A total of 122 new foreign-invested projects capitalised at 260.4 million USD have so far been granted investment licences in HCM City .

The overseas Vietnamese community accounts for 153.6 million USD of this investment, made largely in the processing and manufacturing industry, property trading and communication.

The city's People's Committee said despite the relatively small scale, projects undertaken by overseas Vietnamese cover a wide range of production and business sectors.

The difficulty in providing policy support to the overseas Vietnamese in doing business in Vietnam revolves mainly around the uncertainty regarding their citizenship, the committee said.

City authorities have proposed supplementing existing incentive policies to encourage more overseas Vietnamese who are not holding Vietnamese citizenship to return home for doing business.

The municipal administration has also proposed improving administrative procedures, speeding up reforms of land and customs-related procedures as well as tax policies in order to facilitate overseas Vietnamese looking to set up businesses in the city. /.