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Ho Chi Minh City
Wednesday, July 17, 2024

HCMC proposes foreign currency accounts for overseas Vietnamese

The Saigon Times

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HCMC – HCMC is considering proposing a legal framework to allow overseas Vietnamese individuals the option to open bank accounts denominated in foreign currency.

This framework would also enable a seamless transfer of funds and profits between different currencies, streamlining transactions for overseas investors.

The proposed policies also cover citizenship, immigration, land ownership, inheritance, and corporate transactions, all aimed at fostering increased overseas investments.

HCMC Chairman Phan Van Mai’s initiative sent to the Standing Committee of the HCMC Party Committee outlines six key components. These strategies focus on enhancing remittance inflows through communication, policy reforms, investment environment, cultural and educational exchanges, and talent development.

The proposal aims to direct remittances toward key areas, including state-owned enterprise equitization. It suggests collaboration between labor-exporting firms and banks to facilitate proper money transfers.

Overseas Vietnamese are encouraged to participate in financial markets, real estate, and domestic businesses.

In the first half of 2023, remittances to HCMC reached US$4.4 billion, accounting for 66% of 2022’s total. Cumulatively, remittances from early 2021 to June 2023 amounted to US$18.07 billion.

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