A number of financial experts proposed this idea at the “Directing Remittances for Infrastructure” discussion hosted by the *Saigon Giai Phong* newspaper on April 23.
Bui Xuan Cuong, Vice Chairman of the HCMC People’s Committee, stated that the city is a megacity with over 10 million residents. Consequently, the demand for infrastructure, including transportation, schools, hospitals, housing, and parks, is substantial and continuously expanding. Addressing these needs and enhancing the quality of life for residents is a critical responsibility for HCMC, necessitating the mobilization of sufficient resources.
“Over the years, remittances have consistently been a significant source of resources for the city. Official statistics indicate that the amount of remittances received by the city surpasses foreign direct investment. For instance, in 2023, remittances reached USD 9.46 billion, almost triple the foreign direct investment,” stated Bui Xuan Cuong, Vice Chairman of the HCMC People’s Committee.
Bui Xuan Cuong, Vice Chairman of the HCMC People’s Committee, speaking at the discussion
At the beginning of 2023, the HCMC People’s Committee assigned the Committee for Overseas Vietnamese in HCMC to develop a project titled “Policy to Attract and Leverage Remittances in the City.” Following several drafts, the project is currently being finalized for approval and implementation.
Overseas Vietnamese, despite constituting only about 5% of the Vietnamese and Vietnamese-origin population worldwide, significantly contribute financially to Vietnam’s growth. In 2023, Vietnamese living and working abroad remitted approximately USD 16 billion to Vietnam. HCMC alone received USD 9.5 billion, accounting for nearly 60% of the total remittances to the country.
Vu Thi Huynh Mai, Chairwoman of the Committee for Overseas Vietnamese in HCMC, provided additional information about one of the project’s main goals: directing remittances toward infrastructure, production, and business ventures to generate social products and create employment opportunities. When the project is implemented, at least five socio-economic development projects in the city will receive funding from remittances.
In 2023, HCMC alone received about USD 9.6 billion out of the total USD 16 billion in remittances to Vietnam. In the first quarter of 2024, remittances to the city
