Over the years, overseas Vietnamese have brought back a large amount of capital, technology, and innovative mindset to help better the nation.

Further promoting this trend, as well as creating an open environment in terms of investment for overseas Vietnamese, Vietnam Agriculture Newspaper has had a conversation with Mr. Nguyen Phu Binh, former Deputy Minister of Foreign Affairs, former Ambassador Vietnam in Japan and South Korea, also Chairman of the Association for Liaison with Overseas Vietnamese (ALOV).

Overseas Vietnamese hold abundant resources and great ability to contribute to the country's economy. In your opinion, what should we do to further promote the efficiency of investment?

Currently there are approximately 5.3 million Vietnamese living abroad, in more than 130 countries, mostly developed ones to note. This thus results in an abundance of resources.

Next is economics. Vietnam does not have many billionaires like China, Japan, and South Korea, but people's lives are quite good in general. The average amount of remittances sent home is USD 17-18 billion/year, equivalent to the annual amount of FDI investment, ensuring the trade balance and keeping the local currency stable in Vietnam.

Vietnam is a developing country, with farmers accounting for a large proportion of the population structure. If we can combine external resources such as a series of new-generation free trade agreements (CPTPP, RCEP, EVFTA) with domestic resources, we can certainly create resilience for the economy.

From the perspective of a member of the Association for Liaison with Overseas Vietnamese, I think that first of all it is necessary to build and establish a forum to support investment for foreigners.

This is the basis to create favorable conditions concerning procedures and at the same time help people understand domestic law. The forum can become a channel for state management agencies or businesses in need to come to when they require capital support.

The forum will basically be built like a “fair”. Apart from overseas Vietnamese, we can attract more foreign friends. Products can be bonds, stocks of enterprises, also public investment projects or projects of enterprises. Based on the assurance of regulatory agencies and legal organizations, the forum will allocate resources in terms of capital and technology nationwide.

On July 6, 2021, in Hanoi, the Association for Liaison with Overseas Vietnamese established the Legal Support Committee to receive and provide support according to the needs of overseas Vietnamese related to legal issues such as nationality and investment before transferring these issues to competent State agencies for settlement.

Vietnam’s agriculture has been making strong developments. Export value in 2021 marked a record of USD 48.6 billion, with the entire industry’s trade surplus reaching 6.44 billion USD. In your opinion, is this the right time for Vietnamese far from their homeland to invest more in agriculture?

The current advantages are undeniable, especially when Vietnam is looking for ways to adapt and live with Covid-19. Now is obviously the right time to attract people to invest more in agriculture.

One thing to note is that Vietnam has a certain source of young people going abroad to study and work. They are dynamic, knowledgeable, and understand the local supply and demand well. In the future, this young generation can completely become investors or focal points to bring technology to Vietnam and promote agricultural products outside the country.

I know that many young people, after returning from abroad, have started their agricultural careers in Vietnam. They have capital, knowledge, technology, and are ready to act as a bridge to bring Vietnam to the world.

As an organization having the closest relationship with overseas Vietnamese, what plans does ALOV have in order to create a wave of investment in agriculture in particular and Vietnam’s economy in general?

Having the role of a bridge, ALOV has strengthened contacts with individuals and organizations of overseas Vietnamese, well-performed the important political task of disseminating the Party and State lines and policies, building the association to become a reliable address, a friendly home for overseas Vietnamese.

Communication work is also one of ALOV’s focuses, specifically innovating the association's website (nhipcauquehuong.vn) and building the association's web portal (alov.vn) to expand the exchange forum between scientists, intellectuals and businessmen at home and abroad.

We realize that in recent documents and directives, the Party and Government have focused on improving the legal framework on the basis of creating the most favorable conditions for overseas Vietnamese.

Based on available policies, combined with the help of the Ministry of Foreign Affairs, the Central Committee of the Fatherland Front, and the political system, ALOV continues to strengthen connections, as well as find the most suitable channels from central to local levels to create a suitable and attractive environment for investment.

Translated by Samuel Pham