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Overseas Vietnamese expect higher investment to homeland

Ha Noi (VNA) - Overseas Vietnamese's financial investment and intellectual contributions to the homeland may rise by 5-10 times if a proper policy is implemented, said a Vietnamese American.

Bui Kien Thanh, a financial expert residing in the US, made the comment after being presented with "the Glory of the Vietnamese nation" title for valuable contributions to helping Viet Nam attract foreign investment.

He said that although the number of overseas Vietnamese investing in the homeland last year was higher than in previous years, it remains modest in comparison with the tremendous potential of around 3 million overseas Vietnamese living around the world, including 300,000 experts working in different fields, whose total income is estimated at over 50 billion USD annually.

Therefore, an appropriate policy is needed to give overseas Vietnamese more confidence to actively participate in the building of the homeland, the financial expert said.

He praised the improvements in Viet Nam's investment environment in the recent past, especially those in the legal field and the state management.

However, he argued that the homeland remains so slow in building necessary legal frameworks to attract big investment projects and increase its competitive capacity against rivals in such markets as Hong Kong, Taiwan and Singapore.

In an attempt to become a locomotive in the Association of Southeast Asian Nations (ASEAN), join the World Trade Organisation (WTO) and integrate into the international economy, Viet Nam should promtly change its way of thinking and make the state management apparatus more transparent, Thanh said.

An advisor to the Finance Ministry on the issuance of the state bonds, Thanh said Viet Nam's national economy cannot become mature and even grow strongly if it still relies much on aid and soft loans from foreign countries.

In the future, the demand for development investment will reach dozens of billions of US dollars each year, so that Viet Nam needs to work out plans to mobilise capital in both local and foreign financial markets effectively, the 73 year old Vietnamese American financial expert concluded./.

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