CNN Travel Show Introduces Ho Chi Minh City Tourism
	Delegations from 15 Countries Attend 2024 Ho Chi Minh City Friendship Dialogue

Under this project, the Committee for Overseas Vietnamese in Ho Chi Minh City is designated to spearhead the implementation. Concurrently, it will oversee, compile, and regularly report the outcomes, challenges, and issues requiring resolution to the City People's Committee, as well as suggest necessary modifications and enhancements.

The project delineates strategies to efficiently draw remittances by directing them into financial markets, including the stock market and shares. Concurrently, it aims to establish conduits that channel funds from remittance recipients to entrepreneurs, thereby facilitating the transfer of capital from individuals lacking investment avenues to those possessing the requisite need and potential for profit.

Remittances are a “golden resource” for Ho Chi Minh City. (Illustration photo: KT)

The project's goal is to channel remittances into the equitization of state-owned enterprises and the sale of public assets, thus broadening investment prospects for overseas Vietnamese.

Ho Chi Minh City is set to bolster the connectivity of financial institutions and remittance firms, broadening the remittance network in key potential markets, particularly those with significant Vietnamese populations. This initiative aims to streamline the remittance process and facilitate the flow of remittances back to Vietnam.

International financial institutions and remittance companies are set to be supported in establishing a remittance payment network in Ho Chi Minh City, which will enable the secure and efficient attraction of more overseas cash flows.

The project suggests that authorities should contemplate permitting non-resident foreigners of Vietnamese origin, especially in Ho Chi Minh City, to open bank accounts. It also recommends allowing these individuals to choose between maintaining deposits in foreign currency or Vietnamese Dong and transferring both the principal and interest in the selected foreign currency.

Financial institutions and remittance companies in Ho Chi Minh City will study and propose the development of a "parallel account" product, one of which is for overseas Vietnamese to send money back to families in the City. Their relatives in the City have full access to that account. The second account can only be accessed by overseas Vietnamese and can be used to accumulate money for future investment.

Ho Chi Minh City also proposes solutions to form production funds from remittances such as real estate remittance funds, remittance funds to support small and medium production, investment funds for overseas Vietnamese to support Vietnamese investors returning from abroad to start businesses based on research on international experience in encouraging remittances.

Another solution to attract remittances is to issue bonds with a term of 5 or 10 years, to mobilize capital for technical infrastructure projects, social infrastructure, and economic infrastructure.

Ho Chi Minh City stands as the focal point for the highest volume of remittances in Vietnam, with approximately 2.8 million overseas Vietnamese linked to the city. The remittances received by the city each year represent between 38% and 53% of the total remittances sent to Vietnam.

Between 2012 and 2023, remittances to Ho Chi Minh City via commercial banks, economic organizations, and remittance companies surpassed 65 billion USD, with an annual growth rate of 3% to 7%. In the first half of 2024, the city received 5.18 billion USD in remittances, which is 54.7% of the total amount for 2023 and represents a 19.5% increase from the same period in the previous year.

While remittances are a significant and stable economic force, the Ho Chi Minh City People's Committee has recognized that the city lacks targeted policies and mechanisms to harness this resource's full potential. The proposed project is set to play a crucial role in addressing these shortcomings and enhancing the remittance flow, thereby aiding in the sustainable growth of Ho Chi Minh City in the future.

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Delegations from 15 Countries Attend 2024 Ho Chi Minh City Friendship Dialogue Ho Chi Minh City is set to organize the second friendship dialogue this September, expecting to welcome a large number of international delegates.