Vietnam has long been known for its cheap labor. Now it is becoming popular for cheap financing to U.S. property developers.
As Chinese investors sour on a program that offers American residency in exchange for certain real-estate investments, U.S. developers are turning to a new, fast-growing source of cheap capital: Vietnam.
The Southeast Asian country is rapidly gaining on China as one of the biggest participants in the foreign-investment initiative known as EB-5. The program offers green cards in return for investing in job-creating U.S. businesses or real-estate projects.
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