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Reservation agreement: what it is, why it matters, how to obtain it
What is a reservation agreement in Vietnam?
A reservation agreement is the earliest, lightest step in a Hanoi purchase: a short, informal hold on one specific unit — often free or for a small refundable fee — while you complete basic checks before moving to a paid booking agreement or deposit. It is not a government filing and, on its own, creates no ownership rights.
Reservation agreement at a glance
Document- Vietnamese name
- Thỏa thuận giữ chỗ (giữ chỗ)
- A commercial term used loosely by developers and agents — not a document defined by Vietnamese property law, so wording differs from one project to the next
- Issued by
- The developer or its sales agent — sometimes just a registration form at the sales gallery
- A private, informal arrangement between buyer and seller, not a filing with any state authority
- When you sign it
- At the very start, right when you choose a unit — usually before the booking agreement or deposit
- See the full buying-process timeline
- Typical cost
- Often free, or a small holding fee — commonly €0–1,000 · ≈ VND 0–27M
- Market practice, not a government schedule; smaller and shorter than a booking fee
- Validity
- Very short — typically 3 to 14 days, developer-set
- The hold lapses automatically if you do not move to the next step in time
- Governing law
- General contract principles (Civil Code 2015)
- Not a document defined under the Housing Law 2023 — an informal commercial-practice step
- Required for
- Some off-plan launches and high-demand resale units
- Optional by law — many sellers skip straight to a booking agreement or deposit
Specimen: a developer's reservation agreement
How a reservation agreement fits into the purchase
⏱ Same day to 2 weeks, developer-set
A reservation agreement is usually the very first document you sign, often on the same visit you choose a unit — well before any large sum changes hands. It buys you a short window to complete basic checks before you commit to a paid booking agreement or deposit.
- 1
Choose the unit and check the basics
⏱ Same visit◈ Free to verify
Before signing anything, confirm the project holds its construction permit and land-use rights, and that the building's 30% foreign quota still has room for the unit you want. This can usually be verified in minutes at the sales gallery and costs you nothing.
DocumentsPassport (for identification only)
⚠A sales gallery that cannot show you the quota tracker or construction permit on request is a reason to pause, not proceed.
- 2
Sign the reservation form and pay the holding fee, if any
⏱ 1 day◈ €0–1,000 · ≈ VND 0–27M, if charged
You sign a short form naming the unit, its floor and orientation, and the indicative price, and — if the developer charges one — pay a small holding fee. Ask in writing whether the fee is refundable and get the refund condition on the form itself before you pay.
DocumentsPassport copy · Reservation form
⚠Verbal promises ("I'll hold it for you") are not a reservation agreement — insist on a dated, signed document naming the exact unit.
- 3
Use the short window to prepare
⏱ 3–14 days◈ €150–500 · ≈ VND 4M–13.5M (optional legal review)
This window is for basic groundwork, not full due diligence: confirm your budget and financing route, request the draft booking agreement or Sale & Purchase Agreement, and — for higher-value units — ask an independent lawyer to flag anything unusual before you pay a larger sum.
DocumentsDraft booking agreement or SPA
⚠Because the window is so short, buyers who wait until the last day to start due diligence often feel pressured to sign the next document without proper review.
→ law firms - 4
Move to a booking agreement, deposit, or the SPA
⏱ Within the reservation window
Within the reservation window, you move to the developer's next formal step — a booking agreement or a deposit agreement, depending on the project — and any holding fee already paid is normally credited toward it. If you decide not to proceed, confirm in writing whether and when a refund is issued.
DocumentsBooking agreement or deposit agreement
What a reservation agreement typically costs
Reservation terms are set by each developer or agent, not by any government schedule — unlike the statutory registration fee you will pay much later in the purchase. Many reservations are free; where a fee applies, always confirm the refund terms in writing before you pay. VND figures use an indicative ≈27,000 VND/EUR rate.
| — | Min | Max | Base |
|---|---|---|---|
| Holding / reservation feeUsually credited toward the booking fee or deposit if you proceed | €0 · Free | €1,000 · ≈ VND 27M | flat fee, developer-set, often refundableBuyer, at signing, if charged at all |
| Independent legal review (optional)A short read of the reservation form and the draft next-step contract | €150 · ≈ VND 4M | €500 · ≈ VND 13.5M | one-offBuyer, recommended for higher-value units |
| Certified translation (if needed)Useful when the reservation form is provided in Vietnamese only | €50 · ≈ VND 1.4M | €150 · ≈ VND 4M | per documentBuyer, optional |
| Total | €200 · ≈ VND 5.4M | €1,650 · ≈ VND 44.5M |
Example: reserving a €380,000 off-plan apartment (≈ VND 10.26 billion)
- Holding fee (flat, refundable)
- €500 · ≈ VND 13.5M
- Independent legal review
- €200 · ≈ VND 5.4M
- Σ
- €700 · ≈ VND 18.9M
Civil Code 2015 (Vietnam) — general basis for private commercial contracts · Market practice observed across major Hanoi developers, 2026 — not a statutory fee schedule
Lawyers who review reservation and booking agreements for foreign buyers
Frasers Law Company
★Premier cabinet à avoir obtenu une licence de cabinet étranger au Vietnam (32 ans, 17 practices). Corporate & M&A, Real Estate & Construction, banking & finance, foreign investment, data protection, compliance. Conseil international pour entreprises étrangères investissant au Vietnam.
Ho Chi Minh City + Hanoi · EN, VN
Vision & Associates
★Investissement étranger, immobilier, corporate/M&A, propriété intellectuelle, conseil - ~90 avocats/conseils
Hanoi · Vietnamien, Anglais
GV Lawyers (Global Vietnam Lawyers)
★Conveyancing immobilier, due diligence, acquisition foncière, conseil aux acheteurs étrangers, transactions résidentielles/commerciales
Ho Chi Minh City · Vietnamien, Anglais
Russin & Vecchi
★Cabinet international parmi les premiers cabinets étrangers licenciés au Vietnam (1993, ~4 associés/20 avocats). 17 domaines dont Real Estate & Construction, FDI & corporate, M&A, IP, banking/capital markets, employment, fiscalité. Sert investisseurs étrangers (référencé pour l'assistance juridique par l'ambassade US).
Ho Chi Minh City + Hanoi · EN, VN
Frequently asked questions
What is a reservation agreement?
A reservation agreement is the developer's or agent's short, informal hold on one specific unit at an indicative price, usually signed the same day you choose it. It is the lightest and earliest step in a Hanoi purchase — well before the booking agreement, deposit or Sale and Purchase Agreement.
Is a reservation agreement free in Vietnam?
Often, yes — many developers reserve a unit at no cost for a few days, while others charge a small, usually refundable holding fee. There is no statutory rule either way, so always confirm in writing, before you sign, whether a fee applies and whether it is refundable.
Is a reservation agreement legally binding?
Yes, as an ordinary civil contract once signed, but it creates no ownership rights and is far lighter than a booking or deposit agreement. Its binding force depends entirely on its own wording, since Vietnamese law does not define it as a specific property document.
What is the difference between a reservation agreement and a booking agreement?
A reservation agreement is the earlier, shorter and typically cheaper — often free — hold that some developers use before a paid booking agreement; others skip it and go straight to a booking agreement. Both precede the deposit and the notarised Sale and Purchase Agreement.
Can I get my reservation fee back if I change my mind?
It depends entirely on the wording of the form you signed. Because reservation fees are developer-set rather than regulated, always get the refund condition in writing before you pay — some are fully refundable, others become non-refundable the moment you sign.
Can foreigners sign a reservation agreement before receiving a visa or TRC?
Yes — a reservation agreement only requires a valid passport for identification, since it is an informal private hold, not a property registration. A visa or Temporary Residence Card is not needed at this stage, though legal entry into Vietnam will matter for later steps.
How long does a reservation agreement stay valid?
Typically just 3 to 14 days, set by the developer or agent. If you do not move to the next step — usually a booking agreement or deposit — within that window, the hold lapses and, depending on the terms, any fee paid may not be returned.
Sources
- Housing Law 2023 (Luật Nhà ở, No. 27/2023/QH15) — legal basis for the 30% foreign ownership quota to check before you reserve a unit.
- Land Law 2024 (Luật Đất đai, No. 31/2024/QH15) — legal basis for the land-use rights to verify before signing.
- Civil Code 2015 (Bộ luật Dân sự, No. 91/2015/QH13) — general contract principles that govern a reservation agreement as an ordinary private civil contract.
- Ministry of Construction (Bộ Xây dựng) — official portal for verifying a project's construction permit.
Asked to sign a reservation form? Get a second opinion first.
Before you pay any holding fee or hand over identification documents, our Hanoi advisory desk can check the developer's standing, the project's foreign quota and the refund terms of your reservation agreement — an independent second opinion, not a sales pitch. Tell us which project and unit you are considering and we will respond within 24 hours.