Record-breaking remittances, other contributions by overseas Vietnamese

A whopping US$6.1 billion in remittances to HCMC last year, along with foreign direct investment (FDI) and other contributions are among expatriates' contributions keeping Vietnam’s economy afloat, according to Mr. Peter Hong, standing vice chairman and secretary general of Business Associations of Overseas Vietnamese (BOAAV).
Record-breaking remittances, other contributions by overseas Vietnamese ảnh 1 A supporting industry production company funded by overseas Vietnamese (Photo: SGGP)
The record-high remittance exceeded experts’ forecast and was a 12 percent increase from 2019’s $5.5 billion, contributing to socio-economic development and effective results of the Covid-19 epidemic prevention.
Overseas Vietnamese within 2020 sent nearly VND80 billion (about US$3.4 million) in cash and commodities to aid epidemic prevention and flood relief during the year.
At the same time, HCMC greatly values the knowledge of diasporas and holds annual events to gather their opinions. The most successful conference was back in 2016 with 47 practical ideas that have been implemented since.
The Business Association of Overseas Vietnamese (BAOOV) and 38 member branches worldwide in the Covid-hit 2020 continued to promote Vietnamese goods and develop distribution channels abroad.
HCMC plans to make full use of press power to continue attracting talents from expatriates.

By PETER Hong - Translated by Tan Nghia

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