The Remittance Influx: Over $200 Billion Sent Home

Over the past 30 years, the total remittance inflows to Vietnam have exceeded $200 billion, equivalent to the disbursed foreign direct investment during the same period.

This information was shared by Minister of Foreign Affairs Bui Thanh Son in his opening remarks at the 4th global conference for overseas Vietnamese (VK4) and the 4th forum for Vietnamese intellectuals and experts, held in Hanoi on August 22.

The conference was also attended by Prime Minister Pham Minh Chinh, leaders and former leaders of the Party, State, National Assembly, Government, and Fatherland Front; leaders of localities; and 400 overseas Vietnamese from over 40 countries and territories.

In his opening remarks, Minister Bui Thanh Son stated that there are currently over 6 million Vietnamese living and working in 130 countries and territories worldwide. Among them, about 10% hold a university degree or higher, equivalent to 600,000 people.

Vietnamese communities have been established in most of these countries, along with numerous associations of Vietnamese entrepreneurs, experts, and intellectuals who actively connect with their homeland. They form an extensive network that connects Vietnamese people both at home and abroad.

Overseas Vietnamese have been increasingly asserting their role and position in their host societies. Some have actively participated in the local political systems at different levels; many Vietnamese entrepreneurs are among the world’s billionaires; and numerous experts, intellectuals, and artists of Vietnamese origin have been honored with international awards, contributing to enhancing Vietnam’s prestige and stature.

Moreover, the overseas Vietnamese community has actively contributed to promoting multifaceted cooperation between their host countries and Vietnam.

“Notably, overseas Vietnamese have become an essential resource in the country’s construction and development process. In the past 30 years, the total remittance inflows to Vietnam have exceeded $200 billion, equivalent to the disbursed foreign direct investment during the same period,” Minister Son emphasized.

By the end of 2023, overseas Vietnamese had invested in 421 foreign direct investment projects with a total registered capital of $1.72 billion. In addition, there are thousands of businesses with investment from overseas Vietnamese.

According to Minister Son, VK4 is taking place as the entire nation is making efforts to implement the goals of the Resolution of the 13th Party Congress, striving to turn Vietnam into an industrialized developing country with modern industry and upper-middle income by 2030 and a developed, high-income country by 2045. To realize these goals, it is essential to have the significant contributions of the overseas Vietnamese community, which comprises more than 6 million people.

Therefore, this year’s conference theme, “Overseas Vietnamese join hands in realizing the country’s aspiration for development,” carries new expectations and focuses.

“We expect that the 4th conference, with its central focus on the Forum for Vietnamese Intellectuals and Experts, will be a ‘Dien Hong Conference,’ pooling collective wisdom, strengthening national unity, promoting the potential, strengths, and resources of overseas Vietnamese for the country’s development. We hope that Vietnamese people at home and abroad will join hands in realizing the country’s aspiration for prosperity and happiness,” Minister Son said.

VK4 is taking place from August 21 to 23. For the first time, the Ministry of Foreign Affairs, in coordination with relevant agencies, organized the Forum for Vietnamese Intellectuals and Experts within the framework of the conference.

This was a direct instruction from Prime Minister Pham Minh Chinh during his official visit to Australia and New Zealand in March this year, reflecting his deep interest in overseas Vietnamese affairs.