Nguyen Phu Binh, chairman of the Association for Liaison with Overseas Vietnamese

Over the years, overseas Vietnamese have brought a large amount of capital, technology and innovative thinking to build the country.

Nguyen Phu Binh, chairman of the Association for Liaison with Overseas Vietnamese shared his ideas on creating an open investment environment for overseas Vietnamese.

The resources and ability of overseas Vietnamese to contribute to the country's economy are huge. What do you think we need to do to promote this?

Currently, there are about 5.3 million Vietnamese living abroad, in more than 130 countries. Most of them live in developed countries. In addition to the love of the motherland, the resources of the people are huge.

The first is science and technology. Currently, 10-15% of overseas Vietnamese have a university degree or higher in this field.

Another is in the economy. Vietnam does not have many billionaires like China, Japan, and Korea, however, the life of Vietnamese people abroad is quite good.

The average amount of remittances sent home is about US$17-18 billion/year, equivalent to the annual amount of FDI investment. This helps Vietnam stabilize the trade balance, keeping the local currency stable.

Vietnam is a developing country, with farmers making up a large proportion of the population. If Vietnam can combine external resources such as new-generation free trade agreements - CPTPP, RCEP, and EVFTA with domestic resources, it will certainly create a rebound for the economy.

Photo: Reuters

Resources are large, but the way to use remittances so far is limited.

Currently, the main channel for sending foreign currency is through family and relatives. They want to help their families first, and then to contribute to GDP growth through business investment and real estate purchases.

To attract this resource, the Party, State, National Assembly and Government need to have policies to direct money sources into low-risk channels, and receive supportive policies.

I think that in the immediate future, it is necessary to build and establish an investment support forum for overseas Vietnamese.

This is the basis for creating favorable conditions for procedures, helping people understand the domestic law, and is a channel for state management agencies, or businesses to seek help when they need capital support.

Agriculture in Vietnam has been experiencing strong growth. Do you think this is the right time for overseas Vietnamese to invest in agriculture?

Vietnam has abundant agricultural, forestry and fishery resources, cheap and abundant labor, and is valued by the Party, State and Government.

In the past two years, the country has been affected by the pandemic, but agriculture has maintained its role as the backbone of the economy.

The current advantages cannot be denied, especially when Vietnam is looking for ways to adapt and live with Covid-19. This is the time to attract people to invest in agriculture.

Vietnam currently has many young people going abroad to study and work. They are dynamic, knowledgeable of the local supply and demand. In the future, this young generation can become investors, or focal points to bring technology to Vietnam and promote agricultural products abroad.

I know that many young people, after returning home, have started their careers in agriculture in Vietnam.

They have capital, knowledge, technology, and are ready to act as a bridge to bring Vietnam to the world.

What plans does the Association for Liaison with Overseas Vietnamese have to create a wave of investment in agriculture and for the economy?

As a bridge, the Association has strengthened contacts with overseas Vietnamese individuals and organizations, disseminated policies of the Vietnamese Party and State.

The Association helps overseas Vietnamese to better understand the situation in the country, receive opinions on important and necessary issues related to the rights of Vietnamese people living, studying and working abroad.

Communication work is also focused on improving things.

The Association has renewed its website (nhipcauquehuong.vn) and built a portal (alov.vn) to support exchanges between domestic and foreign scientists, intellectuals and entrepreneurs.

We realize that in recent documents and directives, the Party and Government have focused on improving the legal framework, creating the most favorable conditions for overseas Vietnamese.

The Association continues to strengthen connections to find the most suitable channels from central to local levels, and create a suitable and attractive investment environment.

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