Ambassador Nguyen Phu Binh, former deputy minister of Foreign Affairs, former chairman of the State Committee for Overseas Vietnamese, and chairman of ALOV.

The Investment Support Forum for overseas Vietnamese (Invesfov) was launched on Jan. 14 for the Vietnamese community both in the homeland and foreign countries to turn remittances into a profitable investment source for overseas citizens.

According to the Association for Liaison with Overseas Vietnamese (ALOV), about 5.3 million Vietnamese are living in more than 130 countries and territories. They are an essential and inseparable part of the nation.

Overseas citizens have contributed considerable financial and intellectual resources to the homeland's development in all fields.

According to the World Bank, since 2017 Vietnam has been in the top 10 developing countries attracting the highest amount of remittances, despite the pandemic in the last two years.

The total amount of remittance sent to Vietnam reached USD17.6 billion in 2020. The figure is estimated to reach USD18.1 billion in 2021.

Ambassador Nguyen Phu Binh, former Ddeputy minister of foreign affairs, and chairman of ALOV, said ALOV was an "extended arm" of State Committee for Overseas Vietnamese under the Ministry of Foreign Affairs in supporting the overseas community to stabilize their lives and stay close to the homelan.

After a long period of research, ALOV decided to establish Invesfov, which demonstrates the determination to realize Politburo's Conclusion No. 12 in encouraging overseas people to closely accompany the homeland and creating conditions for them to contribute to national development.

Delegates at the event.

The Investment Support Forum for overseas Vietnamese will be deployed in three stages:

In the first stage, the forum is launched and registered with state agencies.

In the second stage, the forum's infrastructure will be upgraded. It is expected that the forum will start running in the first quarter of 2022. Connections between the forum and agencies, localities, investment projects will be established.

The third stage will witness the forum becoming an information center to assist cooperation between domestic and foreign investors. The last stage is expected to take place from 2023.

The forum operates for non-profit purposes and aims to support future investment and trade activities, and cooperate on existing projects.

It looks to create an environment for exchanging information, negotiating, and cooperating among investors, and contribute to investment models and projects, and detect and resolve problems.

Pham Quang Hieu, deputy minister of Foreign Affairs, chairman of the State Committee on Overseas Vietnamese giving a speech.

Pham Quang Hieu, deputy minister of Foreign Affairs, chairman of the State Committee on Overseas Vietnamese, said the Vietnamese community overseas had great potential and was an important resource for the development of the country.

The launch of the Investment Support Forum for overseas Vietnamese aims to support overseas Vietnamese to effectively invest in the homeland.

It emphasizes the need to diversify capital flows, and financial cash flows to meet the country's demand.

Phan Huu Thang, former head of Foreign Investment Agency, vice chairman of ALOV, stated the hope that Invesfov would become a platform for overseas Vietnamese to achieve efficiency in investment.

He called on those overseas to continue to coordinate with authorities at all levels to create close links between the community and the homeland.

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