More Vietnamese businesspeople seek second citizenship

More Vietnamese businesspeople seek second citizenship

Mai Huu Tin, chair of the Binh Duong provincial Entrepreneur Federation, whose members make investments in more than 20 provinces/cities in Vietnam, said that businesspeople’s pessimistic views have prompted them to look for other business opportunities and workplaces. Of the solutions which allow Vietnamese to obtain second citizenship, becoming naturalized in other countries through investments is the most commonly applied. More passport holders can enjoy visa exemptions when entering more than 100 countries, including the EU. If people want to invest in the US, they are advised to invest in real estate, especially in relic restoration projects. However, the procedures would be very complicated. The analyst said that Vietnamese are also applying for citizenship in countries which were once colonies of developed countries. The citizens of certain countries have to fulfill complicated procedures to obtain visas to the US or Europe.

However, they now can follow an easier way if they obtain citizenship in former colonialist countries (such as Caribbean countries) that allow them to get passports and visa exemptions. Vu Vinh Phu, former deputy director of the Hanoi Trade Department, said that applying for second citizenship is the right of every citizen, but it is a worrying trend. Phu said the tendency should be seen as a warning to state management agencies which need to think if policies encourage business development. He stressed that many Vietnamese businesspeople are discouraged by unreasonable policies and complicated procedures, and many want to do business overseas where they don’t have to face such barriers.

A friend of Phu’s intended to set up a factory in Vietnam to make cosmetics, but finally decided to open a production base in Ukraine and ship products to Vietnam for sale. “He said there are many problems in Vietnam, especially administrative procedures, taxes and fees, and business conditions,” Phu said. “The barriers in the business and living environment have prompted businessmen to seek other countries to live and do business,” he added. The expert noted that in the past, only overseas students wanted to seek second citizenship because they did not want to come back to Vietnam after finishing study. But now, more and more businesspeople and wealthy people are doing this because they want better lives and opportunities for better education for their children.