Ho Chi Minh City HCM Saigon Overseas Remittance Bond Project Vietnam Vietnamese

HCM City Boosts Economy with Overseas Vietnamese Remittance Bonds

Ho Chi Minh City (HCM City) in Vietnam is implementing new strategies to attract remittance from overseas Vietnamese to fuel its economic growth. The city plans to raise capital through the issuance of bonds. These bonds will target overseas Vietnamese. The aim is to channel these funds into crucial infrastructure projects such as roads, bridges, and public utilities.

On September 26, HCM City officially approved a new project titled “Effective Policies to Make Use of Remittance in HCM City Until 2030.” This initiative aims to direct overseas remittance into key sectors like culture, education, healthcare, real estate, and production. The project is led by the HCM City Committee for Overseas Vietnamese. The project intends to transform remittance into a strategic resource for the city’s socio-economic development. Subsequently, the improvements in the city infrastructure will lead to more investments.

Overseas Vietnamese Remittance into HCM reaches USD 5.5 billion

In the first nine months of 2024, remittance into HCM City reached nearly $5.5 billion, a 10.4% year-on-year increase. To maintain this upward trend, the State Bank of Vietnam’s HCM City branch has rolled out favorable banking policies. Furthermore, it targets a 10% annual growth in remittance. Moreover, the bank has also enhanced its remittance services. It will now offer better consulting to recipients on how they can invest their money in local opportunities, including bonds. Subsequently, these measures will improve financial investing and prudence among the recipients.

Overseas Vietnamese are keen to contribute to the development of their home country. Vietnamese embassies in Japan and Australia, which have large Vietnamese communities, are actively involved in promoting investment opportunities. They are working closely with local financial institutions to raise awareness about HCM City’s new bond program. This collaboration aims to attract more overseas remittance for the city’s development projects.

Vietnam’s HCM City is increasingly relying on overseas remittance as a key driver of economic growth. Through well-crafted policies and international cooperation, the city aims to channel these funds into essential infrastructure projects, enhancing both the local economy and the living standards of its residents.

Leave a Reply

error: Content is protected !!