"Remittances from Retired Viet Expats Need to be Well Utilized"

At the event, the distingushed professor told a story about a Vietnamese retiree.

"I have a friend, who went to the same high school as me, let's call him "Mr. X." X graduated from École Nationale Supérieure Maritime, worked as a Capitaine au long cours (Sea Captain), a dignified and high-income profession at any country. After 1975, Mr. X resides in the US. He retired about 25 years ago and lives a good life in the USA thanks to his saving and generous monthly pension. All of his children have a successful career."

Prof. Dr. Dang Luong Mo.

"After his wife passed away, X wants to spend the rest of his life in Vietnam. He already chose a nursing home near Hanoi where he will move to, bringing with him a monthly pension of several thousand USD and a considerable amount of savings."

The case of Mr. X brought Dang Luong Mo the idea that Vietnam should pay more attention to the retired oversea Vietnamese based in developed countries.

"Take the USA as an example. Among more than 2 million Vietnamese residing in the USA, 340.000 are over 65 years old. If we could welcome only 10% of them, 34.000 people, to live in Vietnam after they retire, then we could attract an amount of remittance equivalent to that of 40.000 Vietnamese in labor export programs. And that number is calculated only on their monthly pension, not yet including their savings, which could reach up to millions of USD."

Prof. Dr. Dang Luong Mo (3rd from left) with a delegation of overseas Vietnamese on a visit to Vietnam.

"Not only do they have financial resources, over-65-year-old Vietnamese expats have valuable knowledge and experience to contribute to the country's building and developing process," he added.

As a Vietnamese idiom, "La rung ve coi" (Old leaves fall back to the root), the elderly want to stay close to their homeland. "Many people, like my friend X, want to spend the rest of their life in their beloved homeland. I myself am a "Mr. X." I returned to Vietnam 20 years ago, live on my monthly pension and savings."

According to Prof. Dr. Dang Luong Mo, Vietnam needs to provide a warm welcome for the "Mr. Xs." The government should encourage or actively build and embellish welfare facilities with comprehensive medical services for the elderly overseas Vietnamese. At the same time, diplomatic missions in countries where a high number of elderly Vietnamese expatriates reside in should have activities to explain such welfare facilities, mechanisms, and policies for the elderly, especially elderly Viet expats.

"Once an elderly Viet expat returns home, their children and grandchildren will come to visit. They bring with them not only another source of remittances but also a good chance to develop the solidarity between Vietnamese people living in the country and abroad. We can have many good outcomes from one action. I hope the strategy to attract retired overseas Vietnamese will be a new direction in increasing remittances and bringing more value to our country," said Prof. Dr. Dang Luong Mo.

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