Overseas Vietnamese seek domestic partners, investment

15:50 | 23/08/2018 Economy- Society

(VEN) - The Business Association of Overseas Vietnamese (BAOOV) was established in 2009 and has built its member networks in various countries and territories. The association has contributed to promoting economic, commercial, scientific and technological cooperation between Vietnam and the rest of the world, as well as Vietnam’s socioeconomic development.

overseas vietnamese seek domestic partners investment
BAOOV represents more than 6,000 overseas Vietnamese businesses and has built its member networks in various countries and territories

At a convention of the organization held in late June in Ho Chi Minh City, Deputy Prime Minister Truong Hoa Binh applauded the group, calling its members an inseparable part of the Vietnamese nation and a driving force of the country’s development.

According to BAOOV President Nguyen Thanh My, the association represents more than 6,000 overseas Vietnamese businesses and provides them with information about projects calling for investment, as well as consultancy for the completion of administrative procedures. The association also assists Vietnamese localities and domestic businesses in promoting sales abroad.

The total number of overseas Vietnamese has reached 4.5 million and keeps growing. Special linkages have been set up between overseas Vietnamese and domestic businesses.

So far, nearly 3,000 overseas Vietnamese businesses have invested about US$4 billion in Vietnam. Overseas remittances to Vietnam have grown continuously in recent years, reaching US$14 billion in 2017 and nearly US$7 billion in the first five months of this year. Currently, Vietnam is one of the world’s top 10 overseas remittance recipients. Overseas remittances to Vietnam have been invested in production, construction and many other fields, helping maintain the foreign currency balance.

The achievements and contributions by overseas Vietnamese businesses reflect their dynamism, creativity and responsibility towards the homeland, Nguyen Thanh My said. He affirmed BAOOV would continue playing a bridge role between overseas Vietnamese and domestic businesses and organizations in order to contribute to promoting Vietnam’s socioeconomic development and its relations with other countries.

The association will organize activities aimed at helping overseas Vietnamese businesses find opportunities to invest in the home country through cooperation with domestic companies.

According to Ho Chi Minh City People’s Committee Vice Chairman Le Thanh Liem, the business community, including overseas Vietnamese businesses, has contributed significantly to the city’s development. Ho Chi Minh City has concentrated on improving the business and investment environment, promoting creative startups and creating favorable conditions for business development. At the same time, it has worked hard to connect Vietnamese communities worldwide and encouraged their joint efforts to contribute to the city’s development.

Ho Chi Minh City also encourages overseas Vietnamese intellectuals to contribute to its development. The municipal government pledged to create favorable conditions for them to repatriate and work in the homeland.

Thanh Thanh