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.