Overseas Vietnamese businesses mobilize to develop HCMC

10:06 | 26/11/2019 Investment

(VEN) - The overseas Vietnamese business community is willing to help domestic enterprises find trade partners, expand markets and grasp investment opportunities in Vietnam. It also aims to bring Vietnamese products and services to the world market.

overseas vietnamese businesses mobilize to develop hcmc

Big resources from overseas Vietnamese

Chairman of the Committee for Overseas Vietnamese in Ho Chi Minh City (HCMC) Phung Cong Dung said that the overseas Vietnamese business community has made practical contributions to the socioeconomic development of the city.

In the first nine months of this year, remittance flows into Ho Chi Minh City via commercial banks and financial institutions were estimated at around US$3.8 billion, a year-on-year increase of seven percent.

The growing amount of remittances into the city this year was attributed to the increasing number of overseas Vietnamese, especially laborers working abroad. In addition, as Vietnam’s economy is developing, investment opportunities in Vietnam are becoming more and more attractive. The State’s more open policies have also helped overseas Vietnamese invest remittances in production and business back in Vietnam. These remittance resources continue to play an important role in boosting the city’s economic development, creating jobs and improving people’s lives.

In addition to financial contributions, many overseas Vietnamese experts and intellectuals have made important contributions in training a high quality workforce, and transferring scientific technologies. They have also acted as a bridge to help foreign investors find investment opportunities in Vietnam, promote Ho Chi Minh City’s image, culture and position to international friends and tourists.

Overseas businesses ready to accompany domestic ones

Peter Hong, Vice Standing President and Secretary General of the Business Association of Overseas Vietnamese (BAOOV) said that the association has gathered data on 9,000 overseas Vietnamese business people, and created a forum to help them discuss investment and business opportunities with domestic enterprises.

Ho Chi Minh City attaches great importance to facilitating the connection between overseas Vietnamese business associations and groups with domestic enterprises to promote trade and investment in order to bring the products and services of Vietnamese enterprises to the international market.

Director of the Ho Chi Minh City Investment and Trade Promotion Center (ITPC) Pham Thiet Hoa said two memorandums of understanding have been signed between the Committee for Overseas Vietnamese in Ho Chi Minh City and the ITPC; and between the Vietnam-Korea Businessmen and Investment Association (VKBIA) and the Association of Vietnamese Businesspeople in Italy.

Sharing trading experience with domestic enterprises, Steve Bui, Vice President of the VKBIA suggested Vietnamese enterprises should ensure food safety and hygiene if they wish to do long-term business in the Republic of Korea (RoK) market. The VKBIA is ready to help Vietnamese enterprises export goods to the RoK.

Peter Hong, Standing Vice President and Secretary General of the BAOOV: The overseas Vietnamese business

community will tighten cooperation with domestic enterprises to organize trade promotion programs and provide

practical and effective assistance so they can explore more opportunities and expand business markets.

Ngoc Thao