simply buy the plot next to our factory?
实务中，经常被客户问到一个看似简单的问题：我们公司能否直接买下工厂旁边的那块土地？
Land and LUR in Vietnam
越南的土地和土地使用权
In Vietnam, answering that question requires a different way of thinking about land. Unlike many other jurisdictions, Vietnamese law does not recognize private ownership of land. Land is owned by the entire people, with the State acting as the representative owner and exercising unified management.
在越南，回答这个问题需要换一种土地思维。与许多其他法域不同，越南法律不承认土地私有。土地归越南全体人民所有，由国家作为所有权人的代表实行统一管理。
Individuals and businesses therefore do not acquire ownership of land itself. Instead, they acquire land use rights ("LURs") — rights to use a particular parcel of land for an approved purpose, for a specified or stable term, with the scope of those rights depending on the legal basis on which the land is held. For foreign investors, this distinction is particularly important. The legal route through which an investor accesses land can determine not only whether the proposed project may be implemented, but also the investor's ability to construct on the land, obtain financing, mortgage its rights, transfer the project, or ultimately exit the investment. Accordingly, the more relevant question for a foreign investor is generally not whether it can "own" land in Vietnam, but what legal route is available for it to obtain and use the land for its proposed project, and what rights that route provides. In practice, foreign investors typically access land or real estate in Vietnam through several different routes under the Land Law No. 31/2024/QH15, as amended ("2024 Land Law"), the Housing Law No. 27/2023/QH15, the Law on Real Estate Business No. 29/2023/QH15, and other land- and investment-related legislation.
因此，个人和企业在越南取得的并非土地所有权本身，而是土地使用权（“LURs”），即按获批的用途，在特定期限内使用特定地块的权利，权利范围取决于取得土地使用权的法律依据。对于外国投资者而言，如何取得土地使用权非常重要。投资者获取土地所采用的法律路径，不仅决定拟议项目能否落地实施，还决定投资者能否在该土地上施工建设、取得融资、就其权利设定抵押、转让项目，乃至最终退出投资。因此，对外国投资者而言，更迫切的问题，不是能否在越南“拥有”土地，而是通过何种法律途径取得项目所需的土地使用权，以及该种途径赋予使用者何种权利。实务中，外国投资者在越南取得土地使用权或房产的法律依据通常是第31/2024/QH15号《土地法》（经修订，“2024年《土地法》”）、第27/2023/QH15号《住房法》、第29/2023/QH15号《房地产经营法》，以及与土地和投资相关的其他立法。
Land Acquisition Routes for Foreign Investors in Vietnam
在越南取得土地使用权的途径
Route 1: Direct lease of land from the State
途径一：直接从国家租赁土地
A foreign-invested economic organization ("FIE") may, where the statutory requirements are satisfied, lease land directly from the State to implement an investment project.
外国投资经济组织（“FIE”）在满足法定条件的情况下，可直接向国家租赁土地，用于实施投资项目。
This route is relevant to factories, logistics facilities, offices, commercial developments and other projects built on a dedicated site.
此种途径适用于工厂、物流设施、办公楼、商业开发项目，以及其他在专用地块上建设项目。
The land term will generally follow the operating term of the investment project and, as a rule, may not exceed 50 years, although a term of up to 70 years may be available for qualifying projects.
土地使用期限通常根据投资项目的经营期限确定，原则上不超过50年，但符合条件的项目可获得最长70年的使用期限。
The 2024 Land Law provides for two methods of paying land rent:
2024年《土地法》规定了两种土地租金缴纳方式：
✦ Annual land rental. An FIE leasing land from the State with annual rental payments generally has more limited rights than an FIE paying land rent in a lump sum for the entire lease term. The 2024 Land Law nevertheless recognizes a distinct "lease right under the land lease contract", which, in qualifying cases, may be transferred together with the FIE's lawfully owned assets attached to the land, subject to statutory conditions, including that the attached assets were lawfully created and registered, that construction has been completed in accordance with the approved detailed plan and investment project, and that the lessee has advanced the compensation, support and resettlement costs related to the land that have not yet been fully deducted from the land rent payable. The purchaser may then continue leasing the land for the approved purpose and remaining lease term.
✦ 按年缴纳土地租金。以按年缴纳租金方式向国家租赁土地的FIE，其权利通常较一次性缴纳整个租赁期租金的FIE更为有限。但2024年《土地法》承认一项独立的“土地租赁合同项下的租赁权”，在符合条件的情况下，可连同FIE在土地上合法拥有的附属资产一并转让，但须满足法定条件，包括：附属资产系合法形成并已依法登记；已按照经批准的详细规划和投资项目完成建设；且承租人已垫付与土地相关的补偿、支持和安置费用，而该等费用尚未从应缴土地租金中全部抵扣。受让人随后可按获批用途在剩余租赁期内继续租赁该土地。
✦ One-off land rental for the entire lease term. An FIE leasing land from the State and paying land rent in a lump sum for the entire lease term generally has broader rights in relation to the LUR than an FIE paying land rent annually. Subject to the statutory conditions, the FIE may transfer, lease or contribute as capital the LUR together with the assets attached to the land, and may mortgage them with credit institutions licensed to operate in Vietnam.
✦ 一次性缴纳整个租赁期的土地租金。一次性向国家缴纳整个租赁期租金的FIE，其对土地使用权享有的权利通常比按年缴纳租金的FIE更为广泛。在符合法定条件的情况下，FIE可将土地使用权及土地上的附属资产转让、出租、或作价出资，还可以将其抵押给在越南持牌经营的信贷机构。
The 2024 Land Law also permits an FIE paying annual rent to convert to a one-off payment for the remaining lease term, but only where its land use qualifies for a one-off lease under the Law. The land price used to calculate the rent is redetermined at the time of conversion.
2024年《土地法》还允许FIE将按年缴纳土地租金的方式转换为就剩余租赁期一次性缴纳土地租金，但仅限于该土地用途属于《土地法》规定可一次性缴纳租金的情形。用于计算土地租金的地价将在转换时重新核定。
➢ For dealmakers: the land rental structure can materially affect financing and exit options. It should be considered together with the investment and financing structure before the project is implemented, rather than after substantial construction expenditure has already been incurred.
➢ 交易要点：土地租金结构可能对项目融资和退出方案产生实质影响，因此应在项目实施前结合投资和融资方式一并考虑，而不应等到已发生大额建设支出后才考虑。
Route 2: Sub-lease in an industrial park, industrial cluster or other designated zone
途径二：在工业园区、工业集群区或其他指定区域转租
For manufacturing FDI, this is often the most practical route.
对于投资制造业的外商，这是通常最实用的途径。
The 2024 Land Law expressly permits FIEs to acquire LURs by way of transfer in industrial parks, industrial clusters and high-tech parks, subject to the applicable conditions and procedures under Vietnamese law. An infrastructure developer obtains the underlying land rights and develops the relevant industrial park or zone. The foreign-invested tenant then leases or sub-leases a plot, a ready-built factory, a warehouse, or other premises from the infrastructure developer instead of obtaining land directly from the State. For investors, the attraction is straightforward: much of the zoning, site clearance, and common infrastructure has already been addressed by the developer, allowing the investor to focus on licensing and on construction or fit-out of its own facility. However, the tenant's legal position still depends on how the infrastructure developer holds the land and on the structure of the lease or sub-lease.
2024年《土地法》明确允许FIE通过转让方式在工业园区、工业集群和高科技园区取得土地使用权，但须满足越南法律规定的条件和程序。基础设施开发商取得底层土地权利，并开发相关的工业园或工业区。外国投资商随后作为承租人向基础设施开发商租赁或转租土地、现成的厂房、仓库或其他场所，而非直接从国家取得土地。对于投资者而言，其吸引力显而易见：分区规划、场地清理和公共基础设施大多已由基础设施开发商建设完成，投资者可专注于其自有设施的许可、建设或装修。但值得注意，承租人的法律地位取决于基础设施开发商持有土地的方式，以及租赁或转租的方式。
➢ For operators: review the developer's underlying LUR, permitted land-use purpose, remaining land term, and rent-payment structure. A tenant cannot obtain better or longer land rights than those legally available through the developer's underlying title.
➢ 交易要点：应审查开发商的基础土地使用权（LUR）、获批土地用途、剩余土地使用年限以及租金支付结构。承租人无法取得比开发商基础权属在法律上所能提供的更好或更长的土地权利。
Route 3: Receiving land use rights as capital contribution
途径三：接受土地使用权出资
Land may also be introduced into a foreign-invested structure by way of a capital contribution of land use rights. For example, a Vietnamese partner that lawfully holds an eligible LUR may contribute that LUR as capital to an enterprise or joint venture, allowing the recipient enterprise to use the land for the relevant investment project, subject to applicable land and investment law requirements. The 2024 Land Law expressly recognizes that an FIE may receive LURs by way of capital contribution, including LURs derived from State land allocation with payment of land-use fees or from State leases with rent paid in a lump sum for the entire lease term. By contrast, an LUR held under annual rent cannot itself be contributed; only the assets attached to the land can. The recipient of such an asset contribution may continue to lease the land from the State for the approved purpose for the remaining lease term.
外资企业也可通过接受土地使用权出资的方式取得土地。例如，合法持有土地使用权的越南合作方，可将该土地使用权作为出资投入企业或合资企业，使接受出资的企业可将该土地用于投资项目，但须满足土地法和投资法相关的要求。2024年《土地法》明确承认FIE可通过接受出资的方式取得土地使用权，包括来源于国家收取土地使用费出让的土地使用权，以及国家出租且一次性缴纳整个租赁期租金的土地使用权。与之不同的是，按年缴纳租金的土地使用权本身不得出资，仅可以土地上的附属资产出资。接受土地使用权出资的一方可在剩余租赁期内按既定用途继续向国家租赁该土地。
➢ For dealmakers: this structure is particularly relevant where a Vietnamese partner's principal contribution to a joint venture is the project site itself. Because the contribution's legality, scope, and value depend heavily on the underlying land rights, land due diligence should be completed before the parties agree on the valuation or transaction structure. At a minimum, the investor should verify the LUR certificate, the origin and legal basis of the LUR, the applicable land-rental payment regime, the remaining land-use term, the approved land-use purpose, any mortgages or other encumbrances, compliance with applicable financial obligations, and the legal permissibility of the proposed capital contribution.
➢ 交易要点：当越南合作方的主要出资为项目所需的土地时，此结构尤为适用。由于出资的合法性、范围和价值在很大程度上取决于底层土地权利，因此各方在商定估值或交易结构前应完成土地尽职调查。外国投资者至少应核实土地使用权证书、土地使用权的来源和法律依据、适用的土地租金支付制度、剩余土地使用期限、获批的土地用途、是否存在抵押或其他权利负担、相关财务义务的履行情况，以及拟议出资方式的法律可行性。
Route 4: Acquiring the company that holds the land
途径四：收购持有土地的公司
Instead of acquiring an LUR directly, a foreign investor may acquire shares or contributed capital in a Vietnamese enterprise that already holds the relevant land.
不直接取得土地使用权，外国投资者可以通过收购持有土地的越南企业的股份或出资，从而间接取得土地使用权。
In a conventional share deal, the LUR holder either establishes, or already has, an SPV that holds the land, and the purchaser buys that company. This structure can be particularly useful for an investor seeking to acquire an existing factory, hotel, logistics facility, or operating business, together with its land position. However, the purchaser also acquires the company with all of its existing liabilities.
在这类股权交易中，土地使用权人设立，或已经拥有一家持有土地的SPV，由买方收购该SPV公司，从而间接取得土地使用权。此种途径对于寻求收购现有工厂、酒店、物流设施、或运营中的业务及其土地权益的投资者尤为适用。但这也意味着，买方在收购这家公司的同时，也必须一并承继其全部现有的负债。
The 2024 Land Law separately recognizes the acquisition of investment capital, represented by the value of LURs, as one of the mechanisms through which land-related economic interests may be transferred, subject to statutory conditions. This route has been available to foreign investors since at least the 2013 Land Law. The 2024 Land Law (effective August 1, 2024) expanded the options, notably by permitting FIEs to receive direct LUR transfers in industrial parks, industrial clusters and high-tech parks, as noted above.
另外，2024年《土地法》认可受让以土地使用权价值构成的投资资本，作为土地相关经济权益的转让机制之一，但须满足法定条件。至少自2013年《土地法》起，外国投资者即可使用此途径。2024年《土地法》（2024年8月1日生效）进一步扩展了可选途径，尤其是如上文所述，允许FIE在工业园区、工业集群和高科技园区直接受让土地使用权。
➢ For dealmakers: land due diligence is therefore critical in an M&A transaction. The purchaser should confirm, among other things:
how the target originally obtained the land;
whether the target has complied with its land rental and financial obligations;
whether the LUR certificate accurately reflects the current land user and land status;
the remaining land-use term;
whether the approved land-use purpose supports the purchaser's intended business;
whether the land or assets are mortgaged or otherwise encumbered;
whether the project is subject to implementation milestones; and
whether there are outstanding land violations, recovery risks, or disputes.
➢ 交易要点：土地尽职调查在并购交易中至关重要，买方应（除其他事项外）确认：
目标公司最初取得土地的方式；
目标公司是否已遵守其土地租金及财务义务；
土地使用权证是否准确反映当前的土地使用人及土地状况；
剩余土地使用年限；
经批准的土地用途是否支持买方拟从事的业务；
土地或资产是否已设定抵押或以其他方式设定权利负担；
项目是否受实施里程碑约束；以及
是否存在未决的土地违法行为、收回风险或争议。
A change in shareholders does not cure an underlying defect in the target's land rights.
股东变更并不能消除目标公司土地权利固有的瑕疵。
Route 5: Transfer of a real estate project
途径五：受让房地产开发项目
Where the target is a real estate development itself, rather than the corporate entity holding it, a project transfer may be more appropriate.
当目标本身是房地产开发项目，而非开发房地产项目的公司，则项目转让可能更为合适。
Vietnam's real estate business legislation permits the transfer of all or part of a real estate project where the statutory conditions are satisfied. The transaction may involve the transfer or continuation of the associated land rights and project rights in accordance with the Land Law, the Law on Real Estate Business, and investment legislation.
越南房地产经营立法允许在满足法定条件的情况下全部或部分转让房地产项目。交易涉及转让或延续《土地法》《房地产经营法》和投资立法项下有关的土地权利和项目权利。
This structure is particularly relevant to acquisitions of residential, commercial, resort or mixed-use developments.
此种途径对于收购住宅、商业、度假或混合用途房地产开发项目尤为适用。
The ability to transfer the project depends on the project's legal status and the satisfaction of statutory conditions applicable to the project, the transferor, and the transferee. A project cannot simply be transferred because the commercial parties agree to sell it.
项目能否转让，取决于该项目本身的法律地位，以及是否满足适用于该项目、转让方和受让方的法定条件。项目不能仅仅因为商业双方同意出售就可以随便转让。
➢ For dealmakers: the first step should be a project-level legal audit of the relevant investment approvals, land allocation or lease decisions, LUR documentation, financial obligations relating to the land, construction and planning approvals, project implementation status, mortgages and the statutory conditions for project transfer. This establishes whether a project transfer is available before the parties spend time negotiating its commercial terms.
➢ 交易要点：首先应对相关投资批准、土地划拨或租赁决定、土地使用权文件、与土地相关的财务义务、建设和规划批准、项目实施状态、抵押及项目转让的法定条件进行项目层面的法律审查。这样可以在双方花时间谈判商业条款之前，先确定该项目是否具备转让的可能性。
Route 6: Ownership of residential property by foreign individuals and organizations
途径六：外国个人和组织持有住宅物业
Residential property is governed by a separate regime.
住宅物业适用另一套独立制度。
Foreign individuals and qualifying foreign organizations may own certain houses in Vietnam under the Housing Law 2023, subject to eligibility requirements, national defense and security restrictions, foreign ownership quotas, and other statutory conditions.
根据2023年《住房法》，外国个人和符合条件的外国组织可以在越南持有某些房屋，但须满足资格要求，遵守国防和安全方面的限制、外国所有权配额以及其他法定条件。
This should not be confused with private ownership of the underlying land. The foreign owner acquires ownership of the qualifying house together with the associated rights recognized by Vietnamese law; the constitutional and statutory regime of entire-people ownership of land remains unchanged.
这不应与底层土地的私人所有权混为一谈。外国买方取得的是符合条件房屋的所有权，以及越南法律所承认的相关权利；土地属于全民所有的宪法和法律制度则保持不变。
For foreign ownership, the statutory limits include:
up to 30% of the apartments in a condominium building; and
generally, no more than 250 individual houses, including villas and terraced houses, within an area having a population equivalent to a ward.
对外国所有权，法定限制包括：
一栋公寓楼中不超过30%的公寓；以及
在人口相当于一个坊的区域内，通常不超过250套独立房屋，包括别墅和联排房屋。
Different rules apply depending on whether the owner is a foreign individual or foreign organization.
根据所有人是外国个人还是外国组织，适用不同规则。
For an eligible foreign individual, ownership is generally permitted for up to 50 years from the date of issuance of the ownership certificate, subject to one extension of up to a further 50 years in accordance with law. A foreign individual married to a Vietnamese citizen who is residing in Vietnam may enjoy residential ownership rights on the same basis as Vietnamese citizens, subject to the statutory requirements. For a qualifying foreign organization, the ownership period is instead tied to the term stated in its investment documentation and is not simply a uniform 50-year period applicable to all foreign owners.
对于符合条件的外国个人，通常允许拥有的所有权期限为自所有权证书签发之日起最长50年，并可根据法律规定再延长一次，最长不超过50年。与居住在越南的越南公民结婚的外国个人，在满足法定要求的前提下，可以享有与越南公民同等的住宅所有权权利。对于符合条件的外国组织，其所有权期限则与其投资文件中载明的期限挂钩，而不是所有外国所有者统一适用简单的50年期限。
➢ For individual and institutional investors: foreign-ownership eligibility and the remaining quota should be confirmed for the specific project before a deposit or acquisition agreement is signed. Eligibility cannot safely be assumed merely because foreign purchasers already own other units in the same development.
➢ 交易要点：对于个人和机构投资者而言，应在签署定金或购房协议前，针对具体项目确认其外国所有权资格和剩余的配额。不能仅因外国买方已拥有同一开发项目中的其他单元而当然地推定自己也具备资格。
Summary: Choosing the right route
结语：选择正确的途径
There is no single "foreign investor land structure" in Vietnam. The appropriate route depends on what the investor is trying to acquire.
越南并不存在某种统一的“外国投资者土地架构”。应当采用何种途径，取决于投资者拟取得的具体标的或权利。
It is crucial to remember that a seller's control over real estate and its legal entitlement to it are not the same thing. An investor may agree a purchase price, sign a term sheet and even establish an acquisition vehicle, only to discover later that the proposed entity cannot receive the relevant LUR, that the land-use purpose does not permit the intended business, or that the selected land-rental structure prevents the financing or security package contemplated by the transaction. For that reason, due diligence should be carried out and the land structure tested at the term-sheet stage, not after signing.
务必牢记，出售方对房地产的控制与其法律上的权利并非同一回事。投资者可能已商定购买价格、签署条款清单甚至设立收购载体，事后才发现拟议实体无法受让相关土地使用权、土地用途不允许预期业务，或所选土地租金结构妨碍交易拟定的融资或担保安排。因此，应在条款清单阶段而非签约后开展尽职调查，核查土地权属结构。
For advice on structuring a specific land acquisition, investment project, or real estate transaction, or on reviewing land use rights as part of legal due diligence, please contact the Southeast Asia Practice Group of Shanghai Jianwei (Chengdu) Law Firm at: maxlawell@foxmail.com.
如需就特定土地收购、投资项目或房地产交易的架构进行咨询，或对土地使用权进行尽职调查，请联系上海建纬（成都）律师事务所东南亚业务组。
上海建纬（成都）律师事务所东南亚业务组
Southeast Asia Practice Group ofShanghai Jianwei (Chengdu) Law Firm
建纬（成都）东南亚业务组是上海建纬（成都）律师事务所涉外业务的重要板块，由四川省涉外法律服务领军人才魏俊民律师领衔，汇聚本所资深涉外律师、合伙人，以及东南亚十国资深律师与合伙人，一支跨法域协同的法律服务团队。
The Southeast Asia Practice Group is a key component of the international practice of Shanghai Jianwei (Chengdu) Law Firm. Led by Mr. Wei Junmin, a leading foreign-related legal talent of Sichuan Province, the Group brings together the firm's senior foreign-related lawyers and partners, as well as senior lawyers and partners from ten Southeast Asian countries, forming a cross-jurisdictional legal service team.
建纬（成都）东南亚业务组立足成都，链接东南亚，以建纬在建设工程与房地产领域的专业积淀为根基，以东南亚本土优质法律资源为支点，为中国企业布局东南亚，提供全周期、跨法域、高标准的法律护航。
Based in Chengdu and connected to Southeast Asia, the Group combines Jianwei's professional expertise in construction engineering and real estate with high-quality local legal resources across Southeast Asia, to deliver full-cycle, cross-jurisdictional and high-standard legal services to Chinese enterprises operating in the region.
