EB-5 Unreserved Visa: quotas and waiting times for Vietnamese investors

The EB-5 Unreserved Visa is the traditional visa category of theVisa EB-5, accounting for 68% of the roughly 10,000 EB-5 visas issued each fiscal year. After theEB-5 Reform and Integrity Act 2022 (RIA)set aside 32% of the quota for the three Reserved groups (Rural, High Unemployment, Infrastructure), the remainder was kept as Unreserved for all EB-5 projects outside the priority groups.

For Vietnamese investors, the Unreserved category has two parallel characteristics: the largest quota, but also the highest backlog pressure from China and India. Understanding the allocation mechanism, Vietnam’s retrogression history and recent Visa Bulletin trends is essential for making the right decision between Unreserved and Reserved.

The EB-5 Unreserved Visa quota structure

Each fiscal year, the US Congress allocates at least 10,000 visas to the EB-5 investment category out of a total quota of 140,000 employment-based immigrant visas. After the RIA took effect on 15/03/2022, these visas were divided into two blocks:

• 32% Reserved for Rural (20%), High Unemployment (10%) and Infrastructure (2%) — about 3,200 visas.
• 68% Unreserved for all other projects — about 6,800 visas.

The Unreserved portion applies both to projects in atargeted employment area (TEA) under EB-5and to projects outside TEAs. The minimum investment differs: $800,000 USD for TEA projects and $1,050,000 USD for non-TEA projects. Both levels are currently fixed until the end of 2026, then adjusted in line with CPI-U every 5 years.

An important feature of Unreserved is the 7% per-country limit. Under INA section 202, no country may receive more than 7% of the total employment-based visas each year. Applied to EB-5 Unreserved, each country can receive at most about 700 visas a year under normal conditions. When demand from a country exceeds this level, the category becomes “oversubscribed” and the US Department of State sets a Final Action Date to limit visa issuance.

EB-5 Unreserved Visa status for Vietnam in the May 2026 Visa Bulletin

According to the US Department of State Visa Bulletin for May 2026, the status of the EB-5 Unreserved Visa category was published as follows:

• Mainland China: Final Action Date 22/09/2016.
• India: Final Action Date 01/05/2022.
• All other countries (including Vietnam, Mexico, the Philippines): Current.

Current status for Vietnam means investors can proceed to visa issuance or file an I-485 as soon as the I-526E or I-526 is approved, without waiting for a Priority Date. This is a favourable condition for EB-5 Unreserved petitions from Vietnam at present.

However, the May 2026 Visa Bulletin came with a warning from the US Department of State: accumulated demand from India in the Unreserved category may force it to apply retrogression or make the category “unavailable” before the end of fiscal year 2026. Although the warning targets India directly, the indirect consequence for Vietnam is a possible constraint on the supply of Unreserved visas for the following year.

Vietnam’s EB-5 Unreserved retrogression history

Vietnam is one of the few countries, after mainland China, to have gone through a period of EB-5 retrogression. Current status is not Vietnam’s default in the Visa Bulletin — it is the result of a cycle of accumulating demand, retrogression and recovery over nearly a decade.

In May 2018, the US Department of State set a Final Action Date for EB-5 Vietnam for the first time, at 22/07/2014. This decision reflected the fact that EB-5 demand from Vietnam had exceeded the 7% per-country cap since 2014. Between 2018 and 2021, Vietnam’s Priority Date advanced slowly and irregularly, causing actual waits of 3–4 years for investors with approved I-526 petitions.

In August 2021, the US Department of State officially announced that the EB-5 category for Vietnam had returned to current status, ending the retrogression cycle. Two main factors produced this result: EB-5 demand from Vietnam fell in 2019–2021 because of economic volatility and the pandemic, combined with additional visa supply because other countries did not use their full quotas in the fiscal year.

From January 2024 to May 2026, Vietnam Unreserved remained current throughout. However, the 2018–2021 experience shows that retrogression can return if accumulated demand is large enough, especially as the wave of Vietnamese investors filing EB-5 petitions accelerated in 2024–2026.

The EB-5 Unreserved Visa category for China and India

Compared with Vietnam, the two countries under the heaviest backlog pressure today are mainland China and India. According to the May 2026 Visa Bulletin, China’s Unreserved Final Action Date is 22/09/2016 — meaning only petitions with a Priority Date before that date are eligible for visa issuance.

As of May 2026, EB-5 Unreserved petitions from China with Priority Dates after September 2016 have waited more than 9 years and still have not been issued visas. The estimated total wait for Chinese petitions filed in 2024 could stretch a further 8–10 years before the Priority Date becomes current.

India has a Final Action Date of 01/05/2022 for Unreserved, a relatively recent cut-off. However,U.S. Citizenship and Immigration Services (USCIS)has recorded a sharp rise in I-526E petitions from India since 2022, leading to warnings of upcoming retrogression. The actual wait for recently filed Indian Unreserved petitions is estimated at 4–7 years.

The cases of China and India illustrate the underlying risk in the Unreserved category if demand outstrips supply over the long term. According toUSCIS guidance on EB-5 classification, Reserved category investors can choose to have their petitions processed through the Unreserved channel as a fallback if Reserved goes into retrogression. This is also why many investors from these countries are now switching to Rural and High Unemployment Reserved Visas to take advantage of their separate quotas.

When Vietnamese investors should choose the EB-5 Unreserved Visa

Although many Vietnamese investors prefer Reserved Visas for their low investment threshold ($800,000 USD) and Priority Date advantage, the EB-5 Unreserved Visa category still plays a strategic role in certain situations.

The first is when an investor has a budget of $1,050,000 USD or more and wants access to non-TEA projects — usually high-end real estate in the centres of major cities. Non-TEA projects are more expensive but can offer superior asset quality and repayment models compared with some TEA projects.

The second is when an investor has chosen a TEA project but wants the flexibility of using an Unreserved visa as a fallback. According to USCIS, Reserved category investors can choose to have their petitions processed through the Unreserved channel if their Reserved category goes into retrogression before the visa issuance stage. This decision is usually made at the National Visa Center (NVC) stage for consular processing cases.

The third is when an investor prioritises the long-term legal stability of the category. Unreserved has existed continuously since 1990, while the Reserved mechanism only came into being after the RIA 2022. Some highly cautious investors may consider Unreserved to carry a lower risk of policy change.

Factors affecting the actual waiting time for EB-5 Unreserved Visa petitions

The actual waiting time for EB-5 Unreserved petitions from Vietnam is determined by three parallel factors:

• USCIS adjudication time for the I-526 or I-526E, currently averaging 18–30 months for Unreserved Regional Center petitions.
• Processing time at the NVC and the US Consulate General in Ho Chi Minh City, averaging 6–12 months from when the Priority Date becomes current.
• Visa Bulletin status at the time of visa adjudication, which can extend the actual timeline if retrogression happens midway.

Under current conditions as of May 2026, a Vietnamese Unreserved petition filed in early 2026 could reach a conditional green card within 30–42 months. This is a competitive timeframe compared with the High Unemployment TEA category and only slower than Rural TEA. However, if retrogression occurs in 2027–2028, the wait could increase by a further 2–4 years.

The hardest factor to control is the adjudication time for I-526 Direct petitions (for investors not going through a regional centre). According to data published by USCIS, Direct petitions typically take twice as long to adjudicate as Regional Center petitions, potentially up to 36–60 months.

A decision roadmap for Vietnamese investors

When weighing the EB-5 Unreserved Visa against the Reserved categories, Vietnamese investors should assess four foundational questions. First, whether the actual investment budget allows going above $1,050,000 USD, in order to consider non-TEA projects. Second, whether the family has children about to age out of protection under the Child Status Protection Act — if so, prioritise Reserved Rural to benefit from fast adjudication.

Third, how much long-term retrogression risk is acceptable — if you are cautious, you can combine a strategy of choosing a Reserved project while keeping the flexibility to switch to Unreserved at the NVC. Fourth, whether the main settlement goal is green card speed or project quality — Unreserved fits when the latter clearly takes priority.

Whichever category you choose, source of funds documentation is decisive. The requirements forEB-5 source and path of funds (SOF/POF)do not depend on the Reserved or Unreserved category, but the quality of the documents directly affects the I-526E approval rate and therefore the actual total time from filing to holding a green card.

The EB-5 Unreserved Visa remains a pillar category of the EB-5 programme, especially suitable for Vietnamese investors with large budgets, non-TEA project goals, or a need for a fallback against Reserved retrogression risk. In 2026–2027, closely following the Visa Bulletin and demand trends from India is essential for every Vietnamese Unreserved petition.

For families considering filing in 2026, an important preparation step is to build a contingency plan that assumes Vietnam Unreserved could return to retrogression in 2027 or 2028. This plan should include the flexibility to switch to a Reserved category if the investment project meets TEA criteria, while also taking into account the impact onchildren’s ages under the Child Status Protection Actin a prolonged-wait scenario.