Overseas Vietnamese Discuss Ways to Develop Ho Chi Minh City

On October 10, the the State Committee for Overseas Vietnamese Affairs (SCOVA) in Ho Chi Minh City held a conference "Resolution No. 98/2023/QH15 on piloting specific mechanisms and policies to develop Ho Chi Minh City with the overseas Vietnamese entrepreneurs."
October 15, 2023 | 18:30

At the conference, many opinions and proposals were made by overseas Vietnamese to implement Resolution 98.

Overseas Vietnamese Discuss Ways to Develop Ho Chi Minh City

Resolution No. 98 creates conditions for Ho Chi Minh City to exploit its all resources and develop a leading economic role

Speaking at the conference, Vice Secretary of the Municipal Party Committee Nguyen Ho Hai affirmed that Resolution No. 98 is an important driving force, creating favorable conditions for the release of resources for the development of a leading economic role, and contributing to the overall development of the country. Therefore, the preparation for implementing Resolution No. 98 has been identified by City leaders early on and is the most important task in the Municipal Party Committee's work program.

He emphasized that the city is always well aware of the big role of Vietnamese businesses and entrepreneurs, especially those living abroad, in popularising policies of the Party and laws of the State in general and those of HCM City in particular to international friends. In particular, Resolution No. 98 requests overseas Vietnamese associations, business associations, experts, intellectuals, and entrepreneurs to support and accompany Ho Chi Minh City in organization, propaganda, and implementation.

Mai Phan Dung, Vice Chairman of SCOVA, said that Ho Chi Minh City is always leading with more than 2 million overseas Vietnamese who connect with the City in attracting resources from overseas Vietnamese. Currently, Ho Chi Minh City has more than 3,000 businesses invested by overseas Vietnamese, with a capital of more than 45.000 billion VND. The city also attracts more than 400 overseas Vietnamese intellectuals to work long-term, and nearly 200 intellectuals participate in research cooperation in the fields of education and training, science, and technology... Ho Chi Minh City is also a locality with the amount of remittances sent annually accounting for about 50% of the total remittances across the country. In 2022, remittances to the city reached more than 6.8 billion USD.

Dung proposed that the overseas Vietnamese community is expected to grow in quantity and quality, expected to reach 10 million people in the near future, so there is still a lot of room for attracting overseas Vietnamese resources to participate in the City's development.

Firstly, complete the mechanism to receive, process, respond, apply, and effectively promote initiatives and contributions from experts, intellectuals, and the Vietnamese business community abroad.

Secondly, information about projects and strategic policies needed to attract overseas Vietnamese resources is published on electronic information portals, connecting networks so that interested overseas Vietnamese businessmen and intellectuals can participate.

Finally, coordinate with SCOVA to build a database and information about the City's needs so that SCOVA can introduce suitable overseas Vietnamese individuals or businesses.

Accompanying Ho Chi Minh City in attracting quality and reputable investors

The conference received many ideas from overseas Vietnamese around the world.

Dr. Tra My, Chairman of the Provisional Vietnamese Business Association in China, said that the Association is the first channel to receive Vietnam-related needs of Chinese businesses, before officially coming to survey investment in Vietnam. Therefore, the Association, based on Resolution 98 to determine priority industry lists to attract strategic investors to Ho Chi Minh City, or regulations and conditions that investors need to meet, as well as the accompanying commitments and procedures, along with the incentives and obligations of investors... so that the Association can carefully review and select quality and reputable investors when they want to target the City.

It is necessary to provide specific information about specific mechanisms in areas that attract investment

Ngo Sy Tuyen, Chairman of the Vietnamese Businessmen Association in Malaysia, said that it is necessary to provide specific information about the specific mechanisms in the City's investment attraction fields that are different and superior compared to current, compared to provinces and cities in Vietnam (both in terms of priority areas, administrative procedures, financial and banking policies; tax policies,...); at the same time, publicize specific projects in each field, in each district in the City that need to attract investment (in terms of scale, total capital for project implementation, corporate tax incentives, personal income tax...) so that entrepreneurs and businesses can choose appropriate and effective investment cooperation.

Meanwhile, Ho Van Lam, Chairman of the Thai-Vietnam Business Association, said that Ho Chi Minh City needs a mechanism for overseas Vietnamese to participate, contribute or act as a bridge, connect, support projects, call for investment.

Experience from Start-up Visa in the UK

“I am one of 300 people allowed to come to the UK on a Start-up Visa. Because I was someone who came to start a business, I was allowed to bring my whole family to England to live. Every week, I receive information about the support package from the Innovation Center sent via a link. I open an account and submit an idea every week. If evaluated, the center comes down or calls for an interview. If the idea is successful, funds will be disbursed and a monitoring department will be established. This is also a perfect idea for Ho Chi Minh City to attract talented people from around the world to the City”, said Pham Trung Kien, General Secretary of the Vietnam Business Association in the UK.

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