Remittances to Ho Chi Minh City hit $2.42 bil in Jan-July

Thanh Nien News

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Many overseas Vietnamese have sent money to buy houses. Photo credit: Tuoi Tre Many overseas Vietnamese have sent money to buy houses. Photo credit: Tuoi Tre

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Overseas remittances to Ho Chi Minh City rose 12 percent year-on-year in the first seven months thanks partly to an increased interest in the property market from overseas Vietnamese, local media reported.
A source from the central bank's branch in the city said remittances to the city climbed to US$2.42 billion in the period.
Nguyen Hoang Minh, deputy director of the branch, said it expects $5.3-5.5 billion of remittances to the city this year.
The amended Housing Law, which takes effect July 1, allows overseas Vietnamese, or Viet kieu, to buy houses in the country without any restriction.
Even before the introduction of the policy, a large amount of the remittances, around 21.8 percent, went into real estate projects in the first six months.
 

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