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Remittances to Vietnam estimated at $16.7 billion

Remittance flows into Vietnam are expected to reach $16.7 billion in 2019, Vice Chairman of the State Committee for Overseas Vietnamese Affairs (SCOVA) Luong Thanh Nghi cited statistics of the World Bank at a meeting yesterday.

Remittances to Vietnam estimated at 16.7 billion USD hinh anh 1



Withthe amount, Vietnam has remained the world’s top ten remittance receiver forthree consecutive years, with the largest coming to the southern economic hubof Ho Chi Minh City (5.6 billion USD).

According to the official, currently about 3,000 businesses run by overseasVietnamese have invested in 52 cities and provinces at home, with totalregistered capital amounting to 4 billion USD.

Thesefirms, mainly from the US, Canada, Australia, Russia, France, the Netherlands,Japan, Poland and Switzerland, have poured investments into such areas as for-exportprocessing and production, trade, tourism, construction, real estate,aquaculture, seafood processing, and software industry.

Nghisaid the contingent of overseas Vietnamese businesspeople have  proven their role and position in hostcountries while organising many trade and investment promotion activities,helping introduce Vietnamese brands to the world.

Regardingthe performance of the SCOVA, Nghi said the committee has provided advice forrelevant ministries and agencies to improve the legal system relating tooverseas Vietnamese.

Withthe timely support of the committee, the legal status of OVs has beenconsolidated, he said, adding that the committee has called on host authoritiesto facilitate the business and settlement of Vietnamese expatriates.

Atthe same time, it has supported the community in maintaining traditionalculture and language, with the most noteworthy the “Xuan Que huong” (HomelandSpring) programme 2019 that brought together more than 1,000 Vietnamese fromcountries worldwide.

Nghitold the press that in 2020, the committee will continue to strengthensolidarity among OVs, carry forwards their resources in the new situation,attract individuals in scientific and technological technologies and populariseguidelines and policies of the Party and State among them./. VNA