Overseas Vietnamese to set up bank in Vietnam

A group of Vietnamese living abroad has said they are planning to establish a join-stock bank to back investment projects involving expatriates returning to do business in Vietnam.

The Overseas Vietnamese Business Club (OV Club), based in Ho Chi Minh City, is launching a campaign to attract the support of expatriate Vietnamese to the plan.

The bank would provide support for investment projects involving overseas Vietnamese in all provinces of the country, said Nguyen Ngoc My, OV Club chairman.

More and more Vietnamese living abroad are becoming comfortable with returning home to set up joint-ventures in their home provinces, Mr. My said.

Currently, a large number of provinces in Vietnam are encouraging investment, and with the financial capacity of overseas Vietnamese businesses being limited, successful cooperation would serve to speed investment, Mr. My said.

Reported by Trung Binh – Translated by Hieu Trung
Story from Thanh Nien News
Published: 22 May, 2005, 12:29:26 (GMT+7)
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