Vietnamese citizens have once again landed in the top 10 among countries which spend the most on property in the United States.
Dan Tri reports that the US National Association of Realtors determined that Vietnamese spent US$3 billion on American property from April 2016 to March 2017. In total, foreigners spent US$153 billion on 284,455 private properties in the country during that period.
China was the top buyer, pouring US$31.7 billion into the market, while Canada came second with US$19 billion. Vietnam's US$3 billion ranked sixth, along with Germany, Japan and Venezuela, according to the news source. This is the fifth straight year that Vietnam has been in the top 10.
Canada and Australia are also common destinations for Vietnamese property investments, along with other countries with fairly open immigration policies.
Dr. Bui Quang Tin of the Ho Chi Minh City Banking University explained to Dan Tri that Vietnamese are exploring opportunities to invest in the US since it is easier than doing so in Vietnam. However, other experts warned that this could be a sign of illegal activity.
Direct money transfers to the US are only allowed for the payment of school tuition fees, buying cars or rental fees for overseas students. In order to invest in property an individual must obtain an investment license, establish a company in the US and then follow a number of banking regulations.
Given this lengthy process, the news source speculates, it is likely that many of the investments have been illegally transferred or laundered out of Vietnam.
[Photo via Vietnam Law Insight]
