Weekly Update Aug 17: Port Tour, Taxes in VN, Georgetown MBA Consulting, Listed Companies Directory

Latest updates on H1N1/A Flu from U.S. Center for Disease Control, U.S. Department of State (Travel), and World Health Organization (WHO)

Special Notice: Sep 23 Deadline for U.S. taxpayers to file Foreign Bank and Financial Accounts Report U.S. Taxpayers who reported and paid tax on all their 2008 taxable income but only recently learned of their FBAR (Foreign Bank and Financial Accounts Report) filing obligation and have insufficient time to gather the necessary information to complete the FBAR, should file the delinquent FBAR report according to the instructions and attach a statement explaining why the report is filed late. Click the link for details.

Events, Meetings, and Activities

Th, Aug 20, Southern Key Economic Region Deepwater Port Tour, organized for all AmCham companies by Logistics/Supply Chain Management Committee. Space is limited, so please register asap (as soon as possible). Deepwater ports allow shipments direct to the USA, saving time and money. Participation is free of charge for qualified business representatives. Deadline to register is 12noon, Mon, Aug 17.

Taxes in Vietnam: An Overview is a handy reference to tax rules of Vietnam. Explains the overall tax framework clearly and concisely for practical use by businesses and individuals. Within one source for the first time in English, reflects the most current information on tax compliance requirements based on the new laws effective from Jan 1, 2009. With its highly useful commentary on essential tax laws, you’ll be well-equipped to navigate the complex business system at ease.

Mo-Sa, Aug 24-29, Georgetown University MBA Consulting Projects 2009-2010 – 10th year in Vietnam. Professors Cooke and Nollen will be in Ho Chi Minh City at the Renaissance Riverside Hotel from August 24-29 to meet company managers to discuss their interest in collaborating by developing a consulting project that a team of Georgetown MBA students would do with a company operating in Vietnam. AmCham companies have participated in prior years. Click this link to send an email to Professor Stanley Nollen or click Project Information for more details.

Mo-We, Oct 26-28 Jaccar Investors Conferences in HCM City and Hanoi During two days in HCM City, Oct 26-27 and one day in Hanoi, Oct 28, you are invited to participate in round tables on the economic situation in Vietnam and meet listed company representatives and investors. Jaccar will release 14 economic sector studies of Vietnam and the company’s financial analysts will make 40 company financial reports available. Individual meetings between analysts and investors, as well as investors and listed/unlisted firms’ CEOs and CFOs will also be arranged. Click the links for more information and to register online. Participation is by invitation and is free of charge for qualified business representatives.

Caravelle Hotel Re-Opening Promotions for New Fitness Centre After $ 120,000 investment in a suite of new STAR TRAC products, Caravelle Hotel opened a new Fitness Centre as the city’s most contemporary facility. Click the link for the Re-Opening Promotion offers.

Tu, Aug 25 AmCham Young Professionals Palooza Party Come and meet others in Ho Chi Minh City with free food and drink specials. The monthly Young Professionals Palooza Party is a platform to develop networking opportunities, information exchange, and new friendships.

We, Aug 26 Vietnam Public Listed Companies Directory and Awards 2009 Jointly organized by the Credit Information Center, a division of the State Bank of Vietnam and Dun & Bradstreet, the world leader in business information. The awards ceremony offers a networking platform for businesses and related government institutions supporting trade and investment development.

Fr-Su, Sep 25-27 Networking Weekend in Central Vietnam This weekend visit to the Danang and the Central Region offers a unique opportunity to indulge in the luxury of the award-winning Nam Hai Resort for only $ 160/night. Welcome cocktail party and beach BBQ on Friday evening. Test your skills on the fabulous Montgomerie Links golf course, or visit the Cham Museum or Marble Mountain. Many optional activities, or just relax by the ocean or pool.

Th-Sa, Nov 12-14 The APEC CEO Summit in Singapore will deliberate the most pressing issues facing the world. Over 800 senior business figures from across the Asia Pacific region and beyond will gather in Singapore to listen to, network with and engage in discussion with APEC Leaders and the region’s key decision makers.

Plan ahead. Click here to see all upcoming Events and Committee Meetings

Stay informed about Vietnam-U.S. trade and investment with Weekly Updates (Past Issues).

News and Issues Updates

Singapore’s Banyan Tree to build $ 900 million resort on Central Vietnam beach When fully developed, the 280-hectare beachfront resort will comprise seven hotels with a total of 2,000 rooms, a golf course, residences and convention facilities.

Air traffic continues to suffer from weak demand, falling load factors Airlines are seeing international revenue falls of up to 30% at the start of the busy June-August period when airlines traditionally make their money. The outlook remains bleak. Asia-Pacific carriers recorded a 14.5% drop in international passenger demand in June. North American carriers’ revenue from international markets was down about 29% in June. For international air cargo, June marked the 13th consecutive month of contracting demand,

List of Administrative Procedures proposed for Reform under Project 30 (ACAPR) English and Vietnamese lists of Administrative Procedures compiled from input from AmCham members in the areas of Infrastructure and Supply Chain, which AmCham was tasked with developing.

Aug 14, 2009 Changes in Product Safety Requirements under Consumer Product Safety Improvement Act Aug 14 is the effective date of enforcement of several changes in the U.S. Consumer Product Safety requirements.

MOLISA suggests another minimum wage increase in 2010 Sai Gon Garment 3 Company General Director and acting VP of the Vietnam Garment and Textile Association (VITAS), said “Frankly speaking, the sum is really impossible for enterprises in the context of the economic downturn.”

Vietnam officials charged over corruption in Japan ODA case An indictment charged Huynh Ngoc Sy and his deputy Le Qua with abuse that caused the state a loss of $ 80,000, state-run Tuoi Tre newspaper said. PCI gave Sy a total of $ 820,000 in kickbacks to secure contracts, a Japanese court ruled.

Vietnam government aims to prevent real estate bubble The latest property bubble reached its climax early 2008 after prices zoomed off the charts in big cities, fueled by high economic growth, a dire shortage of housing and weak government management, all of which gave rise to speculation. Following tightened monetary policies in mid2008, as well as the global economic slump, the real estate market has been in near-hibernation.

Vietnam’s high wind power potential The provinces of Ninh Thuan and Binh Thuan show the greatest promise, with a potential of 800 megawatts.

Vietnam : Click fraud’s new Asian connection? Fully 48% of Vietnam’s clicks are fraudulent, according to a recent report, compared with 28% of U.S. clicks. It’s likely a sign of click fraudsters routing their scams through the country’s growing number of hijacked PCs. Vietnam’s number of detectable signals from the Conficker worm, a piece of malicious software that has spread to millions of computers worldwide, has increased 100-fold since January.

Click this link to read News Highlights: Business, Trade, and Investment in Vietnam and Asia.

Recent Events and Information Resources on AmCham Web Site

Event Presentations and PHOTO ALBUMS Did you miss an AmCham event? Were you there but wanted to have a copy of the presentation? Didn’t get the business card of the person you were talking with? Now you can download the presentations by clicking on the above link. Also, you can see a list of people that attended the event, with links to their company contact information.

Online Directory Looking for information on AmCham companies? Click here to browse the Online Directory for information about and contact points for over 450 AmCham companies, and over 900 representatives. Also with links to company web sites for even more information about American and international businesses in Ho Chi Minh City.

Benefits and Services Review AmCham benefits and services and learn how you can benefit from Networking Online, with about 100,000 visitors and 250,000 page-views per month to www.amchamvietnam.com.

Your announcement in AmCham’s Weekly Update email Early each week, AmCham’s Weekly Update email goes out to over 900 representatives of over 450 AmCham companies, plus thousands of subscribers in Vietnam, Singapore, Japan, and the USA. We welcome event announcements that are of interest to our business readers.

Computing Tips from the AmCham Webmaster

Vietnam : Click fraud’s new Asian connection? Fully 48% of Vietnam’s clicks are fraudulent, according to a recent report, compared with 28% of U.S. clicks. It’s likely a sign of click fraudsters routing their scams through the country’s growing number of hijacked PCs. Vietnam’s number of detectable signals from the Conficker worm, a piece of malicious software that has spread to millions of computers worldwide, has increased 100-fold since January.

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Keep up-to-date about U.S.-Vietnam trade and investment with Weekly Updates (Past Issues).