{"id":39085,"date":"2016-12-27T21:25:47","date_gmt":"2016-12-27T14:25:47","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/overseas-vietnamese-are-no-longer-just-sending-remittances-to-family\/"},"modified":"2016-12-27T21:31:32","modified_gmt":"2016-12-27T14:31:32","slug":"overseas-vietnamese-are-no-longer-just-sending-remittances-to-family","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/overseas-vietnamese-are-no-longer-just-sending-remittances-to-family\/","title":{"rendered":"Overseas Vietnamese are no longer just sending remittances to family"},"content":{"rendered":"


\nSo where is their dong being invested?
\nVietnamese dong. filmlandscape\/Shutterstock
\nOverseas remittances no longer serve as mere stopgap money for relatives of Vietnamese nationals working abroad. Today, they are being siphoned more into businesses and real estate investments.
\nSeventy-two percent of overseas remittances to Ho Chi Minh City so far in 2016 went to business and production, while 22 percent went to real estate, according to the state bank\u2019s branch in the city. Around six percent were meant as financial aid to family.
\nThis suggests upheavals in income distribution across the country. Between 2010 and 2013, only 27 to 30 percent of remittances were allocated to business investments, VnExpress reported, citing state bank data.
\nMore: Will Vietnam blow a property bubble in 2017?
\nLike Filipinos, Vietnamese are among the most ubiquitous workers in the world. Around 90,000 workers leave Vietnam every year for contractual work overseas.
\nOverseas remittances are a pillar of the Vietnamese economy: equivalent to about 8 to 10 percent of the nation\u2019s GDP. Remittances to Ho Chi Minh City alone are expected to top USD2.5 billion this quarter, bringing the projected tally for 2016 to at least USD5.7 billion, the state bank reported.
\nFigures\u00a0last year hovered at USD5.5 billion, outpacing the USD5.2 billion received by the city in 2014. About 222 percent of remittances in 2015 were apportioned to real estate, 70.8 percent into businesses, and 7 percent to relatives.
\nRead next: Danang, Vietnam: why foreign investors should pay attention
\n
\nSource : property-report.com
\nRead more…Overseas Vietnamese are no longer just sending remittances to family<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

So where is their dong being invested? Vietnamese dong. filmlandscape\/Shutterstock Overseas remittances no longer serve...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-39085","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-aap","jetpack-related-posts":[{"id":44047,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-vietnam-real-estate-suffering-from-a-drop-in-overseas-remittances\/","url_meta":{"origin":39085,"position":0},"title":"Is Vietnam real estate suffering from a drop in overseas remittances?","date":"February 14, 2017","format":false,"excerpt":"\r The strengthening US dollar impacts inflows of much-needed kieu hoi Traffic in Saigon (Ho Chi Minh City), Vietnam. Matyas Rehak\/Shutterstock A buttress to Vietnam\u2019s economy, \u201ckieu hoi\u201d or remittances by overseas workers have decreased last year, VietnamNet Bridge reported, citing figures from the State Bank of Vietnam\u2019s Ho Chi\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":40830,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/vietnamese-housing-market-to-find-its-groove-in-2017\/","url_meta":{"origin":39085,"position":1},"title":"Vietnamese housing market to find its groove in 2017","date":"January 16, 2017","format":false,"excerpt":"\r From FDI to tourism, economic fundamentals for the\u00a0ASEAN nation bring good tidings ahead Sketch cityscape of Ho Chi Minh City in Vietnam. arnont108\/Shutterstock For a year that fell short of GDP growth targets and was riven by a fairly turbulent climate, both environmental and political, 2016 was still auspicious\u2026","rel":"","context":"In 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