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Saturday, June 22, 2024

Optimizing remittance flows

By Hoang Hanh

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“Money will flow to the most effective investment channel. HCMC should not worry about the lack of money for development investment. It only needs to have highly profitable and safe projects,” Dr. Huynh Thanh Dien at Nguyen Tat Thanh University told The Saigon Times. The Saigon Times: The recent discussion on “Channeling remittances into infrastructure” in HCMC has sparked interest due to the recognition of incoming remittances as a crucial source of foreign currency for Vietnam, requiring enhanced utilization. However, as observed in many remittance recipient nations globally, these funds are often used for both consumption and investment, posing a challenge in directing them towards productive avenues such as investment, production and business. Considering the demands and advantages of HCMC, what are your thoughts on the importance of directing remittances into infrastructure and the feasibility of this endeavor? Dr. Huynh Thanh Dien: Around six million Vietnamese nationals are resident abroad, and many of them left the country decades ago. Their incomes in developed countries are far higher than Vietnamese at home. Often, these overseas Vietnamese work for businesses or their local communities, sending money to their families in Vietnam for support, investment, real estate acquisition and even gold buying. According […]
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