Buying property by foreigner for renting out in future. Is it legal in Vietnam?

When you rent out a property it must be declared to the police and tax department. If the premises are in your name they will pick up on it. However, many expats do rent properties out.

By the law you must open local company and obtain a license for Real Estate business in Vietnam, but in real nobody cares about yours few hundreds dollars per month. I think law more applies to large investors who owns many properties.