Seminar of Vietnamese intellectuals abroad giving suggestions on solutions to attract and promote effective remittance resources in Ho Chi Minh City, May 29. Photo: VOV

Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam’s Branch in HCM City, stressed the need to continue incentives on remittances, stabilize the currency market, foreign exchange and banking activities, and create favorable conditions for investment environment. It’s important to promote remittance service policy communication to Vietnamese who are working or studying abroad, he said.

Vietnamese-American Dr. Nguyen Tri Hieu suggested that the State Bank of Vietnam maintain a tax-free policy on overseas remittances and allow recipients to keep foreign currencies or make deposits in foreign currencies at credit institutions. He emphasized efforts to increase the confidence of expatriates in investment opportunities in Ho Chi Minh City.

“We must stabilize the macro-economy in order for overseas Vietnamese to send money to Vietnam, whether for personal purposes, consumption, business or real estate business. Overseas Vietnamese understand the difficulties we are facing in the first quarter of 2023. So, solutions to remittances and overseas Vietnamese are needed,” Hieu said. 

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.