We are ready to support
Economic and Cultural
Cooperation with Vietnam
HCMC Vice Chaiman Nguyen
Van Chi (L) hands over the license for the
newly-established association to interim chairman
Nguyen Tri Dung
|The Overseas Vietnamese Business Association
in HCMC, with an initial membership of 26,
officially began operations yesterday.
Speaking at the inauguration ceremony, Party
Advisor Vo Van Kiet said the licensing of the
association manifested the close attention the
Vietnamese Government paid to the operations of
businesses run by Vietnamese expatriates (Viet
Kieu). Through the association, the Government
would help them overcome any difficulties as well
as create favorable conditions to help its
members do business more efficiently, he added.
HCMC now has over 200 projects run by Viet Kieu,
mostly in production, trading and technology
transfer. Huynh Ngoc An, chairman of the HCMC
Committee for Overseas Vietnamese, said
investment by Viet Kieu in Vietnam had increased
strongly this year.
Vietnamese expatriates can now invest in the
country in accordance with either the Law on
Foreign Investment or the Law on Promotion of
Domestic Investment. An revealed that the
majority tended to choose the latter.
To attract the capital of Vietnamese living
abroad for the country's economic development,
the Government is dealing with obstacles in the
policies relating to Viet Kieu, Next year, they
will be allowed to own houses in Vietnam. In
addition, the entry and exit visa formalities for
them will be simplified and they will enjoy the
same fees as Vietnamese nationals.
The association has elected Nguyen Tri Dung, an
overseas Vietnamese from Japan and director of
the Minh Tran Company, as interim chairman.
"The association's objective is to encourage
and enhance the potential of Vietnamese living
abroad and contribute to the city's and the
country's socio-economic development." Dung
"We hope (the association) will be a source
of information and provide assistance for
overseas Vietnamese investors operating here and
Vietnamese expatriates keen to invest in
Vietnam," he added.