JavaScript is off. Please enable to view full site.

One-fifth of remittance to Ho Chi Minh City channeled into real estate

Wednesday, December 30, 2015, 16:01 GMT+7
One-fifth of remittance to Ho Chi Minh City channeled into real estate
An employee is seen carrying out a transaction at Dong A Bank in Vietnam on May 7, 2015.

Over 20 percent of Ho Chi Minh City’s inward remittance was poured into the property market in January-November.

All credit institutions in the city received US$4.76 billion in remittances in the first 11 months of 2015, Thanh Nien (Young People) newspaper reported, quoting Nguyen Hoang Minh, deputy director of the Ho Chi Minh City branch of the State Bank of Vietnam.

About 21.6 percent of that amount, or $1 billion, was channeled into real estate, a year-on-year spike of 0.8 percent, Minh said.

Overseas money remitted to Ho Chi Minh City is expected to top $5.5 billion at the end of the year, according to the deputy director.

If the city’s realty sector continues to receive the same percentage of 21.6, the remittance wired to the property market is projected to reach $1.2 billion, he added.

Remittances directed to real estate are forecast to surge in the future as the amended housing law will encourage Vietnamese in Australia, the United States, and the UK to resettle in Vietnam as well as make it easier for foreigners to buy houses in the Southeast Asian country, Minh was quoted by Thanh Nien as saying.

Vietnam received a total inward remittance of $12.248 billion in 2015, the World Bank said in the Migration and Remittances Factbook 2016 report. 

The nation is the 11th biggest remittance recipient worldwide and ranks third in the Asia Pacific region, following China and the Philippines, the organization added.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Tuoi Tre News

More

Read more

;

Photos

VIDEOS

Experience summer sand-boarding in Mui Ne

Sand-boarding, a popular activity amongst local children in the coastal tourism town of Mui Ne in south-central Vietnam, is attracting hundreds of tourists to the Red Sand Dunes

Young maple trees given better protection as Hanoi enters rainy season

The trees are currently growing well, with green leaves and healthy branches.

Hunting skinks for food in southern Vietnam

Skink meat is known to be soft, tasty, and highly nutritious.

Vietnamese-made app allows people to grow real veggies via smartphone

Nguyen Thi Duyen, a young engineer in Hanoi, developed the app and its related services to help busy people create their own veggie gardens.

Chinese tourists hit by Vietnamese over dine and dash

Four Chinese were reportedly injured, with one having a broken arm.

Latest news