How to compare Vietnam “pink book” versus “red book”?

Authored by the expert who managed and guided the team behind the Vietnam Property Pack

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BAMBOOROUTES

A team specialized in real estate investing in APAC countries (Japan, Thailand, Indonesia, Australia, etc.).

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Vietnam. If you'd like to learn more about us, you can check our presentation page.

How this content was created 🔎📝

At BambooRoutes, we explore the Vietnamese real estate market every day. Our team doesn't just analyze data from a distance—we're actively engaging with local realtors, investors, and property managers in cities like Ho Chi Minh City, Hanoi, and Da Nang. This hands-on approach allows us to gain a deep understanding of the market from the inside out.

These observations are originally based on what we've learned through these conversations and our observations. But it was not enough. To back them up, we also needed to rely on trusted resources

We prioritize accuracy and authority. Trends lacking solid data or expert validation were excluded.

Trustworthiness is central to our work. Every source and citation is clearly listed, ensuring transparency. A writing AI-powered tool was used solely to refine readability and engagement.

To make the information accessible, our team designed custom infographics that clarify key points. We hope you will like them! All illustrations and media were created in-house and added manually.

What exactly does a red book represent in Vietnam and who issues it?

A red book in Vietnam is the Land Use Right Certificate that confirms your legal rights to use a specific piece of land.

The Ministry of Natural Resources and Environment issued red books before 2009, and this ministry continues to handle land-related certificates today. The red book specifically documented land use rights rather than property ownership.

Red books covered non-urban land parcels including agricultural fields, rural plots, and undeveloped land areas. Unlike full ownership documents, red books granted the right to use land for specific purposes defined by Vietnamese land use planning regulations.

As of September 2025, red books are now part of the unified "Certificate of Land Use Rights, Ownership of Assets Attached to Land" system, but the historical red book distinction remains legally important for understanding your property rights.

It's something we develop in our Vietnam property pack.

What exactly does a pink book represent in Vietnam and who issues it?

A pink book in Vietnam is the Certificate of Ownership of Housing and Land Use Rights that grants full ownership of both residential buildings and the land underneath them.

The Ministry of Construction originally issued pink books before December 2009, after which the Ministry of Natural Resources and Environment took over this responsibility. Pink books specifically covered urban residential properties where you own both the structure and land rights.

Pink books documented complete ownership rights for apartments, villas, and houses in urban areas. This includes the legal right to sell, transfer, lease, mortgage, or inherit both the building and the land beneath it.

Pink book properties typically commanded higher market values because they granted full ownership rather than just use rights. The pink book system made property transactions simpler and more attractive to both domestic and foreign investors.

Which type of property is covered by a red book and which by a pink book?

Red books historically covered rural, agricultural, and undeveloped land parcels where you received use rights rather than full ownership.

Property Category	Red Book Coverage	Pink Book Coverage
Agricultural Land	Yes - use rights only	No
Rural Residential Plots	Yes - land use rights	Sometimes for houses built
Urban Apartments	No	Yes - full ownership
Urban Villas/Houses	No	Yes - full ownership
Commercial Buildings	Land portion only	Building and land together
Undeveloped Urban Land	Yes - use rights	No
Condominiums	No	Yes - unit and land share

What legal rights do you actually get with a red book compared to a pink book?

Red books grant land use rights including the ability to transfer, lease, mortgage, inherit, or gift the land use rights, but do not automatically include building ownership rights.

Pink books provide full ownership rights allowing you to sell, transfer, lease, mortgage, or inherit both the residential building and the underlying land. This comprehensive ownership makes pink book properties much more valuable and marketable.

Red book holders can build on their land if permitted by local planning regulations, but they need separate documentation to prove building ownership. Pink book holders own everything on their property without additional documentation requirements.

Pink book properties can be used as collateral for bank loans more easily because banks recognize full ownership as stronger security. Red book properties face more restrictions when used for financing due to their limited use-rights nature.

How long are red book rights valid for and how long are pink book rights valid for?

Both red book and pink book rights are valid indefinitely unless revoked for legal violations or government land reclamation.

Red books issued before 2009 remain legally equivalent under current Vietnamese law, and there is no expiration date for land use rights documented in red books. However, specific land use purposes may have time limitations based on government planning decisions.

Pink books also maintain indefinite validity, and all pink books issued under the previous system continue to be recognized under the current unified certificate system. The Vietnamese government has confirmed that older certificates retain their full legal standing.

Property owners do not need to renew or reissue their red books or pink books unless they want to update information or transfer ownership. The certificates remain valid regardless of age as long as the underlying property rights are maintained.

What fees, taxes, and government costs apply when registering or transferring a red book versus a pink book?

Red book transfers typically incur land registration fees, transfer taxes, and potentially agricultural land taxes depending on the property type and transaction value.

Pink book transfers involve registration fees, transfer taxes calculated on contract value or official price schedules, and VAT may apply to new construction. Urban properties generally face higher tax rates than rural land.

Transfer tax rates for red book properties often range from 0.5% to 2% of assessed value, while pink book properties may face transfer taxes of 2% to 10% depending on the property value and location. Registration fees typically cost between 0.5% and 1.5% of property value.

Additional costs for pink book transfers may include notarization fees, legal document preparation, and municipal taxes. Red book transfers in agricultural areas may have lower overall costs but face restrictions on foreign ownership that can complicate transactions.

It's something we develop in our Vietnam property pack.

What restrictions exist on selling or transferring a red book compared to a pink book?

Red book properties face more restrictions on sale and transfer, particularly regarding foreign ownership and agricultural land use requirements.

1. **Foreign ownership restrictions**: Foreigners generally cannot acquire red book properties as Vietnamese law prohibits foreign ownership of agricultural and undeveloped land2. **Agricultural use requirements**: Red book agricultural lands must maintain their designated use purpose, limiting conversion to other uses3. **Government approval needs**: Some red book transfers require additional approvals from local authorities, especially for land use changes4. **Planning compliance**: Red book transfers must comply with local land use planning, which can restrict development potential5. **Inheritance limitations**: While inheritable, red book properties may face succession restrictions for non-Vietnamese heirs

Pink book properties have fewer transfer restrictions, with foreigners allowed to purchase apartments and houses in approved commercial housing projects. Pink book transfers generally require standard real estate transaction procedures without additional government approvals for use changes.

How do foreigners legally use or obtain rights under a red book versus a pink book?

Foreigners cannot legally obtain red book properties because Vietnamese law restricts foreign ownership of agricultural and undeveloped land.

Pink book properties offer legal pathways for foreign ownership, specifically for residential apartments, villas, or houses within commercial housing projects approved for foreign investment. Foreign individuals can own up to 30% of units in a condominium building and can own landed houses in designated areas.

Foreigners seeking red book property rights must use Vietnamese spouse ownership, business entity ownership, or long-term lease arrangements. These indirect methods carry legal risks and may not provide the same security as direct ownership.

Pink book foreign ownership requires purchasing from developers with proper foreign sales licenses, completing bank transfers through official channels, and registering ownership with local authorities. The process typically takes 30-45 days with proper documentation.

We did some research and made this infographic to help you quickly compare rental yields of the major cities in Vietnam versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.

What documents and process are required to apply for a red book versus a pink book?

Red book applications require proof of legitimate land use such as purchase contracts or government allocation documents, identity documents, completed application forms, and payment of registration fees.

Pink book applications need house purchase contracts from approved developers, proof of payment completion, construction completion certificates, identity documents, and developer applications for ownership registration submitted to local authorities.

The red book process typically involves land survey confirmation, boundary verification, and approval from district-level natural resources departments. Processing time ranges from 15-30 days depending on property complexity and local efficiency.

Pink book processing requires developer coordination, as most applications go through the original construction company rather than individual buyers. The developer submits bulk applications for entire projects, making individual processing faster but dependent on developer compliance.

How does the resale value of a property differ if it has a red book versus a pink book?

Pink book properties consistently command higher resale values due to full ownership rights and easier transfer processes.

Red book properties typically sell for 20-40% less than comparable pink book properties because buyers face more restrictions and risks. The limited pool of potential buyers (Vietnamese nationals only) further reduces red book property values.

Pink book urban properties benefit from higher liquidity, making them easier to sell quickly when needed. Foreign buyer access significantly expands the potential market, supporting higher prices and faster sales.

Market data from Ho Chi Minh City shows pink book apartments averaging 15-25% higher prices per square meter compared to similar properties with only land use rights. This premium reflects the security and transferability that full ownership provides.

It's something we develop in our Vietnam property pack.

What risks or disputes are most common with red book properties compared to pink book properties?

Red book properties face more boundary disputes, inheritance claims, illegal transfers, and violations of agricultural use regulations.

1. **Boundary disputes**: Red book rural properties often have unclear or disputed boundaries, leading to neighbor conflicts2. **Inheritance complications**: Multiple family claims on agricultural land create complex ownership disputes3. **Illegal transfer issues**: Unauthorized sales to foreigners or improper documentation cause legal problems4. **Agricultural compliance**: Violations of land use requirements can result in government penalties or confiscation5. **Survey inaccuracies**: Older red books may have outdated or incorrect land measurements

Pink book properties typically experience different risks including developer delays, incomplete construction, unpaid taxes, or unauthorized building modifications. However, these disputes generally have clearer legal remedies and resolution paths.

Pink book properties benefit from better legal protection and more straightforward dispute resolution through established real estate law. Red book properties often require complex rural land law interpretation and may involve traditional dispute resolution methods.

In practice, which type is easier to finance with a bank in Vietnam, a red book or a pink book?

Pink book properties are significantly easier to finance with Vietnamese banks because they offer full ownership that banks can easily seize and resell if needed.

Most major Vietnamese banks including Vietcombank, BIDV, and VPBank readily accept pink book properties as loan collateral, offering loan-to-value ratios of 70-85% for qualified borrowers. Interest rates for pink book property loans typically range from 8-12% annually as of September 2025.

Red book properties face much more difficulty in bank financing because agricultural land has lower liquidity and resale challenges. Banks may offer loans against red book properties but usually at lower loan-to-value ratios of 50-60% and higher interest rates.

Foreign borrowers find pink book financing particularly advantageous because international banks operating in Vietnam understand urban residential property values better than rural land rights. Some banks only provide mortgages for pink book properties to foreign nationals.

Conclusion

This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.

Sources

1. Homebase Vietnam - What is the Pink Book
2. LawNet Vietnam - Red Book Pink Book Differences
3. ASL Gate - Red Book Certificate Updates
4. DB Legal - Buying Land Use Rights Vietnam
5. Real Estate Vietnam - Pink Book Red Book Differences
6. LawNet Vietnam - Red Book Information
7. Realtique - Pink Book Guide for Buyers
8. Homebase Vietnam - Property Titles and Ownership Guide