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LAWYER's message

Attorney's Greetings

I am Seonghee Lee, the representative lawyer at Cheongo Law Firm.


Cheongo, a law firm, is striving to resolve disputes and conflicts in various international transactions that are frequently occurring today, and to provide customers with opportunities to pioneer new markets based on its rich international experience and expertise. In addition, we provide customized services to companies, schools, hospitals and individuals based on various legal expertise, and perform a number of other civil, criminal, household and administrative litigations, resulting in satisfaction of our customers.


In particular, Cheongo, a law firm, has experience in solving problems that arise while consulting with PICC, a Vietnamese investment company, for the past 20 years.


Due to the recent rapid increase in trade with Vietnam, there is a lot of legal demand for real estate acquisition in Vietnam. Cheongo Law Firm has signed a legal consulting contract with PICC, a real estate company in Vietnam, to provide legal support and legal money transfer procedures for customers who want to buy real estate in Vietnam.


Going forward, Cheongo, a law firm, promises to do its best to guarantee the legal rights of customers who purchase real estate through PICC, and to return safe profits to Korea in the future.

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Differentiation of PICC's real estate transaction

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.

Vietnamese real estate common sense

  1. VAT 10% and administration fee 2%
    In the case of new pre-sale houses, the purchaser pays 10% VAT and 2% maintenance fees, as stated in the pre-sale contract.

  2. Other taxes
    Other taxes are actually paid in the process of acquiring ownership after direct sale of real estate, which will be announced later.

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