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In addition to the above direct contributions, overseas Vietnamese also have many contributions in attracting foreign investment through connecting and introducing foreign investors to Vietnam. connecting foreign investors with domestic partners. At the same time, contribute to the promotion, promotion and increase the prestige and attractiveness of the Vietnamese investment environment to international investors.
As of November 2020, overseas Vietnamese had 362 investment projects in the form of foreign investment in Vietnam with a total registered capital of 1.6 billion USD from 27 countries and territories. In which, the number of projects is from US expatriates, followed by France, Australia, China and Germany. Most of the investment projects of overseas Vietnamese focus on the processing and manufacturing industry with 143 projects with registered capital of 725.14 million USD, accounting for 39.5% of projects and 45.2% of capital. registration. Overseas Vietnamese investors have invested in 42/63 localities in the country, of which Hanoi is led with 79 projects with registered capital of 476.8 million USD (accounting for 21.8% of projects and 29). 7% registered capital), followed by the provinces of Long An, Binh Thuan, Hai Phong, Dong Nai and other localities. Foreign investment projects of overseas Vietnamese have been operating quite effectively, contributing significantly to the socio-economic development of localities.
In addition to the above-mentioned direct contributions, overseas Vietnamese also have many contributions in attracting foreign investment through connecting and introducing foreign investors to Vietnam. connecting foreign investors with domestic partners. At the same time, contribute to the promotion, promotion and increase the prestige and attractiveness of the Vietnamese investment environment to international investors.
The mobilization of overseas Vietnamese to invest in the country in recent years has many favorable factors. Firstly, the overseas Vietnamese community is growing stronger with about 5.3 million people in more than 130 countries and territories, with economic potentials, technology, and management capacity. there is a lot of potential for investment in water. Second, the expatriates are always looking to the homeland, wishing to contribute to building the homeland and the country. Third, the travel of expatriates to their home country is now very convenient due to the visa exemption policy for overseas Vietnamese. Fourthly, the success in controlling the COVID 19 epidemic of Vietnam in recent years also contributes to increase the prestige and safety of Vietnam, a favorable business investment environment, and encourages Viet Kieu to return to their own water. live and invest, do business.
However, in addition to the above favorable factors, the mobilization of overseas Vietnamese to invest in their home country still has some limited difficulties. Firstly, the propaganda, mobilization and connection of overseas Vietnamese have not been as expected due to lack of resources. Many expatriates still do not fully grasp the policies and guidelines of the state. Secondly, according to the current regulations, there are no longer investment incentive policies applicable to overseas Vietnamese due to violation of international discrimination commitments to which Vietnam is a member.
Although there is no specific investment incentive policy for overseas Vietnamese investors, according to current regulations, overseas Vietnamese investors still have advantages over foreign investors. Overseas Vietnamese have the right to choose to apply investment conditions and procedures to domestic or foreign investors. Accordingly, when choosing to apply investment conditions to domestic investors, overseas Vietnamese investors are not required to meet the conditions applicable to foreign investors when investing in Vietnam, as follows: conditions regarding the rate of charter capital ownership, investment form, scope of activities, conditions on Vietnamese partners participating in investment activities and other conditions as prescribed by law. Investment procedures applied to domestic investors are also simpler and more convenient than foreign investors, as domestic investors are not required to apply for investment registration certificates in advance. when setting up a business. In addition, expatriates also enjoy other preferential policies such as visa exemption, and are allowed to buy houses in accordance with the Housing Law.
Therefore, the data on investment in the form of foreign investment from overseas Vietnamese back home only partially reflects the investment of Viet Kieu to return home because there are many overseas Vietnamese investment projects in the country in the form of domestic investment.
In addition to mobilizing overseas Vietnamese to invest in their home countries, the Ministry of Planning and Investment is also the focal point to build and deploy a global innovation network to attract Vietnamese talents. foreign countries to participate in contributing to national construction.
Vietnam Innovation Network was officially launched in August 2018 at the Vietnam Innovation Networking Program led by the Ministry of Planning and Investment, the Ministry of Science and Technology, and the Ministry of Foreign Affairs, Ministry of Education and Training co-organized. The network has gathered more than 100 experts, typical scientists working in the field of science and technology overseas and domestic scientists. The National Innovation Center (NIC) under the Ministry of Planning and Investment is the unit assigned to operate and develop the Vietnam Innovation Network, including young intellectuals and scientists. Vietnam is currently working and researching for domestic and foreign agencies, organizations and groups.
Up to now, the Network has connected more than 300 members in 14 countries and territories to develop component networks. The Vietnamese intellectual community in other countries is basically very interested in and wants to contribute to innovation activities, has the need to connect and be able to promote two-way cooperation between Vietnam and the country. local. Network has established 5 offices in 5 countries USA, Germany, Australia, Korea and Japan.
In general, the Network’s activities are implemented towards the following goals: (i) gathering and gathering Vietnamese intellectuals, connecting science and technology activities (training, sharing knowledge, transferring technology transfer, R&D) to create specific values, directly contributing to innovation activities in Vietnam; (ii) providing support and connection between corporations, investment funds, and domestic startups wishing to develop business activities in other countries and in Vietnam; (iii) connect with universities, research institutes, laboratories, and experts from the host countries where there are representatives of the Network to cooperate in training and provide scholarships to support learning. Vietnamese excellent students and students come to study and research in that country, aiming to build a high-quality human resource ready to participate in the country’s innovation activities.
Attracting the resources of expatriates to contribute to the construction and development of the country in general, attracting investment and developing the national innovation capacity in particular is a very important work. significance in the context of the digital transformation and the 4th industrial revolution taking place strongly in most countries around the world. To do this task well, in the coming time, the Ministry of Planning and Investment recommends the following solutions:
First, continue to improve the legal framework to protect and create conditions for business people, overseas intellectuals to return home to work and invest in business. The Ministry of Planning and Investment also requested Vietnam’s diplomatic missions abroad to assist Vietnamese investors abroad to connect with expatriates to join hands in building the Vietnamese business community. Men are strong in the host country.
Secondly, to encourage the formation of specialized associations and expand cooperation within the community with the country in the spirit of “home water interests”. Diversifying practical activities to attract the community’s contributions to the country’s industrialization and modernization, such as establishing overseas intellectual clubs, overseas businessmen’s associations; to formulate and implement preferential policies and to attract highly qualified Vietnamese overseas Vietnamese experts and intellectuals, to build import and export clues and to support Vietnam’s overseas investment.
Third, continue to improve the investment environment, reform administrative procedures on investment, especially enforcement in localities to create favorable conditions for overseas Vietnamese to return home.
Fourth, have policies to attract domestic and foreign resources to build a global Vietnam Innovation Network (including direct connection programs and online connection platforms) to gather and gather to combine intellectuals, overseas Vietnamese experts, to connect science and technology activities (training, knowledge sharing, technology transfer, R&D), investment, business and commercial activities. trade … to create specific values, directly contribute to innovation activities as well as improve the quality of growth for the Vietnamese economy;
Fifth, build a list of jobs overseas Vietnamese can contribute to the country and publish on the mass media, so that overseas Vietnamese can know and contribute.
Sixth, building a database and digital platform connecting overseas Vietnamese elite on the basis of the Vietnam Innovation Network that the Ministry of Planning and Investment assigns the National Innovation Center. deployment. And the coordination between the Ministry of Foreign Affairs and relevant ministries and branches to implement these tasks is very necessary.
Source: Foreign Investment Agency