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Overseas Vietnamese Send $20 Billion Home Every Year

Posted: Oct 08, 2012

Remittances and investments by overseas Vietnamese reach nearly $20 billion a year, contributing significantly to the country’s economic development, a government official said.

Overseas remittances alone hit $6 billion in the first half of the year, Deputy Planning and Investment Minister Dao Quang Thu was quoted by a news website as saying. He added that Vietnamese living abroad have invested in more than 2,000 projects in the country so far.

“Viet Nam has established diplomatic and economic ties with almost all countries and territories in the world. Overseas Vietnamese therefore have many opportunities to return and invest in their home country,” Thu said.

About 1,000 Vietnamese from around the world gathered in Sai Gon recently for a conference on overseas Vietnamese, where they expressed their interest in Viet Nam as an investment destination.
VnExpress cited Robert Chuong from the United States as saying he is developing an apartment project in the southern province of Ba Ria-Vung Tau and plans to open a casino in the country.

Chuong, originally from the northern city of Hai Phong, said one of the main reasons he returned to Viet Nam to do business is the huge potential of the local market.

There are about 4 million Vietnamese living and working overseas. Their remittances are a major source of foreign currency in Viet Nam.

Viet Nam received a record $9 billion in overseas remittances last year, up from more than $8 billion in 2010. It was one of 10 developing countries receiving the most overseas remittances, according to the World Bank

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