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. (Photo: VNA)
HCM City (VNA) – The southern largest economic hub ofHo Chi Minh City is striving to achieve an annual growt🌱h rate of at least 10% in the inflow of remi♏ttances 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 commentsand solutions of overseas Vietnamese intellectuals to effectively attract andoptimise remittance resources in the city.
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 inthe city’s socio-economic development. He acknowledged that one of the factors leading to the strong growth ofremittances 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, aswell as the availability of increasingly convenient methods for money transferand receipt. The official noted that the city needs to create favourableconditions, 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 attractremittances, macroeconomic factors must be improved to increase confidence of overseasVietnamese in the country’s development as well as in investment opportunities inthe city. He said that another important factor is to maintain a tax-free policy onoverseas remittances and allow recipients to keepforeign currencies or make deposits in foreign currencies at credit institutions. Peter Hong, Standing Vice Chairman and General Secretary ofthe Business Association of Overseas Vietnamese (BAOOV), said in order toeffectively attract and promote the efficiency remittances and make it an important "boost"to contribute to the economy of Vietnam in general and the city inparticular, the government and localities need to have positive policies tocreate confidence for overseas Vietnamese while creating breakthroughs in policiesfor expatriates and remittances. Accordingly, the revised Law on Land should be more open so thatoverseas Vietnamese can buy houses in Vietnam or increase the attractionof overseas resources into key programmes, works and projects of theState 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 BusinessSchool, proposed that the city issue municipal bonds or overseas Vietnamesebonds as a source to provide capital for the construction of large projects inthe city./.
Vietnam remains one of the 10 countries receiving the most remittances in the world, according to the recent Migration and Development Brief by the World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD).
HCM City received more than 2.1 billion USD in remittances in the first quarter of the year, a surge of 19% year-on-year, according to the State Bank of Vietnam.
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HCM City seeks ways to attract more remittances. (Photo: VNA) 
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) 
