Weekly Update Aug 24: Young Professionals Palooza, Taxes in VN, 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

Martini Bar at Reflections reflects singular personality. Sometimes a bar at a hotel restaurant is just that; other times it becomes a household name, a destination in itself. Such is the case with Martini Bar, which will be the new name of the bar adjoining Reflections Restaurant at the Caravelle Hotel.

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.

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.

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

Reluctant U.S. shoppers hold back recovery – Wall Street Journal “A real recovery will be driven by two things: real estate and consumer spending. We have a very long way to go.”

LogiGear Invests in Vietnam, Leveraging Economic Downturn Asia’s technology market is expanding rapidly as US and European companies seek affordable software testing solutions, and LogiGear Corporation, a leader in onshore / offshore software testing and development in the US and Vietnam, anticipates intensified growth going into 2010. LogiGear Vietnam is leveraging this opportunity to invest in human resources and infrastructure, and in so doing, the future of Vietnam.

Vietnam highway builder fails to sell bonds again One bidder sought to buy 50 billion dong of three-year bonds at an annual yield of 11 percent, but that was way above the ceiling of 10 percent. the Vietnam Expressway Corp. wanted to raise the funds to build a highway connecting Hanoi and Lao Cai province on the border with China.

World Bank to lend $ 350 million interest-free for 40 years to Vietnam to prop up the budget The Vietnamese government is facing a budget shortfall this year of up to 10 percent of gross domestic product or more, and has been able to raise only a fraction of the amount it had hoped through bond auctions, with investors holding out for higher yields and the state treasury unwilling to raise its yield ceiling. The World Bank and the State Bank of Vietnam, the country’s central bank, signed the credit agreement for the eighth “Poverty Reduction Support Credit” (PRSC), under which the $ 350 million loan was allocated.

Hanoi closes schools to stop H1N1 spread In its latest update last week, the World Health Organisation reported 162,230 confirmed cases and 1,154 deaths from the virus. Flu experts said this probably reflected only a fraction of the true count as not every patient can be diagnosed with a lab test.

Emerson Network Power appoints CMC Distribution as distributor in Vietnam Emerson Network Power (Vietnam) and CMC Distribution will jointly deploy total customer solutions – power, cooling, rack, monitoring & services– for IT resellers in order to maintain a complete power network with high reliability for all business segments.

Vietnam officials to stand trial for corruption in IT project

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.

Click the below image to download the Deepwater Port Tour Presentation, Aug 20, 2009

Deepwater Ports in Southern Key Economic Region

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).