Overseas Vietnamese firms helps domestic peers integrate globally

Vietnamese businesses in foreign countries serve as an important bridge to connect domestic enterprises with foreign partners and integrate into global markets, heard a conference held in Ho Chi Minh City on September 12.

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Vice Chairman of the municipal People’s Committee Le Thanh Liem speaks at the conference

Vice Chairman of the municipal People’s Committee Le Thanh Liem said the southern economic hub of HCM City is leading localities nationwide in gross regional domestic product (GRDP), contributing about 24 percent of national gross domestic product (GDP), 28 percent of the State budget, 16 percent of the country’s total industrial output, and 15 percent of national import-export turnover.

The city has attracted more than 8,000 foreign direct investment (FDI) projects worth more than 45 billion USD.

The private sector has become an increasingly important driving force for the city, contributing more than 55 percent of the city’s GDP and accounting for 72 percent of its total investment.

These achievements are significantly contributed by the overseas Vietnamese business community, Liem stressed.

He said such new generation free trade agreements as the EU-Vietnam Free Trade Agreement (EVFTA) are key to help Vietnamese businesses make inroads into major markets.

With an insight into foreign markets and experience, overseas Vietnamese businesses can help domestic firms make good use of export opportunities, he added.

Local authorities hope overseas Vietnamese firms will continue supporting domestic businesses to seek investment opportunities in European markets and beyond.

Nguyen Phuoc Trung, Director of the municipal Department of Agriculture and Rural Development, said the EVFTA creates both opportunities and challenges for the city’s agricultural sector.

He said local agricultural firms want to cooperate with overseas Vietnamese businesses in promoting key agricultural products in the EU as well as update information and requirements relating to quality, technical barriers and safety standards.

Vietnamese businesses abroad also help transfer new technologies in production, processing and preserving farm produce in addition to attracting foreign investment and sales of agricultural products, he added.

While discussing ties between Vietnamese businesses at home and abroad, Chairman of the Vietnamese Business Association in France Nguyen Hai Nam said businesses should mobilise all resources and increase cooperation to develop products and build brands and distribution systems abroad to penetrate the EU and beyond.

VNA