VietNamNet Bridge – The number of overseas Vietnamese returning to the country for research and investment cooperation is on the rise but their potential has not been fully tapped, said HCMC Chairman Nguyen Thanh Phong.

Overseas Vietnamese attend a conference in HCMC last Friday – Photo: Van Nam

At a meeting with more than 20 overseas Vietnamese last Friday, Phong said the city is a good destination for foreign investors, with 79 nations and territories currently investing here in the city. Singapore is the largest foreign investor with over 850 projects approved.

“The number of overseas Vietnamese coming back here for research, teaching and investment has steadily grown in the city. However, the city has yet to unlock their potential,” said Phong.

Therefore, Phong said he is pinning high hopes on more contributions from them, including of knowledge, capital and experience. Vietnamese scientists and entrepreneurs currently residing abroad can give recommendations to the city to achieve rapid and sustainable development and further integrate in the world economy in near future.

Le Van Cuong, a Vietnamese national from France, suggested setting up international standard economics faculties at educational institutions nationwide to improve competitiveness and allow local students to access international curricula at home, preventing brain drain, and attracting external human capital.

On the same day, during a trip to Quang Trung Software City (QTSC), Vietnamese nationals from abroad asked a lot of questions about the development of HCMC into a smart city when they met QTSC CEO Lam Nguyen Hai Long.

Nguyen Dong Hai, an overseas Vietnamese, said transforming the city into a smart city is an interesting project and that overseas Vietnamese want to know what stage the project is in at the moment so that they can make suggestions and contributions.

A conference was held last Saturday with the participation of more than 500 overseas Vietnamese from different parts of the world to explore ideas for the city to boost growth and international integration.

Speaking at the conference, Nguyen Do Dung, a Vietnamese from Singapore, said Vietnam should draw on experience from Singapore, an island nation that dares to dream far, think big and act wisely.

“Singapore has established a strong institutional foundation with three pillars: building a clean and highly disciplined government, using talent and having a flexible institutional structure. Once government is strong, they could have smart strategy for turning Singapore into an ideal destination.”

Taking Seoul as another example, he said the South Korean capital had become a “city for the people” as in recent years it has created green space and launched the Sharing City Seoul initiative, laying the groundwork for growing startups.

To take the lead, he said, HCMC should have a strong administration to draw up good policy and make wise planning decisions but all this depends on whether the city has an open society, a knowledge-based society and an open community.

Therefore, he proposed the municipal government introduce policies encouraging innovation, instead of sticking with the mentality of “not doing wrong is good”. There should be stable policies and long-term solutions from a regional perspective.

Currently, there are about 4.5 million Vietnamese living and working in other countries, and many of them are experts, scholars and businesspeople with good educational backgrounds.

SGT