OV investment to rise if policies improved: expert
Vietnam has so far attracted 3,600 overseas Vietnamese businesses with total registered capital of 8.6 billion USD.
Vietnam has so far attracted 3,600 overseas Vietnamese businesses with total registered capital of 8.6 billion USD.
According to Deputy Chairman and General Secretary of the Overseas Vietnamese Entrepreneurs' Association Bui Dinh Dinh, if sound solutions and policies are in place, overseas Vietnamese capital inflows into the country will increase strongly.
Dinh told the Vietnam Economic News in an interview published on February 7 that overseas Vietnamese have invested back in Vietnam for reasons such as stable politics, low production costs, low labour costs, abundant material sources and their love for the country and desire to contribute to developing Vietnam and providing local jobs.
Generally, overseas Vietnamese businesses spoke highly of the Vietnamese investment environment, he said. However, those who wish to make investment have still faced barriers and, for this reason, they have begun expanding their investment to neighbouring countries like Laos, Cambodia and Thailand.
Dinh said in the short run, apart from major tasks including further reforming and simplifying administrative procedures for investment projects, the Government needs to work on specific policies and measures to encourage and support overseas Vietnamese investors such as exempting and reducing land and corporate income taxes during the first 3-5 years of operation.
“It also needs to improve economic transparency, law equality and the quality of human resources, while at the same time stabilising its policies. If this happens, overseas Vietnamese investment inflows into the country would soar in the near future,” he added.
Apart from direct investment, overseas Vietnamese have increased their remittance to the country, which amounted to almost 8.6 billion USD in 2011, almost 10 billion USD in 2012 and an estimated 10.6 billion USD in 2013, making Vietnam among the top ten countries worldwide in terms of overseas remittances.
Most of the money has been invested in domestic production, real estate and trade, thus creating many jobs.-VNA
According to Deputy Chairman and General Secretary of the Overseas Vietnamese Entrepreneurs' Association Bui Dinh Dinh, if sound solutions and policies are in place, overseas Vietnamese capital inflows into the country will increase strongly.
Dinh told the Vietnam Economic News in an interview published on February 7 that overseas Vietnamese have invested back in Vietnam for reasons such as stable politics, low production costs, low labour costs, abundant material sources and their love for the country and desire to contribute to developing Vietnam and providing local jobs.
Generally, overseas Vietnamese businesses spoke highly of the Vietnamese investment environment, he said. However, those who wish to make investment have still faced barriers and, for this reason, they have begun expanding their investment to neighbouring countries like Laos, Cambodia and Thailand.
Dinh said in the short run, apart from major tasks including further reforming and simplifying administrative procedures for investment projects, the Government needs to work on specific policies and measures to encourage and support overseas Vietnamese investors such as exempting and reducing land and corporate income taxes during the first 3-5 years of operation.
“It also needs to improve economic transparency, law equality and the quality of human resources, while at the same time stabilising its policies. If this happens, overseas Vietnamese investment inflows into the country would soar in the near future,” he added.
Apart from direct investment, overseas Vietnamese have increased their remittance to the country, which amounted to almost 8.6 billion USD in 2011, almost 10 billion USD in 2012 and an estimated 10.6 billion USD in 2013, making Vietnam among the top ten countries worldwide in terms of overseas remittances.
Most of the money has been invested in domestic production, real estate and trade, thus creating many jobs.-VNA
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