Welcoming remittances from Gen Z working high-paying jobs abroad

On January 18, Ho Chi Minh City leaders met with overseas Vietnamese representatives at the headquarters of the City People's Committee and attended the conference "Policy project to effectively promote remittance resources in Ho Chi Minh City from now until 2030". Many enthusiastic opinions of overseas Vietnamese from other countries were raised, showing the desire to contribute from overseas Vietnamese around the world .

Building an Overseas Vietnamese Impact Index

As the founder of the Vietnamese Student Association in Australia, the Vietnam - Australia Innovation and Startup Network, and the Young Entrepreneurs Club in Australia, Mr. Nguyen Phuc Binh said that currently, the young generation of Vietnamese people living far from home is very dynamic, they have a need to invest in the country but are struggling due to lack of information.

Therefore, Mr. Nguyen Phuc Binh proposed that the city should have more products and promotions, as well as policies focusing on this group. Mr. Binh also proposed to build an Overseas Vietnamese Impact Index.

This index will evaluate the effectiveness of overseas Vietnamese resources' impact on the economy , such as evaluating the total remittances invested in production, business or technology sectors.

In addition, it is possible to consider factors such as guidance programs implemented by overseas Vietnamese with students, the younger generation, or providing scholarships, startups; measuring indexes of patents, overseas Vietnamese transferring back to the country and being able to impact society through volunteer projects...

"This set of indexes must be clearer and more transparent to ensure high resonance," said Mr. Binh.

Establishment of the Association of Remittance Companies

According to many experts, Ho Chi Minh City has many advantages in the face of new waves of foreign investment in Vietnam. In particular, mobilizing remittances in the new period requires policies and products to attract young people, Gen Z, Gen Y who are living and working abroad to send money back to Vietnam to invest and accumulate assets.

According to Ms. Vu Thi Huynh Mai - Chairwoman of the Committee for Overseas Vietnamese in Ho Chi Minh City, there are currently nearly 3 million overseas Vietnamese with connections to Ho Chi Minh City out of a total of about 6 million overseas Vietnamese living and working in 130 countries and territories.

Remittances in 2024 will reach about 9.6 billion USD, an increase of 140 million USD compared to the previous year. Recently, overseas Vietnamese from many countries have discussed directions, solutions, and ways to attract remittances and contribute to their homeland.

In the field of remittances, when issuing the project, Ho Chi Minh City also sought opinions from many experts, surveyed the needs of overseas Vietnamese, and noted common wishes. When implementing, there was also a clear division of responsibilities between departments.

"It is expected that by the second quarter of 2025, the city will establish an association of remittance companies in the city. Because to attract remittances, first of all, there must be policies and professional tools to discuss more clearly the goals and improve the quality of overseas Vietnamese services to the city," said Ms. Mai.

In addition, to continue improving the quality of remittances, the Ho Chi Minh City Committee for Overseas Vietnamese will also support media service companies to work with embassies and business associations of other countries to survey the market and understand the needs of overseas Vietnamese.