Remittances to add impetus to property sector in 2018
Overseas remittances will continue adding a vital impetus to the economy, including the property sector in 2018, according to Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association.
Overseas remittances will continue adding a vital impetus to the property sector in 2018. (Photo: VNA)
HCM City (VNA) – Overseas remittances willcontinue adding a vital impetus to the economy, including the property sectorin 2018, according to Le Hoang Chau, Chairman of the Ho Chi Minh City RealEstate Association.
Last year, remittances were estimated at 13.8 billionUSD, up 20 percent from 2016’s figure of 11.5 billion USD.
A thriving economy and an ease of the Land Law thatallows foreigners to own houses in Vietnam are encouraging Vietnamese expats tosend more money home. According to the State Bank of Vietnam, about 71 percentof the remittance flow is poured into business and some 21-22 percent goes intothe real estate market.
By nature, remittances are a “one-way” source of fundingand by size, they could reach as much as foreign direct investment (FDI) andforeign indirect investment (FII), said Sunny Hoang Ha, Associate Director,International Residential Sales at Savills Vietnam.
Remittances are no longer only a form of aid fromVietnamese expats to their families. Now they play a much more important rolein boosting economic growth. There are millions of Vietnamese living in theUnited States, Europe and neighbouring Asian countries and a growing number of themare finding their way home to work, invest or retire.
Savills Vietnam said it has received hundreds ofinquiries from those living in the US, Canada, Australia and European nationsto look for a house, mostly mid- and high-end apartment with one or twobedrooms, in Vietnam.
Though Vietnam’s real estate developers are providinghome buyers appealing offers in terms of price and customer care, many expertsworry that Vietnam lacks premium property products to meet the increasingdemand of Vietnamese expats with high incomes.
According to Savills Vietnam, safety and security andafter-sale services are extra factors overseas Vietnamese and foreign customerstake into account when purchasing a house, in addition to location, price,convenience, architecture and design.-VNA
Overseas remittances to Ho Chi Minh City is expected to total 5.2 billion USD this year, up 4.5 percent year-on-year, said an official of the State Bank of Vietnam (SBV).
Vietnam’s foreign currency reserves hit approximate 48 billion USD thanks to the country’s stable macroeconomic conditions and strong influx of exports, FDI and remittance.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) reported a pre-tax profit of more than 11 trillion VND (482.5 million USD) in 2017.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
Overseas remittances will continue adding a vital impetus to the property sector in 2018. (Photo: VNA)
