Vietnam's Prime Minister Calls for Greater Contributions from Overseas Vietnamese

Strategic Insights -

Vietnam's Prime Minister Phan Van Khai has urged overseas Vietnamese to play a more active role in the country's socio-economic development and national unity. Speaking to the overseas Vietnamese community, the Prime Minister emphasized the importance of their contributions, stating that they are an inseparable part of the Vietnamese nation. He also assured them that the government will do its best to protect their rights and facilitate their businesses at home.

The Prime Minister's appeal comes as more than 400,000 overseas Vietnamese returned to Vietnam via Ho Chi Minh City's Tan Son Nhat Airport last year, with over 50,000 returning for family reunions during the traditional Tet holiday. Despite their significant contributions to the country's development, overseas Vietnamese are still plagued by difficulties in owning houses and using bank accounts in Vietnam, which hinders their ability to facilitate business and investment in the country.

Key Takeaways:

  • Vietnam's Prime Minister Phan Van Khai has asked overseas Vietnamese to make greater contributions to the country's socio-economic development and national unity.
  • The Prime Minister emphasized that overseas Vietnamese are an inseparable part of the Vietnamese national community.
  • In 2004, overseas Vietnamese invested VND630 billion (US$40 million) in projects in Ho Chi Minh City, a year-on-year increase of 108 per cent.
  • Total overseas Vietnamese remittances in 2004 amounted to over US$3 billion.
  • However, despite their significant contributions, overseas Vietnamese are still plagued by difficulties in owning houses and using bank accounts in Vietnam.
  • The Vietnamese government has passed Resolution No. 36, dated March 2004, reaffirming its policy towards overseas Vietnamese, stating that they are an inseparable part of the Vietnamese national community.
  • Overseas Vietnamese such as Dr Nguyen Dang Hung and Tony Tran have expressed their desire to invest in and contribute to Vietnam's industrialization and modernization, but are hindered by bureaucratic red tape.
  • The chairman of the overseas Vietnamese Business Association in Ho Chi Minh City, Phan Thanh, has called for the government to improve entry visa formalities and create more favourable conditions for overseas Vietnamese to own houses and conduct business.

Statistics:

  • Over 400,000 overseas Vietnamese returned to Vietnam via Ho Chi Minh City's Tan Son Nhat Airport last year.
  • Over 50,000 overseas Vietnamese returned for family reunions during the traditional Tet holiday.
  • In 2004, overseas Vietnamese invested VND630 billion (US$40 million) in projects in Ho Chi Minh City, a year-on-year increase of 108 per cent.
  • Total overseas Vietnamese remittances in 2004 amounted to over US$3 billion.
  • The capital remitted to Vietnam is high, but intelligence, the most valuable economic commodity needed for Vietnam's industrialization and modernization, is very little.

Sources:

  • "Vietnam's Prime Minister Calls for Greater Contributions from Overseas Vietnamese" by Asia Pulse, February 2
  • "Overseas Vietnamese Remittances to Vietnam Reach $3 Billion in 2004" by Vietnam News Agency
  • Resolution No. 36, dated March 2004, by the Vietnamese Government