Peter Hong, Permanent Vice Chairman and Secretary General of the Business Association of Overseas Vietnamese made the statement when talking to the press before the Association's 4th term Congress.

Peter Hong, Permanent Vice Chairman and Secretary General of the Business Association of Overseas Vietnamese

Contribute to building a highly integrated economy

In the coming time, the Business Association of Overseas Vietnamese will hold the 4th Congress, term 2023-2028 with the motto "Solidarity - Innovation - Creativity and Sustainable Development". Besides "Solidarity", could you please tell us why the Association chooses the spirit of "Innovation - Creativity and Sustainable Development"?

Peter Hong: We chose “Innovation” because science and technology are constantly changing, countries that lead in science and technology will lead in economics. However, innovation must come with creativity. Vietnamese overseas all want to bring the spirit and experience of innovation and creativity to support and contribute to building the country.

"Sustainable development" is the common spirit of the times, and is also an issue of great concern to Vietnam in recent years. Sustainable economic development is not only for today's generation but also a solid foundation for future generations.

What is the significance of the support for the domestic economic development of Vietnamese businessmen and intellectuals abroad in terms of human resources, management experience, organization, technological level, and investment capital? And what is the Association's direction to promote the spirit and realize those abilities?

Peter Hong: In 2023, Vietnam has had many innovative and creative activities and solutions, spreading the image of an innovative country to the world. Vietnam is ranked 46/132 countries and economies in the 2023 Global Innovation Index (GII) Report, up two levels compared to 2022. We are also considered one of the seven middle-income countries that have made the most progress in innovation over the past decade.

Overseas Vietnamese are people who have been abroad for many years, are working, or have many opportunities to access advanced technology at the world's leading businesses. They have experience, capacity, and ability to learn innovative technology. Vietnam is on the path of integration with the world. Without innovative thinking, we will not surpass ourselves to catch up with developed countries. The contributions of overseas Vietnamese in general and of the Business Association of Overseas Vietnamese in particular help Vietnam build a highly integrated economy.

In 2024, the Association will organize 4 conferences in Vietnam, gathering successful overseas Vietnamese businessmen to discuss ways to cooperate and support domestic entrepreneurs and businesses.

Regarding investment, in 2023, remittances to Vietnam were about USD 19 billion, with Ho Chi Minh City attracting about USD 9 billion. Of the 9 billion USD, about 27-28% is the resources of overseas Vietnamese investing in small and medium-sized enterprises in Ho Chi Minh City.

In 2024, the Association will focus on the digital transformation of the economy and connect organizations, calling for qualified overseas Vietnamese investors to financially support Vietnam. We will also accompany Ho Chi Minh City to make the most of breakthrough opportunities from Resolution 98/2023/QH15 of the National Assembly on piloting specific mechanisms and policies to develop Ho Chi Minh City.

The word “Vietnam” erase all separation

In a press interview in 2019, you once shared that the word “Vietnam” erases all separation. How will the spirit of solidarity between Vietnamese businessmen abroad and domestic businessmen be promoted to predict, respond, and overcome the many challenges of a volatile world?

Peter Hong: In 2019, when I was first elected as Permanent Vice Chairman and Secretary General of the Business Association of Overseas Vietnamese, the Association's membership list was only in 12 or 13 countries and territories. Currently, the Association has branches in 40 countries and territories.

The Vietnamese community abroad in general, including the Business Association of Overseas Vietnamese, always receives the attention of the Party and State; Active support from the State Committee for Overseas Vietnamese Affairs, the Ministry of Foreign Affairs, and other ministries, departments, and localities.

Overseas Vietnamese are increasingly given attention, priority, and favorable conditions to live, work, and invest in Vietnam, and are an inseparable part of the community of Vietnamese people, in the destiny of the nation.

Overseas businessmen will also contact and work with young business associations in 30 provinces and cities; together discuss ways to deepen cooperation between domestic and foreign businesses. At the same time, the young generation of domestic and foreign entrepreneurs have the opportunity to meet and bond for a future of further cooperation and write spectacular stories together.

Strategic vision of economic diplomacy

Can you share specific programs, projects, and actions that create motivation and opportunities for the Business Association of Overseas Vietnamese to promote their capacity and contribute to the domestic economy?

Peter Hong: In 2019, the Prime Minister approved the Project "Mobilizing overseas Vietnamese to participate in introducing and consuming products and developing distribution channels for Vietnamese goods abroad, period 2020 - 2024", encouraging overseas Vietnamese to consume, distribute, and support the export of high-quality Vietnamese goods abroad. The Business Association of Overseas Vietnamese is assigned the responsibility of implementing and promoting these tasks.

After the project was issued in 2020, the Association called on members from Japan, Korea, America, and Canada to develop programs, projects or support for overseas Vietnamese and domestic Vietnamese entrepreneurs to export goods. However, because economic activities were interrupted in 2020 and the first half of 2021, the results were not as expected. But from 2022-2023 to early 2024, the export of Vietnamese goods, especially agricultural products, has progressed strongly. In particular, the Association went to China, learned about and asked Chinese wholesale markets to support Vietnamese durian products, contributing to the miracle export turnover of USD 2 billion of this fruit.

In particular, the strategic vision of the Party and State leaders, along with the active and proactive implementation of ministries and branches in implementing economic diplomacy, is creating a very strong push for the export of Vietnamese goods.

It can be said that the Party and State's strategic vision of great national unity and economic diplomacy help the overseas business community stay close to the country.

What difficulties does the Association face in its activities?

Peter Hong: Indeed, besides the advantages, there are still some negative notes, especially in the export of agricultural products. We recommend that provinces with strengths in fruit export more strictly control production processes, pesticide residues, and chemical additives. This is a prerequisite for Vietnamese fruit to compete with products from neighboring countries such as Thailand or China.

In addition, overseas businessmen returning home to participate in fruit export still have difficulty in finding qualified partners to export abroad. We hope that the Ministry of Agriculture and Rural Development and the Ministry of Industry and Trade will support more in this matter.

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