The procedure for purchasing a home at Hồng Hạc City comprises five steps in sequence: placing a deposit, signing the sale and purchase agreement, making payments in line with construction progress, taking handover of the property, and receiving the long-term ownership certificate (sổ hồng). The entire process is carried out by the developer Phú Mỹ Hưng under a direct two-party contract between the customer and Phu My Hung Development Corporation, ensuring transparency and protecting the buyer’s interests from the very first step through to receipt of the land use right certificate. In particular, thanks to a sales process that Phú Mỹ Hưng has standardised over decades of urban development experience, buyers at Hồng Hạc City can complete all procedures quickly and securely.
In terms of legal documentation, the Hồng Hạc City project has completed all required documents, including the investment policy approval issued by the People’s Committee of Bắc Ninh Province, the approved 1/500 detailed masterplan for the entire 197.8ha, the construction permit and the land-use rights certificate. Furthermore, more than 1,000 villas in the Hồng Phát sub-area have actually been issued pink books, providing the most convincing evidence of the developer’s legal execution capability. More importantly, every property at Hồng Hạc City has its own guarantee certificate from the 3 state-owned banks Vietcombank, BIDV and Vietinbank, comprehensively protecting buyers’ financial interests in all circumstances.
Regarding the financial policy, buyers at Hồng Hạc City only need to pay 20% of the contract value themselves until receiving their home; the remainder is supported by a loan covering 70% at 0% interest, with full principal deferment until the handover date in December 2026. In addition, customers who choose to pay 100% of the contract value early receive a discount of up to 18%, an outstanding level of incentive rarely seen in comparable projects in the North.
The following is a detailed guide to the entire Hồng Hạc City home-buying procedure, helping customers prepare all the required documents and follow each step correctly.
How many steps are there in the Hồng Hạc City home-buying procedure, and what documents need to be prepared?
The Hồng Hạc City home-buying procedure comprises 5 mandatory steps in sequence: paying a deposit, signing the sale and purchase contract, making payments according to construction progress, taking handover of the property and receiving the pink book, with each step having its own documentation and conditions. Below is a complete guide to preparing the documents and carrying out each step in detail before starting the transaction.
Before carrying out any step in the home-buying process, customers must prepare a personal document dossier in accordance with the requirements of the developer, Phú Mỹ Hưng. Specifically, the mandatory documents include:
- A valid citizen identity card (CCCD) or passport (the original must be presented together with a notarised copy)
- Household registration book or valid proof of residence (notarised copy)
- Marriage certificate or certificate confirming single marital status (mandatory, as both spouses must sign the sale and purchase contract in accordance with the Law on Marriage and Family)
- Bank account statements for the last 3 months (required only when applying for a supported bank loan)
- Notarised power of attorney (applicable when the buyer cannot sign the contract in person)
More importantly, all document copies must be notarised at an authorised notary office; ordinary photocopies are not accepted. The Hồng Hạc City project sales department will assist in checking and confirming that the dossier is complete before proceeding to the next step.
What steps are involved in the booking and deposit process at Hồng Hạc City?
The Hồng Hạc City deposit process comprises 3 main steps in order: selecting a property and confirming it with the sales department, signing the official deposit document and transferring the money to the account stated in the deposit document. Specifically, after viewing the show home and selecting a suitable property, customers proceed as follows:
Step 1: Booking. The customer contacts the Phú Mỹ Hưng sales department directly to reserve the desired property. The booking amount is VND 100 million per booking, depending on each sales launch. This amount will be deducted from the first payment after the official sale and purchase contract is signed.
Step 2: Signing the deposit document. Once the booking is successful, the customer and the developer’s representative jointly sign the official deposit document. The deposit document clearly states the property details, sale price, deposit amount, reservation period and the conditions for refunding the deposit if the transaction fails for reasons attributable to the developer.
Step 3: Transfer the deposit. Under current anti-money-laundering regulations, the entire deposit must be transferred by bank transfer in accordance with the account details stated on the official deposit form from Phu My Hung Development Corporation. Important note: under no circumstances transfer money on the basis of verbal requests or to anyone’s personal account number, including the project’s sales staff, to avoid the risk of losing money through impersonation scams.
In addition, from the date the deposit form is signed, customers usually have 7 to 14 working days to complete their paperwork and prepare to sign the sale and purchase contract. The sales office will contact them to confirm the specific contract signing schedule.
What does the Hồng Hạc City house sale and purchase contract cover, and when is it signed?
The Hong Hac City house sale and purchase contract is a two-party legal document between the customer and Phu My Hung Development Corporation, officially signed on 10/7/2025 for the first sales launch, covering terms on selling price, payment schedule, handover commitments and pink book issuance. Specifically, the core legal contents of the sale and purchase contract at Hong Hac City include:
- Detailed property information: unit code, land area, built-up area, location within the sub-area, product type (detached villa, semi-detached villa, terraced townhouse or shophouse)
- Contract value and payment schedule: total agreed value, the payment schedule for each instalment according to construction progress, the bank transfer method
- Commitment on construction progress and handover: an expected handover date of 08/2028, and compensation terms if handover is delayed
- Commitment on the pink book: the deadline for completing the procedures to issue the certificate of land use rights after handover, and the type of certificate (perpetual ownership)
- Rights and obligations of both parties: terms protecting the buyer’s rights under the current Law on Real Estate Business and Law on Housing
Moreover, alongside the sale and purchase contract, each customer receives a separate letter of guarantee issued in the buyer’s name by one of 3 partner state-owned banks. This is an important legal basis, ensuring that the buyer has the right to require the bank to refund all money paid if the developer fails to fulfil its obligation to hand over the house.
What instalments is the payment schedule by project progress at Hồng Hạc City divided into?
The payment schedule by project progress at Hồng Hạc City consists of several flexible instalments, under which customers need only pay 20% of the contract value themselves from signing the deposit form until taking over the house, while the remaining 30% is disbursed by the bank according to construction progress and the other 45% is fully deferred until the handover date. Below are the details of the specific payment instalments at each progress milestone.
The table below summarises the entire payment schedule by progress at Hồng Hạc City, including the percentage for each instalment, the milestone and important notes, helping customers plan their finances from signing the contract to the day they take over the house:
| Payment instalment | Milestone | Percentage (% of contract value) | Notes |
| Deposit | Signing the deposit form – 27/06/2026 | 5% | The booking fee is counted towards this instalment |
| Phase 1 | Signing the sale and purchase contract (25/7/2026) | 15% | Deposit added = 20% own funds |
| Instalments 2 to 7 | The bank disburses according to construction progress | 30% (6 instalments, 5% each) | Interest rate 0%, principal repayment deferred |
| Before handover | Taking over the house in 06/2028 | 45% | Deferred until this point |
| Issuance of the certificate | After taking handover | 5% | Paid to complete the pink book issuance procedures |
The table above sets out the main payment breakdown by construction progress at Hồng Hạc City, clarifying the buyer’s financial obligations at each stage from deposit to receipt of the pink book.
Note: The payment policy may be adjusted for each sales launch and at the time of signing the contract. Customers should confirm the exact payment schedule directly with the Phú Mỹ Hưng sales office before signing the contract.
How is the 20% payment method until handover applied at Hồng Hạc City?
The 20% payment method until handover is a mechanism under which the buyer need only prepare 20% in own funds (5% deposit plus 15% on signing the sale and purchase contract), while the entire remaining amount is deferred or supported by a bank loan at 0% interest until the handover date in 12/2026. Specifically, this mechanism operates in 3 stages as follows:
Stage 1: The customer pays 20% in own funds. The buyer pays 5% of the contract value when signing the deposit form, then pays the remaining 15% when officially signing the sale and purchase contract on 10/7/2025. In total, 20% is the only own-funds amount the customer needs to prepare during this stage.
Stage 2: The bank disburses 30% according to construction progress. After the sale and purchase contract is signed, the partner bank (Vietcombank, BIDV or Vietinbank) disburses 30% of the total contract value in 6 instalments, each corresponding to a construction progress milestone specified in the contract. Throughout this stage, interest is subsidised at 0% and principal repayment is fully deferred, so the customer does not have to pay anything.
Stage 3: Completing payment on handover of the house. On the handover date (expected in 12/2026), the customer settles the remaining 45% of the value. This can be handled by paying it off with own funds, switching to a long-term fixed-rate loan package, or a combination of both.
In particular, this 20% mechanism helps buyers minimise capital pressure in the early stage, suiting both owner-occupiers and investors wanting to optimise cash flow while the project is under construction.
Can buyers of Hồng Hạc City houses take out a bank loan to support payment by progress?
Yes, buyers of Hồng Hạc City houses can take out a bank loan to support payment by progress, for 3 specific reasons: they can borrow up to 70% of the contract value, the interest rate is 0% throughout the construction period, and the loan is guaranteed by 3 reputable state-owned banks. Specifically, the loan support programme at Hồng Hạc City is implemented in 2 forms that customers can choose from:
Form 1: A 0% interest loan combined with deferred principal repayment. The maximum loan is 70% of the contract value. Interest is subsidised at 0% per year for the entire construction period from signing the contract to taking over the house. Principal repayment is fully deferred until the handover date, and the buyer does not have to pay any principal or interest during this period. The banks applying this are Vietcombank, BIDV and Vietinbank under cooperation agreements with the developer Phú Mỹ Hưng.
Form 2: A long-term fixed-rate loan after taking over the house. The maximum loan is 70% of the contract value. A fixed interest rate of 6.5 to 8.5% per year is committed in writing in the loan contract and does not rise with market fluctuations. The loan term is flexible according to each customer’s needs. This is a suitable option for buyers who want to maintain a long-term loan after taking handover of the house.
Not only that, for customers who do not use a loan and choose to pay 100% of the contract value early, the developer Phú Mỹ Hưng applies an immediate payment discount of 8% of the contract value. This is a special offer reserved for investors with strong financial capacity who want to optimise the cost of buying a house from the outset.
In addition, the bank loan procedures at Hồng Hạc City are supported directly by the project’s sales office, including guidance on completing the loan documentation, connecting customers with credit officers at the 3 partner banks, and advice on choosing the most suitable loan package for each customer’s financial circumstances.
How does the process of taking handover of the house and being issued the pink book at Hồng Hạc City work?
The process of taking handover of the house and being issued the pink book at Hồng Hạc City consists of 4 consecutive steps: completing financial obligations under the contract, inspecting and accepting the property as built, signing the official handover record and submitting the application for the certificate of land use rights. Next is a detailed guide to each step in this final, important stage, helping buyers understand clearly the conditions and procedures they need to follow.
Overview of the sequence for the handover and pink book issuance stage as shown in the diagram: Complete payment under the contract → Inspect the actual quality of the property → Sign the handover record → Pay the remaining 5% of the value → Submit the transfer registration application → Receive the perpetual-ownership pink book.
What conditions must buyers meet to take handover of a house at Hồng Hạc City?
There are 3 groups of conditions that buyers must meet to take handover of a house at Hồng Hạc City, based on financial criteria, documentary criteria and confirmation of construction quality. Specifically, the full list of handover conditions is:
Condition group 1: Financial obligations. The customer must have paid 95% of the contract value by the handover date, with no overdue amounts under the signed payment schedule. For customers with a bank loan, all disbursements must be made on time according to construction progress.
Condition group 2: Documents to bring when taking handover.
- The original sale and purchase contract, intact
- Valid citizen identity cards or passports of all registered owners
- A written agreement on any contract amendments arising during performance
- Bank confirmation that the disbursement obligations have been completed (for customers with a loan)
Condition group 3: Inspection and confirmation of construction quality. The customer and the developer’s representative inspect the house as built and check it against the design drawings and technical specifications signed in the contract. Any items not meeting requirements (if any) will be recorded in the minutes, and the developer undertakes to complete them within the agreed period before the customer signs the official acceptance record.
Moreover, the developer Phú Mỹ Hưng undertakes to hand over the house on schedule on 10/12/2026. In the event of delayed handover, the penalty clauses in the sale and purchase contract will apply, and the buyer has the right to claim compensation in accordance with what was signed.
What steps does the pink book issuance procedure after taking handover of the house at Hồng Hạc City include?
There are 4 steps in the pink book issuance procedure after taking handover of the house at Hồng Hạc City, based on criteria running from completion of financial obligations to receipt of the certificate of land use rights from the competent state authority. Specifically, the sequence is as follows:
Step 1: Pay the remaining 5% of the contract value. Immediately after signing the house handover record, the customer pays the final 5% under the sale and purchase contract. This is the mandatory financial condition for the developer Phú Mỹ Hưng to process the pink book for each house.
Step 2: Complete the application for the certificate of ownership. The application dossier includes: notarised copies of the citizen identity cards or passports of all registered owners; a notarised copy of the sale contract; the signed property handover record; and written confirmation from the developer that the customer has fulfilled all financial obligations.
Step 3: Pay the taxes and fees as prescribed. The applicable registration fee is 0.5% of the property’s value, as prescribed by the State. The certificate issuance fee is calculated according to the current fee schedule of the Bac Ninh Provincial Land Registration Office. Phu My Hung supports the payment of taxes and registration fees at the local tax authority.
Step 4: Receive the certificate of long-term ownership. Once the competent state authority in Bac Ninh Province has processed the application, the customer receives the certificate of land-use rights and ownership of assets attached to the land. The ownership certificate at Hong Hac City is for long-term ownership, with no fixed term, and is not affected by the administrative boundary merger process in Bac Ninh Province.
In particular, as of the time of writing, more than 1,000 villas in the Hong Phat subdivision have actually been issued ownership certificates. This figure is not only evidence of the project’s swift certificate-issuance process but also confirms the developer Phu My Hung’s ability to implement its legal commitments in practice.
Does Hong Hac City’s legal status meet the requirements for safely signing sale contracts?
Yes. Hong Hac City’s legal status meets the requirements for safely signing sale contracts for 3 main reasons: the Bac Ninh Provincial People’s Committee has approved the investment policy and the complete 1:500 detailed plan; more than 1,000 ownership certificates have actually been issued in the Hong Phat subdivision; and each property has a bank guarantee certificate. More specifically, the project fully satisfies the 4 mandatory legal conditions under the Law on Real Estate Business for opening sales and signing sale contracts with customers.
What legal documents had Hong Hac City completed by the time sales opened?
Hong Hac City had completed 6 important legal documents by the time official sales opened in June 2025, covering the process from approval of the investment policy through to the actual issuance of land-use rights certificates. Below is a detailed summary table:
| Legal documents | Specific details | Date completed |
| Investment policy approval | Approved by the Bac Ninh Provincial People’s Committee, with total investment capital of VND 27,000 billion | 22/9/2024 |
| Detailed 1/500 plan | Entire 197.8 ha, planned as an eco-urban area | December 2021 |
| First land-use rights certificate | 132.65 ha approved and land price determined | 2017 to 2018 |
| Valid legal-entity transfer | 99.68% of shares officially held by Phu My Hung | 23/6/2016 |
| Construction permit | Fully issued for the subdivisions currently open for sale | By subdivision |
| Land clearance | 197.6 ha completed, with land handed over in line with the construction schedule | Completed before sales opened |
The table above lists the 6 core legal documents for Hong Hac City that were completed before sales opened, confirming that the project met the legal requirements for signing sale contracts in accordance with the current Law on Real Estate Business and Law on Housing.
Furthermore, the fact that more than 1,000 villas in the Hong Phat subdivision have actually been issued ownership certificates not only proves that the legal documentation is complete on paper but also confirms the ability to turn legal compliance into actual property ownership rights for buyers—something many other projects have yet to achieve.
How does the bank guarantee certificate at Hong Hac City protect homebuyers’ interests?
The bank guarantee certificate at Hong Hac City is a legal commitment from Vietcombank, BIDV or Vietinbank, under which the guaranteeing bank will refund the full amount paid by the buyer to the developer if Phu My Hung fails to fulfil its contractual obligation to hand over the property. Specifically, the guarantee operates according to the following principles:
Scope and beneficiary of the guarantee: Each property at Hong Hac City is issued with a separate guarantee certificate bearing the exact name of the buyer named in the contract. The guaranteed amount is equal to the total amount the customer has paid to the developer according to the contract payment schedule. The guarantee remains valid until the developer has fully completed its obligations to hand over the property and complete the ownership certificate process.
Conditions for activating the guarantee (3 main cases):
- The developer is late in handing over the property beyond the deadline specified in the sale contract
- The developer becomes financially incapable of continuing to complete the project
- The developer breaches the fundamental legal commitments signed with the buyer
More importantly, the bank guarantee certificate differs completely from ordinary project insurance in that it is issued by a state-owned bank with the highest reputation and financial capacity, has legal validity secured by the Law on Credit Institutions, and can be enforced immediately without lengthy litigation. Buyers have the right to request that the guaranteeing bank fulfil its obligations directly, without going through the developer, if a dispute arises.
What is special about the preferential financial policy offered by developer Phu My Hung exclusively to Hong Hac City homebuyers?
The financial policy at Hồng Hạc City stands out from the market in 4 key ways: an early-payment discount of up to 18% of the contract value, a fixed interest rate contractually guaranteed at 6.5–8.5% per year, a complete waiver of principal repayments at 0 đồng during the construction period, and an additional 7% discount exclusively for customers who move in ahead of schedule. Specifically, buyers can choose one of the most suitable and optimised financial plans based on their financial capacity:
- Pay 100% of the contract value early: receive an immediate 18% discount on the total value
- Do not take out a bank loan and pay according to the schedule: receive an 8% discount on the contract value
- Choose to move in before the scheduled handover date: receive an additional 7% discount
- Use the 0% interest bank loan package: enjoy a complete principal repayment grace period until the date of handover
In addition, the fixed interest rate of 6.5% to 8.5% per year after the grace period is clearly stated and guaranteed in the bank loan agreement, protecting buyers against the risk of variable interest rates commonly seen in ordinary property projects in Vietnam.
Can foreigners complete the procedures to buy a property at Hong Hac City under current regulations?
Yes. Foreigners may complete the procedures to buy a property at Hong Hac City under the current Law on Housing, provided they hold a valid entry permit and the property purchased does not exceed 30% of the total number of properties in the area. The permitted property type is commercial housing. The ownership term is 50 years and may be extended in accordance with regulations. Additional documents include a valid passport and a valid entry visa; permanent residence in Vietnam is not required.
How does reselling a Hong Hac City property after purchase differ from buying directly from the developer?
Resale procedures differ from primary purchases in 3 main respects: the transfer contract must be notarised at a notary office; additional personal income tax of 2% of the transfer price applies; and the secondary buyer pays a 0.5% registration fee. If the transfer takes place before the ownership certificate is issued, the two parties sign a transfer contract for the rights and obligations under the original sale contract and must obtain written confirmation from developer Phu My Hung. Secondary-market transactions do not have a bank guarantee certificate and carry greater legal risk than purchases made directly from the developer, so buyers should carefully check the status of the original contract and any outstanding financial obligations before signing.
