Remittance plays important role in enhancing real estate sector’s liquidity: experts
Remittance is an important factor in enhancing the liquidity of Vietnam’s real estate sector, as the amount of the money flowing to Vietnam in the recent years has continuously increased, according to market watchers.
Hanoi (VNA) – Remittance is an important factor in enhancing the liquidity ofVietnam’s real estate sector, as the amount of the money flowing to Vietnam inthe recent years has continuously increased, according to market watchers.
In 2016, due to theinfluence of the presidential election in the US, the amount of remittance toVietnam was only 9 billion USD, a level less than expected. But in 2017, thefigured recovered to 13.8 billion USD, up 16.8 percent over the previous year,making a new record height. In Ho Chi Minh City alone, remittance the same yearhit 5.2 billion USD, a rise of 4.5 percent year on year.
Statistics from theState Bank of Vietnam, Ho Chi Minh City branch, showed that in the first halfof this year, the amount of remittance was estimated at 2.45 billion USD, upnearly 20 percent over the same period in 2017. Of the total, the majority camefrom the US with over 60 percent, and Europe with more than 19 percent.
As many as 72 percentof the remittance was poured into production and business, 22 percent into realestate, and 6 percent for personal spending. As a result, each year, the realestate sector receives about 2.5 billion USD, helping improve the market’sliquidity.
Real estate firms heldthat the millions-strong Vietnamese community in the US and Europe and Asiancountries with high demand for housing when they retire or returning thehomeland for working and investing makes the market section targeting overseasVietnamese (OV) attractive.
The branch predictedthat the remittance to Vietnam in 2018 will increase about 20 percent over 2017.
Real estate firmSavills commented that the broadened legal framework also makes OV customers amore promising group.
However, many expertsasserted that although real estate for OVs is attractive, products for thegroup remain few.
A survey by SavillsVietnam suggested that along with basic aspects such as location and prices,major factors of foreign customers and OVs’ interest while investing inVietnam’s real estate include safety, security as well as added services followingtransactions.
Considered as anewly-emerging and promising market, Vietnam is a favourite destination for OVinvestors. In order to optimise the capital and remittance, in particular inreal estate, experts held that it is necessary to ensure the transparent andsafe development of the sector.-VNA
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Illustrative Image (Source: VNA) 
