Ho Chi Minh City in Vietnam is ranked as the 5th best city for investment in Asia, and as domestic Korean companies in China move to Vietnam on a large scale, interested in acquiring Vietnamese real estate is increasing rapidly, and leading domestic law firms such as the law firm Pacific are also local offices in Vietnam. We are actively considering legal responses to Korean investment in Vietnam while opening the program.

 

In addition, as the demand to acquire Vietnamese real estate increases, there are many cases where domestic travel agencies and local Vietnamese brokerages cooperate to make investments in Vietnamese real estate.

 

The most serious thing is that there are many people who are guiding you through the Internet to the illegal method of buying real estate by going out with illegal possession of cash or carrying cash, but this method is a crime of offshore tax evasion and is subject to a felony crime as a violation of the Tax Crime Penalty Act.

 

In particular, in a situation where it is not possible to purchase real estate through direct visits to Vietnam due to the corona crisis, PICC has signed close cooperation with Hung Thinh Co., Ltd., the 5th largest local construction company in Vietnam, from the last two years, and implementation, construction, and sales in a batch. We have developed a business system that handles this. In addition, by receiving the report and approval from the Bank of Korea in accordance with the Korean Foreign Exchange Transactions Act, from the down payment stage, the real estate acquisition code is legally sent directly to Hung Thinh Co., Ltd., so that the real estate acquirer's legal rights are acquired, as well as the future real estate transfer and rental income are legally remitted to Korea. We have been providing legal advice so that we can do it.

 

This method of acquiring real estate introduced by Picc Co., Ltd. and Cheongo Law Firm was not possible at all by other real estate brokerage firms, and based on the trust of Hung Thinh Co., Ltd. for the past two years without visiting Vietnam with the passport of a domestic seller. This is a method of receiving the original sales contract and obtaining approval from the Vietnamese consulate and the Ministry of Foreign Affairs of the Republic of Korea.

 

Currently, PICC Co., Ltd. has completed the sale of 100 households out of the 3,500 households of the Q7 Riversite Project located in District 7, Ho Chi Minh City, Vietnam on Aug. 2018, and completed legal remittance through Kookmin Bank for two years thereafter, and completed and moving in on Dec. 2021.

 

After that, PICC, as the main partner of Hung Thinh Corporation, completed the sale of the Galaxy project located in front of Samsung Electronics in Binh Duong by Hung Thinh implemented, constructed and opened for sale. Currently, 2,000 apartments at Universe Complex Apartment Project in Bien Hoa, Dong Nai are being opened for sale very excitedly.

 

Cheongo, a law firm, will actively solve all legal demands such as real estate contracts, remittances, acquisitions, and bank reports arising from PICC's real estate sales business in Vietnam, and will open a local law office in Vietnam in the future to solve additional legal problems. 

 

Cheongo Law Firm is not an abstract, general legal guide, but actually provides guidance on actual legal issues arising out of 200 real estate transactions over the past two years.