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| Overseas remittances flow in HCMC |
Accordingly, the Project outlines policies to attract and promote remittance resources, such as orienting remittance sources to participate in the financial market (stock market, share market, etc.), forming a channel to direct capital from remittance recipients for the purpose of saving to business people, supporting capital transfer from people without profitable investment opportunities to those with profitable investment opportunities.
In addition, the Project aims to mobilize remittance sources into the plan to equitize state-owned enterprises, sell public assets; support connecting financial institutions and remittance companies to diversify forms of money transfer in large potential markets and countries with a large number of Vietnamese workers and residents; combining service expansion, creating favorable conditions for overseas Vietnamese to transfer remittances to Vietnam.
HCMC will also propose to competent authorities to consider allowing non-resident foreigners of Vietnamese origin to open bank accounts, choose to keep deposits in foreign currency or in Vietnamese Dong, and transfer principal and interest in the chosen foreign currency.
Financial institutions and remittance companies in the city will study and propose to build a "parallel account" product. One of the accounts is used to send money back to family members in the city and their relatives have full access. The second account can only be accessed by overseas Vietnamese and can be used to accumulate money for future investment.
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| Overseas remittances help the city further develop |
HCMC proposes solutions to form production funds from remittances such as: real estate remittance fund; remittance fund to support small and medium production; overseas Vietnamese investment fund to support Vietnamese investors returning to the homeland from abroad to start businesses based on international experience in remittances encouragement.
The city also proposed issuing bonds with a term of 5 or 10 years to attract remittances to invest in the construction of technical, social and economic infrastructure.
The HCMC People's Committee also said that it will propose policies to attract overseas Vietnamese to participate in the development of the city in accordance with the objective situation, conditions and international treaties that Vietnam participates in.
Thereby, the city will study solutions to support and maintain stable remittances to participate in investment and socio-economic development of the city; and propose attracting safe and effective foreign investment capital sources to attract new remittance sources./.