Ownership certificates for Hồng Hạc City have been issued for more than 1,000 units in the Hồng Phát subdivision, representing approximately 35% of the total 2,844 low-rise properties across the entire development. This is a clear signal of the transparent legal status of the development developed by Phú Mỹ Hưng in Thuận Thành, Bắc Ninh. In particular, the entire certificate-issuance process at Hồng Hạc City is carried out to international standards with the support of strategic partner Nomura Real Estate Vietnam, thereby ensuring complete transparency and peace of mind for purchasers before they commit their funds.
Regarding the pink book issuance roadmap, Hồng Hạc City applies a clear legal sequence of 4 steps: completing payment according to schedule, receiving handover of the property, paying the remaining 5% of the contract value and waiting 1 to 3 months for processing to receive the Certificate of Land Use Rights. More importantly, the developer Phú Mỹ Hưng has confirmed that the pink book issuance schedule is not affected by the administrative boundary merger process in Bắc Ninh, therefore investors can be entirely reassured about the committed legal timeline.
Alongside verifying the pink book status, buyers also need to understand clearly the difference in legal risk between projects that have certificates and projects whose legal status is not yet complete, in order to make the right investment decision. Furthermore, understanding the bank loan conditions, the ability to transfer and the right to mortgage the property will help buyers optimise the value of their investment at Hồng Hạc City over the long term.
To understand more clearly the overall legal status and the pink book issuance roadmap for each subdivision, the article below will analyse in detail each step buyers need to take and the points to note before signing the contract.
Has Hồng Hạc City Been Issued with Pink Books Yet?
Yes, Hồng Hạc City has been issued with pink books for more than 1,000 units in the Hồng Phát subdivision, which have completed the procedures for the Certificate of Land Use Rights, demonstrating the outstanding legal capacity of the developer Phú Mỹ Hưng in the northern real estate market.
Specifically, the figure of more than 1,000 units that already have pink books accounts for about 35% of the total 2,844 low-rise units in the entire township. This is the clearest evidence that the developer has fully completed the necessary legal procedures, from the 1/500 planning, land allocation and site clearance through to completion and the issuance of the Certificate of Land Use Rights in accordance with legal regulations. In particular, this process is carried out to international standards thanks to the direct supervision of strategic partner Nomura Real Estate Vietnam, a leading Japanese real estate group with more than 60 years of experience in urban development.
In addition, the entire legal foundation of Hồng Hạc City was built firmly from the outset: investment approval from the Bắc Ninh Provincial People’s Committee in 2010, completion of the 1/500 planning (197.8 ha) in December 2021, site clearance of 197.6 ha and approval of total investment capital of VND 27,000 billion in September 2024. All these factors form a complete legal dossier, which is the basis for the state authority to issue pink books on schedule for each property handed over.
To understand more clearly the specific status of each subdivision as well as the legal value of the pink book in this project, let us consider in detail the two important aspects below.
Which Subdivisions at Hồng Hạc City Have Been Issued with Pink Books?
Currently Hồng Hạc City has 2 groups of subdivisions according to pink book status: the group that has completed certificate issuance and the group that is in the process of carrying out procedures, concentrated in the Hồng Phát area with two Zones F1-1 and F1-2.
The Hồng Phát subdivision is the first and only low-rise subdivision at Hồng Hạc City to have completed the pink book issuance procedures as of the present time. Below is a summary table of the legal status by Zone (a table describing in detail the pink book issuance status by subdivision and Zone at Hồng Hạc City, helping buyers quickly identify which properties already have certificates, are undergoing procedures or are not yet on sale):
| Sub-area | Zone | Number of homes | Pink book status |
| Hồng Phát | Zone F1-1 | 323 homes | Pink book completed |
| Hồng Phát | Zone F1-2 | Under way | Pink book issuance procedures underway |
| Hong Thinh | Subsequent Zones | Now on sale | Underway |
| Hồng Phúc | Subsequent Zones | Not yet launched for sale | Pink book not yet issued |
More specifically, 323 units in Zone F1-1 of the Hồng Phát subdivision were offered for sale by the developer from June last year and have now completed all pink book issuance procedures. This is the group of properties with the most complete legal status in the project, allowing owners to carry out full financial transactions, including mortgaging for bank loans, transferring the property and trading on the secondary market immediately after receiving handover of the property.
In addition, Zone F1-2 of the Hồng Phát subdivision is currently in the stage of completing the pink book issuance procedures. The developer Phú Mỹ Hưng confirms that it is continuing to submit applications for certificates for the remaining plots, thereby giving customers further reassurance in settling down as well as making it easier to use the property for business and commercial purposes after receiving the property.
For How Long Does a Hồng Hạc City Pink Book Confer Ownership?
The pink book at Hồng Hạc City is the Certificate of Land Use Rights, home ownership and attached assets, under which buyers who are Vietnamese citizens have permanent ownership with no time limit, while foreigners may own for a term of 50 years and may extend it in accordance with current legal regulations.
Specifically, the ownership term of the pink book at Hồng Hạc City is clearly distinguished between two groups:
- Vietnamese people: Permanent ownership, with no limit on the period of use. Ownership rights are fully recorded on the Certificate of Land Use Rights and are protected under the 2024 Land Law and the 2023 Housing Law.
- Foreigners and foreign organisations: Ownership for a term of 50 years, which may be extended in accordance with the provisions of the amended Law on Real Estate Business.
Furthermore, an important point buyers need to note is that at Hồng Hạc City, both villa and adjacent townhouse products are issued with pink books (Certificates of Land Use Rights for residential land and attached assets), which is the type of legal document with the highest value in residential real estate transactions in Vietnam. Some project introduction documents use the terms “red book for each plot” and “pink book for each unit” in parallel; however, in legal substance, the type of certificate applicable to residential products here is the pink book according to the classification of the Ministry of Natural Resources and Environment.
How Does the Pink Book Issuance Roadmap at Hồng Hạc City Work?
The pink book issuance roadmap at Hồng Hạc City goes through 4 mandatory stages: completing payment according to the contract schedule, receiving handover of the property, paying the remaining 5% of the value and waiting 1 to 3 months for processing to receive the Certificate of Land Use Rights from the competent state authority.
Specifically, the legal foundation for the entire certificate issuance roadmap to proceed smoothly was fully prepared by the developer before sales opened. Phú Mỹ Hưng received investment approval from the Bắc Ninh Provincial People’s Committee in 2010, completed the 1/500 planning for the entire 197.8 ha in December 2021, completed site clearance of 197.6 ha and received approval of total capital of VND 27,000 billion in September 2024. More importantly, Phú Mỹ Hưng clearly confirms that the administrative boundary merger process in Bắc Ninh province has no effect at all on the project’s pink book issuance schedule; this is the key information that many investors were concerned about when researching Hồng Hạc City.
In particular, a notable difference in the legal roadmap at Hồng Hạc City compared with projects in the same segment in the Bắc Ninh area is the direct supervisory involvement of Nomura Real Estate Vietnam. This is a Japanese partner with experience in developing hundreds of urban areas across Asia, and it commits the entire legal process at Hồng Hạc City to meeting international transparency standards. Therefore, the certificate issuance roadmap here is not based only on the developer’s unilateral commitment but is also guaranteed by a highly reputable foreign partner.
To understand more clearly the specific conditions at each step as well as the expected timeline for receiving the pink book, let us consider the details below.
What Conditions Must Buyers Meet to Receive a Hồng Hạc City Pink Book?
To receive a Hồng Hạc City pink book, buyers need to complete 3 mandatory conditions: pay the full 95% of the contract value according to the prescribed schedule, receive handover of the property from the developer Phú Mỹ Hưng and pay the remaining 5% of the value to initiate the procedures for issuing the Certificate of Land Use Rights.
Below is the specific step-by-step roadmap buyers need to follow:
Step 1: Sign the sale and purchase contract directly with Phú Mỹ Hưng The sale and purchase contract at Hồng Hạc City is drafted in accordance with the provisions of the Law on Real Estate Business and the Housing Law, and is the document with the highest legal binding effect before the pink book is issued. The contract clearly states the payment schedule, handover time, material standards and the developer’s legal commitments to the buyer.
Step 2: Pay according to the schedule in instalments from instalment 1 to instalment 9 The developer Phú Mỹ Hưng has established a flexible payment method with a long extended schedule suitable for both occupiers and investors. Buyers can borrow up to 70% of the property value from partner banks including Vietcombank, Vietinbank and BIDV, with a grace period on principal and interest until handover of the property.
Step 3: Receive handover of the property and sign the acceptance record According to the developer’s plan, Hồng Hạc City will complete construction in December 2026 and begin handing over properties from January 2027. At the time of handover, buyers inspect the quality of the works in accordance with the standards committed in the contract and sign the official handover record.
Step 4: Pay the final 5% instalment and complete the certificate application dossier After receiving handover of the property, buyers pay the remaining 5% of the contract value. The developer then submits the dossier to the competent authority to apply for the Certificate of Land Use Rights. Processing time is usually 1 to 3 months depending on each plot and the specific status of the dossier.
Documents the buyer needs to prepare include: a valid identity card or citizen identity card, the original sale and purchase contract, receipts for payment of all instalments and the property handover record signed by both parties.
When Will All Hồng Hạc City Properties Be Issued with Pink Books?
Yes, all Hồng Hạc City properties will be issued with pink books according to the committed roadmap, with handover from January 2027 and certificate issuance expected from Q1 to Q2 2027, ensuring buyers receive the Certificate of Land Use Rights within 1 to 3 months after completing their financial obligations.
Specifically, the pink book issuance roadmap for all 2,844 Hồng Hạc City properties takes place in three clear stages:
- 2024-2025 period (completed): More than 1,000 villas in the Hồng Phát subdivision, Zone F1-1, have completed pink book issuance. This is the most important practical precedent proving that the developer has sufficient capacity to complete the legal procedures in accordance with the initial commitments to customers.
- 2025-2026 period (under way): Phú Mỹ Hưng is continuing to carry out certificate issuance procedures for the remaining plots in the Hồng Phát subdivision, Zone F1-2, and is accelerating the completion of legal procedures for new properties in the newly launched Hồng Thinh subdivision.
- 2027 onwards (planned): The entire project will complete construction in December 2026, properties will be handed over from January 2027 and pink books will be issued according to the progress of completing the financial obligations under each contract.
More importantly, Phú Mỹ Hưng’s commitment to issuing pink books is underpinned by two irreplaceable fundamental factors: all project legal documentation has been fully approved by the Bắc Ninh Provincial People’s Committee, and strategic partner Nomura Real Estate Vietnam directly supervises legal standards in accordance with international practice. This is why major banks such as Vietcombank, Vietinbank and BIDV have approved loans of up to 70% of the property value, a stringent assessment criterion that banks approve only when a project’s legal status fully satisfies the requirements.
How Do the Risks Differ Between Buying Property Without and With a Pink Book?
Projects with pink books, such as Hồng Hạc City, offer superior mortgageability and liquidity in the secondary market, whereas projects without pink books restrict buyers’ legal rights and create significant long-term financial and legal risks.
However, not every buyer is fully aware of this difference when comparing projects on the market. Below is a detailed analysis to help buyers accurately identify the risks and make appropriate investment decisions.
How Does a Project Without a Pink Book Affect Bank Financing and Resale?
A project without a pink book has 3 major direct impacts on buyers: they cannot mortgage the property to obtain bank finance after taking possession of the home, their right to resell the property in the secondary market is restricted, and its liquidity is significantly reduced when they need to resell. Conversely, at Hồng Hạc City, more than 1,000 villas already have pink books, allowing owners to mortgage their properties to obtain finance for business or further property investment. In particular, three major banks—Vietcombank, Vietinbank and BIDV—have approved loans of up to 70% of the property value at Hồng Hạc City. This is possible only when the project’s legal status fully meets the stringent credit assessment standards of the commercial banking system.
What Is the Difference Between Pink and Red Books at Hồng Hạc City?
At Hồng Hạc City, villas and townhouses are issued pink books, which are Certificates of Land Use Rights, Ownership of Houses and Other Assets Attached to Land for residential land, rather than red books, which generally apply to agricultural land or non-agricultural land whose use purpose has not been converted. Specifically, pink books apply to urban residential houses and land, while red books apply to agricultural land. Some project marketing materials use the two terms interchangeably; however, in terms of legal value, the appropriate Certificate for residential properties at Hồng Hạc City is the pink book, the document carrying the highest value in residential property transactions in Vietnam.
