Adequate Legal Framework needed to Attract Overseas Vietnamese Investment
06/08/2010 - 253 Lượt xem
According to Mr. Trung, an estimate of 140,000 overseas Vietnamese will be coming home for the lunar New Year holidays, a 40% increase over the previous year.
Since Decision 170/1999/QD-TTg came into effect, which encourages Vietnamese expatriates to send money (in foreign currency) to their relatives in Viet Nam, the amount forwarded has increased considerably.
To date, Viet Nam has 108 overseas investment projects with a total registered capital of more than US$382 million.
What do you think about the participation of overseas Vietnamese in the development of this country?
At present, roughly three million Vietnamese are living in over 90 countries and territories throughout the world. Of these, nearly 300,000 have higher education, have integrated with their adopted communities and often hold high positions socially and economically. I believe they can play influential roles in building bridges between their countries and Viet Nam. Specifically, the Vietnamese who are living abroad have a clear understanding of international and regional laws and regulations which can contribute greatly to the development of Viet Nam’s economy when the country becomes fully integrated into the World Trade Organization.
What are the obstacles to tapping this strength and how do we overcome them?
We lack practical policies to encourage investment by Vietnamese expatriates. Although the Party Politburo released Resolution 36 two years ago in a bid to facilitate the role of overseas Vietnamese in the development of Viet Nam, there still remains an urgent need for an adequate legal framework. For example, the Law on Housing, which came into effect almost a year ago, has not been implemented effectively due to a lack of practical guidance and instructions from relevant authorities. We need to step up the implementation of policies already in place to create a favorable environment for overseas Vietnamese. Priority should be given especially to repatriation procedures, immigration formalities, and investment licensing.
Why do you believe that there will be a new wave of investment from overseas Vietnamese to Viet Nam in general, and Ho Chi Minh City in particular, this year?
I have met many Vietnamese entrepreneurs from abroad and found that most of them were very excited about the successful integration of Viet Nam into the WTO. Membership has made them confident to invest in their homeland.
As for Ho Chi Minh City, we have asked the municipal People’s Committee to run five pilot programs which aim at simplifying administrative procedures, improving policies related to real estate, housing and customs procedures, and strengthening networks between higher education facilities here and abroad. We hope that these initiatives will encourage Vietnamese expatriates to believe in our policies and thus persuade them to invest in Viet Nam.|
Resolution 36 Smiles on Overseas Vietnamese Since its decree in 2004, Resolution 36/NQ-TW has had a large impact on Vietnamese both at home and abroad. The resolution states that all people of Vietnamese origin - regardless of their nationality, religion, social class, birthplace or reason for living overseas - who wish to build a prosperous, powerful, and just Viet Nam, are encouraged to take part in national unity. The State is responsible for working with the governments of countries that are home to overseas Vietnamese in order to create the necessary legal frameworks to allow them to live comfortably in their adopted countries with all the rights and freedoms accorded their fellow citizens by their respective legal systems and international conventions. The Party and State encourage overseas Vietnamese people to integrate with and abide by the laws of their adopted countries; to hold Viet Nam’s national pride in high esteem; preserve Vietnamese language, traditions and customs; be united and helpful to each other; contribute to the development of Viet Nam and fight against any threats to its national interest. The resolution states that efforts to strengthen ties with overseas Vietnamese communities should be systematic and be carried out through different activities appropriate to different places, based on a volunteer spirit and not counter to their adopted countries’ laws, traditions and customs. These efforts are the responsibility of the country’s political system and the people as a whole. Key actions identified The resolution also identified several key initiatives that the State should undertake to win further support from the overseas Vietnamese community. The State should reach legal and consular agreements with different countries to protect the Vietnamese community’s legal rights and fight against discrimination. It should also provide overseas Vietnamese with the appropriate assistance to achieve their adopted nationality. The State should make it easier for overseas Vietnamese to return to Viet Nam by restructuring immigration procedures to be simpler and more convenient. Administrative procedures will be streamlined and a single-pricing system will be offered to assist any overseas Vietnamese who seek to live and work in Viet Nam. The resolution also states that the Government will seek public opinion before issuing any legal documents relevant to overseas Vietnamese. There will be more avenues allowing overseas Vietnamese communities to contribute to development in Viet Nam, and educated expatriates will be encouraged to contribute their expertise to the fatherland. There will be more appropriate incentives to attract investors, with an emphasis on small to medium enterprises managed by overseas Vietnamese. Overseas Vietnamese are also encouraged to establish and expand markets for Vietnamese goods in foreign countries, and to facilitate co-operation and investment relations with foreign businesses and organizations. More Vietnamese performers will tour overseas, while overseas Vietnamese entertainers will be encouraged to perform in Viet Nam to strengthen cultural ties. Viet Nam will also pour more investment into better quality radio and TV programs for overseas Vietnamese communities. According to the resolution, the State will soon complete its awards policy for overseas Vietnamese. Overseas Vietnamese organizations and individuals who make outstanding contributions to community development and national construction, or those who reach outstanding achievements among the overseas Vietnamese communities will receive awards. The resolution states that there will be a stronger circulation of information to help overseas Vietnamese better understand their homeland, as well as Party and State policies. The Party organizations, national and local State agencies, the Fatherland Front and mass organizations will also take part in the effort to boost ties with overseas Vietnamese. The Committee for Overseas Vietnamese Affairs should strengthen its staff, organization and operations to meet its future demands |
