This is because the Government of Vietnam and domestic commercial banks have issued many policies to encourage overseas Vietnamese to send their money to invest and do business in Vietnam.
Remittances have contributed significantly to the country's socio-economic development.
Photo for illustration (Source: tapchitaichinh.vn)
Remittances are very important to many countries in the world, especially developing countries. For Vietnam, remittances are becoming more important. In recent years, the flow of remittances pouring into Vietnam has continuously increased, contributing to hunger eradication and poverty reduction, and raising the living standards of the people who receive remittances.
Promoting resources strongly
In recent years, the resources of Vietnamese businessmen and intellectuals in foreign countries have been promoted strongly, especially young overseas Vietnamese.
Currently, there are about 3,000 overseas Vietnamese enterprises investing in 52 localities across the country with total contributed and registered capital of USD4 billion.
Enterprises are mainly from the US, Canada, Australia, Russia, France, the Netherlands, Japan, Poland and Switzerland, and concentrate in production, processing of export goods, trade, tourism, construction, real estate, aquaculture, seafood processing and software technology.
In 2019, the activities of groups, individuals, experts, intellectuals, overseas Vietnamese businessmen have resonated in the community, making an important contribution to connecting Vietnamese businessmen, intellectuals and experts worldwide; promoting overseas Vietnamese’s contribution for the development of science, technology and economy - society of the country.
Along with investment projects of overseas Vietnamese in Vietnam, remittance is an important resource to promote production, business and economic development.
According to an announcement from the World Bank, in 2019, Vietnam’s remittance is estimated nearly USD17 billion. For three consecutive years, Vietnam is in the top 10 countries receiving the largest amount of remittances in the world, of which, Ho Chi Minh city received the highest amount in the country, estimated at USD5.6 billion in 2019.
The overseas Vietnamese businessmen community grows strongly, increasing its position and role in host countries, and has many investment and trade promotion activities and has connected with enterprises, ministries, branches and localities in Vietnam.
They have organized many programs such as the First Overseas Vietnamese Economic Forum in the Republic of Korea in June 2019; Vietnamese Business Forum in Europe held in Warsaw, Poland in September 2019; and Thailand - Vietnam trade promotion conference in Udon Thani, Thailand in September 2019. These activities have contributed significantly to promoting Vietnamese businesses and brands to the international market.
Important role of the State Commission for Overseas Vietnamese
In 2019, the State Committee for Overseas Vietnamese (SCOV) took the initiative in reviewing, proposing and contributing many ideas to relevant ministries and agencies to complete the legal system relating to overseas Vietnamese in a practical and effective manner, meeting the legitimate aspirations of overseas Vietnamese, creating favorable conditions for them to return to their home country to work, live and study such as: research, review and amend the inadequacies related to naturalization and return of Vietnamese nationality of overseas Vietnamese; and attract overseas Vietnamese individuals to participate in science and technology activities in Vietnam.
Support activities for the community are implemented timely and methodically, contributing to strengthening the legal status of overseas Vietnamese; actively grasp the situation in the areas; promote activities of associations, unions and community solidarity; mobilize governments of host countries to create conditions for overseas Vietnamese to do business and live.
The commission also supports the consolidation of the organization, solidarity and guide associations and union to operate effectively; coordinate to introduce 20 typical overseas Vietnamese who will be negotiated to join the Central Committee of Vietnam Fatherland Front, term IX for the 2019-2024 period; and support overseas Vietnamese to live and work in Vietnam
In addition, the activities to support the overseas Vietnamese community to preserve the national cultural identity and maintain Vietnamese language are better, contributing to connecting overseas Vietnamese and their homeland; while information and communication work for overseas Vietnamese has been renewed with rich content and creative forms.
Typically, the Homeland Spring Program 2019 with the participation of about 1,000 overseas Vietnamese from around the world; art troupes performing to serve the overseas Vietnamese communities on the occasion of the Lunar New Year of the Pig in the Russian Federation, Sweden, Taiwan (China), Australia received the enthusiastic response of a large number of overseas Vietnamese.
Overseas Vietnamese people are very interested in the sacred sovereignty of the nation. Through meaningful visits to Truong Sa Island district and the DK1 frame house, overseas Vietnamese better understand the actual situation on Truong Sa island, their love for the sea, islands and the homeland has increased and when returning to the host countries, overseas Vietnamese have had practical activities, such as the establishment of Truong Sa clubs in Germany, Poland, France, RoK and a number of other areas. These clubs have operated actively, connecting members who have visited Truong Sa and contributing to confirming Vietnam's sovereignty over Truong Sa and Hoang Sa archipelagoes.
According to Mr. Luong Thanh Nghi, Deputy Head of the SCOV, in 2020, his unit will continue to promote the solidarity, enhance the resources of overseas Vietnamese in the new situation; encourage individuals to engage in science and technology activities; provide information and communicate to overseas Vietnamese about the guidelines and policies of the Party and State, the domestic situation; maintaining meaningful annual activities for overseas Vietnamese such as homeland spring program, visits to Truong Sa, Vietnam summer camps; as well as supporting to teach and learn Vietnamese language; supporting associations, groups of overseas Vietnamese businessmen and intellectuals./.