In recent years, Saigon’s many business and development projects have received a considerable amount of overseas remittances from Viet Kieu, according to a recent report.
The report, released by the Ho Chi Minh City Department of Planning and Investment, shows that the Vietnamese diaspora invested around VND40 trillion (US$1.8 billion) in more than 900 businesses in Saigon in 2016, according to Dan Tri. Overseas investment in the country as a whole hit VND205 trillion (US$9 billion) last year.
The online newspaper also shares that US$260 million in remittances went towards funding 120 development projects in Saigon, covering infrastructure, department stores and environmental treatment efforts. Moreover, there are around 300 experts of Vietnamese descent who are working at schools, hospitals and other research centers in the city.
From 2002 to 2015, repatriation of investment by overseas Vietnamese amounted to around 6% of the country’s gross domestic product (GDP), while foreign direct investment (FDI) made up 7.7% of GDP in the same period.
[Photo via Thanh Nien]
