Overseas Vietnamese have invested USS$1.72 billion into Vietnam. — Photo lienvietpostbank.com

The projects have been invested in 42 out of 63 cities and provinces, mainly focusing on manufacturing and processing. In addition, overseas Vietnamese have also invested in Vietnam through other indirect channels.

According to the Foreign Investment Agency (FIA), projects of overseas Vietnamese into Vietnam have not been increased in terms of scale but had a significant contribution to the local economic development by creating jobs, providing vocational training and increasing the State budget.

Vu Van Trung, FIA deputy head, said that this number was approximate because it was statistics of foreign direct investment in Vietnam, while indirect investment through remittance, relatives and other channels was very large.

Trung said the average annual remittance to Vietnam was over US$10 billion. In 2021, it was about $12.5 billion. This was a great source to serve the socio-economic development of Vietnam.

He also said that investment through the form of FDI by expatriates to Vietnam was still limited. This was a point that would need further discussion to promote the investment of overseas Vietnamese entrepreneurs.

According to the State Committee on Overseas Vietnamese under the Ministry of Foreign Affairs, the overseas Vietnamese community currently has about 5.3 million people living, working and studying in over 130 countries and territories, with over 80 per cent are in developed countries.

Deputy Foreign Minister Pham Quang Hieu, Chairman of the State Committee on Overseas Vietnamese, said at a recent forum that the world economy continued to recover, but the growth rate was slow and uneven with potential risks of instability. The latest issue was the conflict in Ukraine.

Vietnam continued to be a bright spot in the region in terms of trade and investment as all criteria had been given positive evaluation from international investors.

Along with the Government’s determination in socio-economic management, the Deputy Minister hopes that positive economic signals will also be realised this year.

In Vietnam’s key trading partners and markets with many Vietnamese people, taking advantage of signed trade agreements, many Vietnamese products have been well received.

He expects that the overseas Vietnamese community will continue to promote its role to help domestic businesses penetrate developed markets. The country still has many untapped opportunities with potential future development.

He said he hoped that ministries, sectors and localities would continue to co-ordinate with the State Committee on Overseas Vietnamese to promote the interest of overseas Vietnamese, and join hands in building a more favourable environment for the development of overseas Vietnamese in operation, investment, production and business as well as bringing successful overseas models to Vietnam.

Source: Vietnam News

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