HCM City seeks ways to attract more remittances

The southern largest economic hub of Ho Chi Minh City is striving to achieve an annual growth rate of at least 10% in the inflow of remittances during the 2023-2025 period and maintains this rate in 2025-2030.

HCM City seeks ways to attract more remittances hinh anh 1

HCM City seeks ways to attract more remittances. (Photo: VNA)

The southern largest economic hub of Ho Chi Minh City is striving to achieve an annual growth rate of at least 10% in the inflow of remittances during the 2023-2025 period and maintains this rate in 2025-2030.

The information was heard at a seminar held in the city on May 29 by the State Committee for Overseas Vietnamese Affairs of HCM City, in coordination with the State Bank of Vietnam (SBV) Branch in HCM City to seek comments and solutions of overseas Vietnamese intellectuals to effectively attract and optimise remittance resources in the city.

HCM City seeks ways to attract more remittances hinh anh 2

Remittances to Ho Chi Minh City have always maintained a relatively high growth rate and play a crucial role in the city’s socio-economic development. (Photo: VNA)

According to Nguyen Duc Lenh, Deputy Director of the SBV Branch in HCM City, remittances to the city have always maintained a relatively high growth rate and play a crucial role in the city’s socio-economic development.

He acknowledged that one of the factors leading to the strong growth of remittances to Vietnam in general, and to the city in particular, is the consistent maintenance of favourable policy incentives. These incentives include tax and fee exemptions for recipients, as well as the availability of increasingly convenient methods for money transfer and receipt.

The official noted that the city needs to create favourable conditions, and improve the investment environment to attract remittances, thereby making a significant contribution to the city's development.

According to Dr. Nguyen Tri Hieu, in order to attract remittances, macroeconomic factors must be improved to increase confidence of overseas Vietnamese in the country’s development as well as in investment opportunities in the city.

He said that another important factor is to maintain a tax-free policy on overseas remittances and allow recipients to keep foreign currencies or make deposits in foreign currencies at credit institutions.

Peter Hong, Standing Vice Chairman and General Secretary of the Business Association of Overseas Vietnamese (BAOOV), said in order to effectively attract and promote the efficiency remittances and make it an important "boost" to contribute to the economy of Vietnam in general and the city in particular, the government and localities need to have positive policies to create confidence for overseas Vietnamese while creating breakthroughs in policies for expatriates and remittances.

Accordingly, the revised Law on Land should be more open so that overseas Vietnamese can buy houses in Vietnam or increase the attraction of overseas resources into key programmes, works and projects of the State and the city through the issuance of Government and local administration bonds with many incentives.

Professor Vo Hong Duc, from the University of Western Australia Business School, proposed that the city issue municipal bonds or overseas Vietnamese bonds as a source to provide capital for the construction of large projects in the city./.

en.vietnamplus.vn

Related News

HCM City prevents and handles many prominent groups of counterfeit and smuggled goods

HCM City prevents and handles many prominent groups of counterfeit and smuggled goods

VCN - Competent forces in HCM City have focused on controlling and handling many outstanding groups of contraband and counterfeit goods on the market under the direction of the Prime Minister.
Vietnam owns significant advantages in attracting FDI

Vietnam owns significant advantages in attracting FDI

VCN - In an interview with Customs News, Dr. Vo Tri Thanh, Director of the Institute of Branding and Competition Strategy, believed that the global minimum tax could affect global foreign direct investment (FDI) flows and the FDI attraction policies of each country. However, "in crisis lies opportunity", Vietnam still has significant advantages in attracting FDI.
Ho Chi Minh City: 63% of outstanding loans with interest rates below 10%

Ho Chi Minh City: 63% of outstanding loans with interest rates below 10%

VCN - Loan interest rates for businesses and business households in Ho Chi Minh City have decreased sharply, including old loans.
HCM City approves research project for building Can Gio int’l transshipment port

HCM City approves research project for building Can Gio int’l transshipment port

The Standing Board of the Ho Chi Minh City Party Committee has basically agreed with a research project for the construction of the Can Gio international container transshipment port submitted by the Party civil affairs committee of the city People's Committee, with a note on minimising negative impacts on the ecological environment and people's life during the implementation phase.

Latest News

Deputy PM orders strict punishment against fishing violations

Deputy PM orders strict punishment against fishing violations

Việt Nam has recorded significant achievements after seven years of efforts to have the illegal fishing label lifted, notably the completion of a legal framework, the good management of fishing vessels, sound traceability, and enhanced law enforcement efforts.
New decree to set stage for innovative start-up economy

New decree to set stage for innovative start-up economy

Vietnam is developing a decree to promote innovative start-ups, with the aspiration of building an innovation-driven economy in line with digital transformation and sustainable development.
"Three-legged tripod" for Vietnamese goods to take part in global through e-commerce

"Three-legged tripod" for Vietnamese goods to take part in global through e-commerce

VCN - Mr. Gijae Seong, Managing Director of Amazon Global Selling Vietnam shares about the changes in the cross-border e-commerce industry in Vietnam and efforts to promote the success of Vietnamese products and brands when participating in the global e-commerce supply chain.
Vietnam eyes lucrative Halal market with growing Muslim population

Vietnam eyes lucrative Halal market with growing Muslim population

Experts see a golden opportunity for Vietnam to tap into the booming Halal market, fueled by a surging global Muslim population.

More News

Increasing consumer protection responsibility in the electronic environment

Increasing consumer protection responsibility in the electronic environment

VCN - Along with its robust growth, e-commerce has introduced numerous new issues and challenges for economic and social development, including the area of consumer rights protection
PM orders sustainable development of construction materials industry

PM orders sustainable development of construction materials industry

Prime Minister Pham Minh Chinh on June 15 required restructuring in terms of organisation, administration, finance, and input materials at enterprises in the construction materials industry towards their sustainable development.
Seeking growth drivers for the Red River Delta region

Seeking growth drivers for the Red River Delta region

VCN - According to enterprises, promoting digital transformation alongside concretizing certain policy contents for the development of free trade zones will create numerous incentives for regional economic development, including the Red River Delta region.
Proactively forecast and carefully consider when to adjust prices

Proactively forecast and carefully consider when to adjust prices

VCN - In price management, the Government and the Ministry of Finance strongly require the implementation of solutions to stabilize market prices, along with public and transparent price declaration activities and not unreasonably increase prices of goods and services.
PM demands stronger efforts to make strategic institutional breakthrough

PM demands stronger efforts to make strategic institutional breakthrough

Prime Minister Pham Minh Chinh on June 13 demanded that the Government continue to enhance discipline, reform mindset and working methodology, and effectively implement the strategic institutional breakthrough to unlock all resources for development.
PM urges stronger efforts to complete expressway target

PM urges stronger efforts to complete expressway target

Prime Minister Pham Minh Chinh has asked for greater efforts from ministries, sectors, and localities to realise the goal of completing 3,000 km of expressways nationwide by December 31, 2025.
Singaporean newspaper: Vietnam’s economy poised for gradual recovery

Singaporean newspaper: Vietnam’s economy poised for gradual recovery

Singapore’s maritimefairtrade.org recently published an article on the recovery of the Vietnamese economy, citing the latest World Bank Taking Stock bi-annual economic update with growth forecast to reach 5.5% in 2024 that will gradually rise to 6% by 2025.
China remains top priority in Vietnam’s foreign policy: President

China remains top priority in Vietnam’s foreign policy: President

Vietnam considers developing friendship and cooperative ties with China as a strategic choice and a top priority in its foreign policy of independence, self-reliance, and diversification and multilateralisation of external relations, President To Lam told Chinese Ambassador to Vietnam Xiong Bo at a reception in Hanoi on June 11.
Vietnam among six ASEAN countries with good economic growth: Maybank

Vietnam among six ASEAN countries with good economic growth: Maybank

The gross domestic product (GDP) growth of six ASEAN countries - Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam - will recover to 4.5% and 4.7% in 2024 and 2025, respectively, from 4% in 2023, according to Maybank Research Pte Ltd forecast.
Read More

Your care

Latest Most read
Deputy PM orders strict punishment against fishing violations

Deputy PM orders strict punishment against fishing violations

Việt Nam has recorded significant achievements after seven years of efforts to have the illegal fishing label lifted, notably the completion of a legal framework, the good management of fishing vessels, sound traceability, and enhanced law enforcement efforts.
New decree to set stage for innovative start-up economy

New decree to set stage for innovative start-up economy

Vietnam is developing a decree to promote innovative start-ups, with the aspiration of building an innovation-driven economy in line with digital transformation and sustainable development.
"Three-legged tripod" for Vietnamese goods to take part in global through e-commerce

"Three-legged tripod" for Vietnamese goods to take part in global through e-commerce

VCN - Mr. Gijae Seong, Managing Director of Amazon Global Selling Vietnam shares about the changes in the cross-border e-commerce industry in Vietnam and efforts to promote the success of Vietnamese products and brands when participating in the global e-c
Vietnam eyes lucrative Halal market with growing Muslim population

Vietnam eyes lucrative Halal market with growing Muslim population

Experts see a golden opportunity for Vietnam to tap into the booming Halal market, fueled by a surging global Muslim population.
Increasing consumer protection responsibility in the electronic environment

Increasing consumer protection responsibility in the electronic environment

VCN - Over recent years, e-commerce has experienced significant growth, becoming a major trend in global commerce.
Mobile Version