OVs contribute to economic development

CA/Hanoi - As part of the development of the overseas Vietnamese (OV) community, expatriate businessmen strive to integrate and make practical contributions to their host countries and the homeland.

According to preliminary statistics, there are about 3,500 projects and enterprises in Vietnam invested by overseas Vietnamese, with a combined registered capital of nearly US$11 billion.

This development can be partially attributed to specific policies and measures, which have facilitated overseas Vietnamese enterprises’ participation in all economic activities in the country.

In addition to investment and trade incentives, they have benefited from favorable policies such as laws on citizenship and housing, helping these entrepreneurs make further contributions to the country’s economic development.

According to economist Cao Sy Kiem, “Vietnam attracted $9 billion from overseas remittances this year. This is a huge resource and a decisive element for the country’s economic development, while improving capital sources for businesses”.

The business force is involved in almost areas, such as trade, construction, real estate and production of export goods, contributing to the State budget.

Bruce Nguyen Tien Dung, an Overseas Vietnamese from Canada , said, “I understand that Vietnam has a good potential business climate. Although difficulties exist in the economy, there remain opportunities for business and investment in the country.”

Nguyen Trung Thuc, Chairman of the Vietnam-Germany small and medium-sized enterprises’ association, said “In the last 10 years, we have experienced unceasing development thanks to local government support, as well as conditions decided by relevant agencies. We understand that they are under reform with a view to improving and simplifying administrative procedures and policies.”

Encouraging and mobilising the overseas businesses and promoting their resources to the country’s development and increasing cooperation with OV and other countries are the key tasks facing the government in working with the Vietnamese communities in foreign countries.

Nguyen Thanh Son, Deputy Foreign Minister and Head of the State Committee for OV, said the committee will consider this issue in a serious manner soon; stating that “through the Vietnam small and medium sized enterprises association we will propose that the Government and relevant agencies offer more favorable policies for OV to invest in the country as well as create conditions for domestic enterprises to do business in foreign countries”