Moscow, 11 November 2015 - The Bank for Investment and Development of Vietnam JSC (BIDV) in collaboration with the State Committee for Overseas Vietnamese Affairs, the Embassy of Vietnam in Russia, Overseas Vietnamese Entrepreneurs Association organized Global Vietnamese Entrepreneurs conference.

 

 

Mr. Nguyen Thanh Son, Vietnamese Ambassador to the Russian Federation and Mr. Do Thang Hai, Deputy Minister of Industry and Trade in Vietnam attended the event, as well as more than 150 Vietnamese entrepreneurs from all around the world.

The Global Vietnamese Entrepreneurs Conference is an initiative from the Embassy of Vietnam in Russia and BIDV. It marks the first activity in a series of economic, trade and investment events in the Russian Federation taking place during November 2015, aimed at promoting both Vietnamese businesses and the country’s products and services to the Russian market and its consumers. The event is also an opportunity to demonstrate the solidarity and support of business towards developing friendly relations between Vietnam and the Russian Federation, following the free trade agreement concluded by Vietnam and Russia in May 2015.

Mr. Tran Bac Ha, Chairman of BIDV commented: “Overseas Vietnamese communities now number roughly 5.2 million people, of which the second generation is becoming increasingly successful in all business areas. With these communities accounting for nearly 5% of the 90 million Vietnamese people, overseas Vietnamese communities have made positive contributions to the economic development of Vietnam. On remittances alone, overseas Vietnamese communities have contributed tens of billions of dollars annually. In 2015, remittances are expected to reach USD13 billion. On foreign direct investments in Vietnam, overseas Vietnamese businesses and entrepreneurs account for five percent of total projects and 3.8 percent of the total value of registered FDI projects. This demonstrates the increasingly important role played by overseas Vietnamese business communities.”

However, the participants also outlined that lack of cohesion, solidarity, mutual support and information sharing amongst overseas Vietnamese entrepreneurs as well as lack of strong and responsible support from Vietnamese regulators have acted as barriers to building a strong community.

Over the next five years, with fifteen free trade agreements taking effect, GDP growth is expected to continue stable growth at six percent annually. With the impact from economic restructuring, Vietnamese businesses and entrepreneurs should have favorable conditions to expand their trade and investment.

Mr. Nguyen Canh Son, Chairman of the Overseas Vietnamese Entrepreneurs Association commented that the overseas Vietnamese businesses community in Vietnam hopes for greater solidarity and cooperation, in particular the role of state regulatory representatives in supporting and connecting Vietnamese businesses and entrepreneurs. As a businessman and developer of the Hanoi – Moscow Trade Center in Russia, Mr. Son is committed to providing practical and effective support to Vietnamese businesses conducting business in the Russian market.

Mr. David Nguyen, a Vietnamese businessman from the United States commented that the TPP concluded by the Government of Vietnam in October 2015 would bring opportunities as well as challenges to Vietnamese businesspeople and require thorough understanding and careful preparation. He also expressed his hope that a Vietnamese bank would open in the US, to support payments and trade operations.

The representatives from the Vietnam Ministry of Industry and Trade and the State Committee for Overseas Vietnamese Affairs pledged to continue to promote activities associated with overseas Vietnamese businesses and entrepreneurs. Further, they showed willingness to share information with them and propose recommendations to the government and government agencies for resolution of difficulties and obstacles encountered by Vietnamese entrepreneurs, thereby contributing to the promotion of Vietnamese goods and products to the world.

For more information, please contact:

Branding and Public Relations,

Bank for Investment and Development of Vietnam JSC.

Phone: +84-422205544

Website: www.bidv.com.vn