Primary or secondary purchase: comparing cash flow in the same area

Legal basis: Law on Real Estate Business No. 29/2023/QH15 (effective 01/8/2024), Article 23(5) and Article 25; Law on Housing No. 27/2023/QH15, Article 152 (2% maintenance fund); Law on Personal Income Tax 2025, Article 14; Decree 10/2022/NĐ-CP (registration fee) · Prices: CBRE Q2/2026, DKRA Q3/2026 · Interest rates: DKRA August 2026, DXS-FERI to September 2026, SSI Research · Sales policy Monrei Saigon (06/2026), expected plan for Norton Park (08/10/2026) · Updated 24/10/2026.

Primary means buying from the developer while the project is under construction; secondary means buying a handed-over unit from its owner. For an investor, the biggest difference is not the price, but when you need the money and when the rent starts coming in. This article compares the two ways of buying using market data, interest rates and the sales policies in force in October 2026.

Primary and secondary prices today (Ho Chi Minh City)

Indicator	Figure	Published by
Average primary apartment price, Q2/2026	about 76 million VND/m²	CBRE
Average secondary apartment price, Q2/2026	about 62 million VND/m²	CBRE
Secondary price, Q3/2026	commonly down 4–7% from Q2, mostly in deals where sellers are under loan-interest pressure; primary prices still hold high	DKRA

On average, a secondary unit is about 18% cheaper per m² (62 against 76 million VND/m², CBRE figures). This is a market-wide average: primary units are usually in new projects, while secondary units include projects handed over many years ago, so it does not tell you the gap for a specific unit. For how to compare unit by unit, see Secondary price vs primary price.

Loan interest: promotional and floating

• Promotional: a fixed rate for 12–24 months is commonly about 10.9%/year at 11 banks (DKRA, August 2026); 9.8–11.5%/year in the first 12 months (DXS-FERI, to September 2026).
• After the promotional period: floating at 13–16%/year (DXS-FERI). SSI Research recorded floating rates rising to 11–15%/year, from 9–11% before (Vietnam Financial Times, 27/07/2026).
• How floating is calculated: the bank's reference rate plus a margin, commonly about 3.3–3.5%. The margin is stated in the credit contract — ask for this figure before you sign.

Interest affects the two ways of buying differently. Buying secondary with a loan: you repay principal and interest from the first month. Buying primary: the bank disburses by progress, and the developer usually pays the interest for you until close to the handover date. When the support ends, you bear floating interest on the whole outstanding balance (see bank loan for a project home after the promotional period).

Primary: payments spread by law, waiting for handover

The 2023 Law on Real Estate Business limits how much a developer may collect before handing over the home:

• The deposit may not exceed 5% of the sale price, and only once the housing is eligible to be put on sale.
• The first payment may not exceed 30% of the contract value, including the deposit; later payments follow construction progress.
• A domestic developer may collect no more than 70% before handing over the home and no more than 95% while the buyer has not been issued a certificate; the remaining 5% is paid when the pink book is issued.
• A buyer from the developer also pays a 2% maintenance fund on the unit's value, stated separately in the contract and paid before receiving the home.

Advantages: capital goes out gradually, with a discount for quick payment or interest-rate support depending on each sales policy. Disadvantages: no income during construction, dependence on the developer's progress, and the show unit may differ from the actual unit.

Note: the draft amended Law on Real Estate Business (reported in the press in July 2026) proposes removing the 30% and 70% caps from the law and moving them to a decree (National Assembly review schedule). Transactions today still follow the law currently in force.

Secondary: pay almost everything up front, let straight away

• Usually almost the full price is paid at notarisation and transfer of title — there is no spread schedule as with primary. The example in this article assumes a loan of 70% of the unit's value; actual limits depend on the bank and your file.
• The buyer pays the 0.5% registration fee on transfer of title; the 2% maintenance fund was already paid by the previous owner (ask for the receipt).
• The unit already exists: you can see the orientation, the view, the finish quality, the resident community, and the actual rents in the same building.
• It can be let within a few weeks, especially if it is already furnished.

Discounts and interest support: put into money

A primary sales policy often lets you choose: a bank loan with interest support, or paying quickly yourself for a discount. For example, a Nido unit on floor 25 of the Detox 2 tower (A3) at Monrei Saigon (October 2026 price list, prices exclude VAT and the maintenance fund):

Option	Unit price	Own money in the first 15 days	Conditions
Loan, interest support	2.54 billion VND	15% — about 380 million VND	Bank disburses 35%, developer pays interest for 18 months
Standard payment	2.44 billion VND	15% — about 370 million VND	Pay 1–5% a month to 12/2027, 45% on receiving the home
Early payment 50%	2.39 billion VND	50% — about 1.2 billion VND	Own money, no interest support

• Choosing the loan over early payment: the price is 150 million VND higher. In return, the 35% loan (about 890 million VND) gets 18 months of interest support — if you paid it yourself at 10.5%/year it would cost about 140 million VND. The two figures are close, so choose by whether you have 1.2 billion VND on hand.
• Early payment of 50%: 1.2 billion VND sits in the unit for about 15 months before you receive the home, with no rent yet.

The 4% and 6% discounts are inferred from the developer's price list; the sales policies of 01/2026 and 03/2026 do not state the rates. Ask the policy officer whether it still applies on the day you sign.

Examples: a project about to be handed over, a newly launched project, a handed-over project

Project	Status	Own money at signing	Time without rent
Monrei Saigon (Thuan Giao)	Under construction, handover expected 01/2028	15% (loan option)	about 15 months if signed in November 2026, plus time to fit out the interior
Norton Park (Thuan Giao)	No price yet; contract signing expected 12/2026	10–15% depending on the option (expected)	about 33 months (handover expected 09/2029)
The Marq (Tan Dinh), Vista Verde (Cat Lai)	Handed over (12/2021, 12/2017)	30% if borrowing 70% (assumed)	1–2 months to find a tenant

• Monrei — loan under the policy: at signing you pay about 380 million VND; on receiving the home you pay another 5% (about 130 million VND) plus VAT and the 2% maintenance fund (about 50 million VND), and the bank disburses the remaining 40%. From handover you pay interest on this 40% (about 8.9 million VND/month at 10.5%/year); when the 18 months of support end, the interest on the whole 75% loan (about 1.9 billion VND) is about 17–21 million VND/month at 10.5–13%/year, excluding principal. The rent needs to reach this level to cover the interest.
• Norton Park — expected plan: paying quickly earns a 10% discount but you must pay 70% of the price within the first 9 months, then wait about 23 months until you receive the home. Bank-supported option: 10% own money, the developer supports interest of up to 10%/year on 60% of the contract value for 24 months — shorter than the time from signing to handover, so there will be a period of paying interest yourself before any rent. The developer has not published an official price or policy.
• A handed-over unit at the same price of 2.54 billion VND (assumed): 30% own money (about 760 million VND) + 0.5% registration fee (about 13 million VND); a 70% loan (about 1.78 billion VND) over 25 years, level repayments of about 16.8 million VND/month at 10.5%/year, about 20.1 million VND at 13%/year — payable from the first month, but with rent after 1–2 months. The Marq and Vista Verde have no developer price list; each unit's price is a negotiated price, which HPR consultants send based on actual transactions.

Reference example: the first 36 months, no loan

Assumptions: two units in the same area, of the same size, at the same price of 4 billion VND (in reality prices may differ); no bank loan; net rent of 9 million VND/month; the money paid out would otherwise earn an assumed 5%/year in savings.

• Primary: 30% at contract signing (1.2 billion); 10% at each of months 6, 12 and 18; at handover in month 24, a further 35% (up to 95%) + 2% maintenance fund + 150 million of furniture; let from month 27; pink book in month 36, final 5% + 0.5% registration fee.
• Secondary: in month 0, pay 4 billion + 0.5% registration fee + 50 million to refresh the furniture; let from month 2.

After	Primary: paid	Primary: rent	Secondary: paid	Secondary: rent
12 months	2.00 billion	0	4.07 billion	99 million
24 months	4.03 billion	0	4.07 billion	207 million
36 months	4.25 billion	90 million	4.07 billion	315 million
Savings interest forgone after 36 months (assumed 5%/year)	about 390 million		about 590 million

Reading the table:

• After 36 months, secondary collects about 225 million VND more in rent, but also "locks up" more money from the start, so its opportunity cost is about 200 million VND higher. Rent minus interest forgone: primary about −300 million, secondary about −270 million — nearly equal under these assumptions.
• The result changes sharply with the price difference between the two units (on average the secondary market is cheaper per m²), the discount or interest-rate support in the primary sales policy, and actual vacant months.
• The example does not account for changes in the unit's value. The article makes no assumption about price increases.

Taxes and fees: buying, letting, reselling

Item	Primary	Secondary
Value-added tax	Per the contract with the developer — check whether the price includes VAT (Monrei publishes prices excluding VAT)	None (individual selling to individual)
2% maintenance fund	Paid by the buyer, before receiving the home	Already paid by the previous owner — ask for the receipt
0.5% registration fee	When the pink book is first issued	On transfer of title
Personal income tax of 2% of the transfer price	Paid by the seller; the two sides agree who bears it	Paid by the seller; the two sides agree who bears it
Notary and file appraisal fees	A sale contract with the developer usually does not need notarisation (Law on Housing 2023, Article 164)	Per the fee schedule (transfer cost table)

• Reselling before the pink book (transferring the sale contract): pay 2% personal income tax on the transfer price; the exemption for a sole home does not apply to a home formed in the future (contract transfer).
• Selling a unit with a pink book: 2% of the transfer price; exempt only if it is the sole home, owned for at least 183 days from the date the pink book was issued, and sold in full (Decree 253/2026/NĐ-CP).
• Letting: total rental revenue of 1 billion VND/year or less is not subject to value-added tax and personal income tax, but revenue must still be declared; above the threshold, pay as guided in the article on tax on letting an apartment.

Which to choose, by situation

• Little own capital, stable income to cover the instalments: primary suits you better, provided you can bear 15–33 months without rent and the construction-progress risk.
• You need rental income soon and have enough capital: secondary — or a project that has already been handed over, such as The Marq or Vista Verde.
• Bank loan: with secondary you borrow early and pay principal and interest straight away; with primary you borrow later, and the developer supports the interest for a while. Work out the repayment at the floating rate of 13–16%/year, not only at the promotional rate. Build a month-by-month table with the cash-flow calculator.
• Legal checks differ: for primary, check the documents showing eligibility for sale and the bank guarantee (five groups of documents); for secondary, check the pink book, any mortgage and any dispute (buying a unit with a pink book).

This article is for reference only and does not replace legal or financial advice for your specific case.

1. Pick two units in the same area, of the same size and with the same number of bedrooms; note the price and the quote date for each.
2. Primary: take the payment schedule from the sales policy currently in force (note its effective date) and check that it does not exceed 30% for the first payment, 70% before handover and 95% before the pink book.
3. Note the expected handover date in the contract and add a few months for fitting out the interior and finding a tenant.
4. Secondary: count the full purchase price, the 0.5% registration fee, furniture and any outstanding fees (if any).
5. Take actual rents in the same building / same area, then deduct vacant months and costs to get net rent.
6. Build a month-by-month table over 3–5 years: money out, rent in, and the amount sitting in the unit.
7. If borrowing: add columns for interest and principal due, including the floating rate of 13–16%/year after the promotional period; for primary, state clearly the month the interest support ends compared with the handover month.
8. Convert discounts and interest support into money: the discount for paying quickly against the interest the developer pays for you if you choose the loan.
9. Add taxes and fees: VAT and the 2% maintenance fund (primary), the 0.5% registration fee (both), the 2% tax on resale.
10. Compare the risks that cannot be measured in money: construction progress, the legal status of each tower, finish quality, and liquidity when you need to sell.

• LuatVietnam — From 01/8/2024: deposits may not exceed 5% of the sale price of a future home (Law on Real Estate Business 29/2023/QH15, Articles 23, 25), accessed 20 October 2026.
• VietnamFinance — Removing payment limits when "buying off-plan": is there a risk of squeezing buyers? (current 30% / 70% / 95% caps and the draft amendment), 29 July 2026.
• Law on Housing No. 27/2023/QH15 of 27/11/2023 — Articles 152, 153, 164: full text on caselaw.vn, 27 November 2023.
• CafeF (citing CBRE Vietnam) — Ho Chi Minh City secondary home prices cool, growth slows, investors start to lower expectations (primary and secondary prices, Q2/2026), 8 July 2026.
• Bao Dau Thau (citing DKRA Consulting) — Ho Chi Minh City real estate at year-end: supply rises, liquidity still under pressure (secondary prices, Q3/2026), 13 October 2026.
• VnExpress — Many people sell their homes to escape the burden of loan interest (DXS-FERI, DKRA interest rates), 17 October 2026.
• Nha Dau Tu — Average home-loan rates have passed 10%/year (DKRA August 2026, VARS-IRE Q2/2026), 28 August 2026.
• Vietnam Financial Times — Home-loan rates "anchored" at double digits, hopes of cooling are not easy (SSI Research: floating rates 11–15%/year), 27 July 2026.
• Thien Long High-rise Real Estate Investment and Development JSC — Monrei Saigon sales policy No. 01/2026/TT-MR (tower A1, from 23/06/2026) and 03/2026/TT-MR (towers A2, A3, from 19/06/2026); October 2026 price list; MB Bank open letter of 29/05/2026 — summarised on the Monrei Saigon page.
• Gamuda Land — expected payment plan for Norton Park issued to agents, 08/10/2026 (not yet an official policy) — summarised on the Norton Park page.
• Government News — Which cases are exempt from personal income tax on real estate transfers? (Decree 253/2026/NĐ-CP), 2 July 2026.
• Government Portal — Personal income tax rules for income from real estate transfers (Law on Personal Income Tax 109/2025/QH15, Article 14), 27 March 2026.
• Thu Vien Nha Dat — What is the registration fee on land and housing in 2026? (Decree 10/2022/NĐ-CP, amended by Decree 175/2025/NĐ-CP), 19 December 2025.
• Vietnam Financial Times — Raising the tax-free revenue threshold to 1 billion VND (Decree 141/2026/NĐ-CP), 29 April 2026.