Ho Chi Minh City, March 19 -- Ho Chi Minh City is redefining the role of remittances in its economy, shifting them from a source of foreign currency to a component of the capital market, thereby channeling funds into innovation and support its ambition of becoming an international financial centre with sustainable growth in the long run.

The municipal People's Committee has issued a plan to promote financial programmes aimed at attracting remittances into science and technology.

Under the plan, the city will build a transparent and sustainable remittance-based financial ecosystem, tapping resources from overseas Vietnamese not only in finance but also in knowledge and technology. Capital will be directed into priority sectors such as hi...