3,000 OV enterprises invest US$4 billion in Vietnam
Luong Thanh Nghi, Vice Chairman of the SCOV, said overseas Vietnamese (OV) entrepreneurs and intellectuals, especially young OVs, have made significant contributions to the country in recent years.
Currently, some 3,000 OV firms are operating in the nation and have a total registered capital of US$4 billion across 52 cities and provinces nationwide, with the majority of investment focusing on big cities and major economic hubs.
Along with investment projects belonging to OV entrepreneurs, remittances are regarded as an important source of financing which can help to speed up production in business-related activities.
The World Bank have stated that remittances to the country during 2019 are estimated to have reached US$16.7 billion. This figure means that for three consecutive years, the nation has ranked among the world’s top 10 recipients of overseas remittances.
Of the total figure, Ho Chi Minh City recorded the highest levels of remittances with an estimated US$5.6 billion sent back to the southern hub by OV financiers throughout 2019.
Regarding plans for 2020, Nghi noted that the SCOV will be looking to reinforce national unity, promote OV nationals in a new context, whilst also spreading information about Party and State policies.
In addition, the group hopes to maintain annual events held specifically for OVs such as the Xuan Que Huong (Home Spring) program, visits to Truong Sa Islands, a Vietnam summer camp for young OVs, as well as Vietnamese language teaching and learning programs.
Related News
How does the Fed's interest rate cut affect Vietnam?
11:56 | 05/10/2024 Headlines
Important step to soon upgrade stock market
10:21 | 03/10/2024 Finance
Vietnam still primarily relies on processing and manufacturing with limited automation integration
08:22 | 01/10/2024 Import-Export
Ho Chi Minh City: Piloting digital transformation in retail
10:27 | 29/09/2024 Headlines
Latest News
Vietnam’s stainless steel exports under dual investigation
13:54 | 08/10/2024 Import-Export
F&B industry to reach 30 billion USD in 2024
13:53 | 08/10/2024 Import-Export
Self-sufficiency in raw materials critical for garment, footwear
13:50 | 08/10/2024 Import-Export
To successfully export fresh coconuts to China
10:17 | 08/10/2024 Import-Export
More News
Standardising fruit quality can open up new markets for Vietnam: Insiders
14:26 | 07/10/2024 Import-Export
Five amended laws to untie investment knots
10:50 | 07/10/2024 Import-Export
Ho Chi Minh City: Determined to become the leading logistics center in the region
09:23 | 06/10/2024 Import-Export
Vietnam's rice export turnover up 23.5% in nine months
19:30 | 05/10/2024 Import-Export
Responding to trade competition, businesses are forced to innovate technology
11:59 | 05/10/2024 Import-Export
Vietnam-France trade, investment ties expected to grow further
13:40 | 04/10/2024 Import-Export
Nine-month agro-forestry-fisheries exports rise 21%
13:37 | 04/10/2024 Import-Export
Vietnamese fruits have room to penetrate deeper into the Chinese market
11:56 | 04/10/2024 Import-Export
Positive signals for exports in remaining months of 2024
14:32 | 03/10/2024 Import-Export
Your care
Vietnam’s stainless steel exports under dual investigation
13:54 | 08/10/2024 Import-Export
F&B industry to reach 30 billion USD in 2024
13:53 | 08/10/2024 Import-Export
Self-sufficiency in raw materials critical for garment, footwear
13:50 | 08/10/2024 Import-Export
To successfully export fresh coconuts to China
10:17 | 08/10/2024 Import-Export
Standardising fruit quality can open up new markets for Vietnam: Insiders
14:26 | 07/10/2024 Import-Export