Maximizing the potential of remittances.

Remittances to Ho Chi Minh City last year reached US$9.6 billion, an increase of approximately US$140 million compared to the previous year. Following the Lunar New Year of 2025, the city government immediately began finalizing the "Policy to Effectively Utilize Remittance Resources in Ho Chi Minh City from Now to 2030" project, which was issued by the Ho Chi Minh City People's Committee at the end of September 2024.

Policy groups in science and technology, artificial intelligence, and other fields are attracting significant attention from the overseas Vietnamese community. Photo: Hong Phuc.

Implement a coordinated policy.

This is one of the key policies aimed at attracting a large number of overseas Vietnamese entrepreneurs and intellectuals to return to the country and contribute. At the beginning of 2025, Ho Chi Minh City launched the process of developing numerous policies to leverage the resources of overseas Vietnamese and increase remittances. Ms. Vu Thi Huynh Mai, Chairwoman of the Committee on Overseas Vietnamese in Ho Chi Minh City, stated that not only city leaders but also a large number of overseas Vietnamese intellectuals and entrepreneurs are currently paying special attention to this project.

According to preliminary statistics, Ho Chi Minh City alone has approximately 3 million overseas Vietnamese (out of a total of 6 million nationwide) living and working abroad. Therefore, Ho Chi Minh City considers this a very important resource. The city has implemented a series of policies such as: exempting foreign currency remittances from overseas Vietnamese from income tax; and allowing recipients to hold or deposit foreign currency at credit institutions…

Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam - Ho Chi Minh City Branch, stated that data from remittance companies shows that remittances transferred back to Vietnam in the first nine months of the year exceeded 77%, equivalent to a 10.4% increase compared to the same period last year. This growth demonstrates that Ho Chi Minh City's remittance attraction policy is on the right track. The State Bank of Vietnam will continue to improve remittance payment solutions, especially in service quality and communication, to facilitate quick and convenient remittances for overseas Vietnamese relatives.

In the long term, Ms. Vu Thi Huynh Mai stated that the project "Policy to effectively utilize remittance resources in Ho Chi Minh City from now until 2030" is expected to create a major breakthrough. However, to achieve the desired results, effective coordination is needed among state agencies in the area; ministries, localities, commercial banks, financial institutions, remittance companies, and the Vietnamese diaspora in other countries.

Leveraging specific mechanisms and policies

To attract overseas Vietnamese to contribute to Ho Chi Minh City as soon as possible, Dr. Le Vo Phuong Nga, a member of the Global Vietnamese Scientists and Experts Organization, hopes that in the future, overseas Vietnamese intellectuals, scientists, and experts will contribute more to the development of Ho Chi Minh City and Vietnam in three aspects: Overseas Vietnamese working directly on domestic projects; connecting resources or coordinating consulting and training of domestic human resources. However, the Ho Chi Minh City government needs to clearly identify priority areas that require the participation of overseas Vietnamese.

Dr. Phuong Nga suggested that the Ho Chi Minh City People's Committee should soon develop a map of businesses in each sector that have the potential to be selected to participate and lead the rest. Initially, it is necessary to utilize the mechanisms and policies of Resolution 98 as a foundation for the above proposals. This includes establishing and maintaining a Science and Technology Advisory Group, comprising experts from both within and outside the country.

Meanwhile, Professor Dang Luong Mo suggested that the process of mobilizing, engaging, utilizing, connecting, and combining the potential resources of overseas Vietnamese should not only focus on professors, doctors, entrepreneurs, and investors; but Ho Chi Minh City needs to target all resources that they can contribute practically to the development of the country. The proposed solution is for the city to establish an Overseas Vietnamese Talent Bank. “It is time for the state to directly and actively participate in the work of mobilizing, attracting, and utilizing overseas Vietnamese talents. This should bring together all overseas Vietnamese talents, all those who can make concrete, long-term, and short-term contributions,” Professor Dang Luong Mo suggested.

According to Ms. Tran Tue Tri, an overseas Vietnamese residing in Singapore and co-founder of Vietnam Brand Purpose, Resolution 98 and the "Policy to Effectively Utilize Overseas Remittances in Ho Chi Minh City from Now to 2030" project will open up significant opportunities for Ho Chi Minh City to leverage the large sums of money sent by the overseas Vietnamese community in 2025 and subsequent years. In addition to proactively building and developing a legal framework to ensure overseas Vietnamese participation in investment and business, Ho Chi Minh City needs to simultaneously support development projects. Information and communication must be crucial elements in the investment attraction policy.

Source: https://daidoanket.vn/phat-huy-nguon-luc-kieu-hoi-10299743.html