Investors bullish on real estate in 2015

According to Nguyen Hoang Minh, deputy director the State Bank of Vietnam (SBV) in Ho Chi Minh City, overseas remittances to HCM City reached US$5-5.1 billion in 2014, up US$200-300 million over 2013 as results of great efforts to better the macro-economy policy with lower inflation, good growth rate and increased state foreign exchange reserves.

Phan Huy Khang, Sacombank joint stock commercial bank general director in turn, says overseas remittances transferred through the bank hit a milestone surpassing US$2 billion last year, 15% higher than 2013.

Most of the remittances came sent from the US, Taiwan (China), Australia and Middle East, Khang added.

In 2014, the country attracted a total of US$12 billion of overseas remittances, setting a new high record. The figure in 2015 is expected to increase by 10%.

In Ho Chi Minh City, overseas remittances mainly were funneled into production (71.4%) and real estate (22.1%).

Khang forecasts with the change in policy, more and more overseas remittances will flow into real estate in the coming year.

Tran Van Trung, Director of Dong A Remittances Company noted the new policy permitting foreigners to purchase houses in Vietnam still consist of many complicated conditions, adding that the property and stock markets are the best choices for remittance recipients to earn profits.