Viet Kieu - the Gem of Vietnam

There are approximately 3 million Vietnamese living overseas. They are often referred to as Việt Kiều, which means Vietnamese sojourner (a temporary visitor.)

Almost half of all overseas Vietnamese are currently living in the United States. They are viewed as an important bridge for the US-Vietnam relationship. Viet Kieu all over the world have successfully integrated into society and are depended upon by many foreign companies to help set up operations in Vietnam as well as to bridge the cultural gap.

The government of Vietnam has long recognized the important role of Viet Kieu in the development of Vietnam and its economic growth. Viet Kieu are looked upon to provide the much needed expertise in fields such as finance, technology, and science. They often act as Vietnam goodwill ambassadors and serve as catalysts bringing changes to Vietnam economic environment.

Currently, half of the 80 million people in Vietnam are under the age of 25 and businesses are desperately seeking qualified managers to fill middle and senior management positions. Candidates for these executive positions are typically in the age bracket of 35 to 60. Viet Kieu are capable and can fill this need by providing business leadership and training to the younger generations. Many Viet Kieu have already been appointed to key management positions in large foreign companies doing business in Vietnam. Others, with the help of local relatives, have successfully set up and are leading small to medium sized companies.

Viet Kieu are also important to Vietnam in terms of remittance. Money flowing into Vietnam from overseas Vietnamese is playing an increasingly larger role in its economy (approximately 5% of GDP), contributing to economic growth and to the livelihoods of needy Vietnamese--although not to the poorest of the poor. This year, Vietnam expects to receive $US6bil worth of overseas remittance.

Vietnam has publicly announced their strong support for overseas Vietnamese returning to Vietnam to work or to do business. A few new measures have been put in place to encourage the return of Viet Kieu such as the recent visa exemption and changes in real estate ownership. Currently, there is even a survey being sent to overseas Vietnamese soliciting their input on what can be done to support their returns. By the way, if you are interested in being part of this survey, you can contact vinvp@tphcm.gov.vn or hieutv@tphcm.gov.vn.

I have gathered a short list of some notable Viet Kieu.

Dinh Duc Huu - In 1990, founded American Technologies in Oak Ridge-Tennessee (ATI-US). In 1996, was recognized by President Bill Clinton as one of the top minority businessmen. Returned to Vietnam in 1997 and established American Technology-Vietnam (ATI-Vietnam). The ATI Group now operates businesses in tourism, seafood, information technology, and oil exploration & production.

Nguyen Duy Binh - Studied business administration in the US in 1969. Fled Vietnam after the war in 1975 and started working for FedEx after settling in the US. Was instrumental in setting up FedEx's Vietnam operations in 1994. Currently serving as Country Manager for Vietnam, Laos, and Cambodia.

Don Lam - Came to Canada at the age of 11 as one of the Vietnamese boat people. Returned in 1994 as partner for Coopers & Lybrand accounting firm (now PricewaterhouseCoopers). Left PricewaterhouseCoopers in 2003 and founded VinaCapital, a corporate finance and M&A firm. Started VinaCapital with a single US$10 million fund in 2003 and built it into an investment house currently managing more than US$1.8 billion.

Do Duc Cuong - Returned in 2003. Dr. Cuong was a banking expert in the US. He now works as an advisor to many Vietnamese banks and provides consulting services for various industries such as transportation, telecommunications, garment, and insurance.

Hoang Kieu - Came to California in 1975. Worked at Abbott Laboratories as head of an R&D department responsible for researching plasma. In 1987, formed the Shanghai RASS Blood Products Company in China. In 2005, received by President Bush when he won the annual award given to successful businessmen. He is currently the Director General of Rare Antibody Antigen Supply Inc. (RAAS), which has a network spreading throughout the US and China. He is known for his charitable work in Viet Nam in recent years.

Than Trong Phuc - Grew up from the age of 13 in California, studied electrical and computer engineering at the University of California at Davis, and joined Intel in 1986. He was appointed Country Manager in 2000 and currently overseeing over $1 billion of Intel investment in Vietnam.

David Thai - Attended the University of Washington in Seattle and founder of the successful Highlands Coffee chain in Vietnam, which opened its first store in 2002. Returned in 1996 and was the first Viet Kieu to register a private Vietnamese company. His company later became Viet Thai International Joint Stock Company (VTI) and currently operates Highlands Coffee stores as well as a network of Nike outlets.

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