Weekly Update Jun 29: July 4th Celebration, Effective Cost Management

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

July 4th Celebration and Family BBQ

South Saigon, New K-12 Campus Available: 1.8 Hectare in a 18,000 population master planned community, will be the best in HCMC, River front develpment enjoys 40 meter park setback for sports activities. Available for long term lease, purchase or build to suit. By Owner, courtesy to brokers.

Sa, Jul 4 American Independence Day Celebration (July 4th) at Legend Hotel Saigon: Celebrate the history of the United States with Saigon’s most spectacular buffet including traditional gourmet dishes, free flow of sparkling wine, red & white wines, beer, soft drinks, coffee and tea.

Renaissance International School Saigon (RISS) offers IB Scholarships to celebrate that RISS is now an IB World School.

Sa, Jul 4 Fourth of July Dinner Buffet at the Hotel Equatorial Ho Chi Minh City: Celebrate the American Independence Day with a dinner buffet, featuring a selection of Burgers and some of America’s finest beef, includes free flow of soft drinks, Tiger beer, wine and sparkling wine.

The Nam Hai, Hoi An Special Rate for Local Residents. Come to paradise – the “World’s Best Designed Resort,” “Best Beach Resort,” “Best Destination Spa in Asia.”

Th-Fr, Jul 23-24 Effective Cost Management & Cost Control, presented by the Asia Business Forum. The workshop will not only demonstrate how and where organizational costs should be reduced in the short term but also how the lower cost base can be sustained. This is the best course on this topic, conducted by an expert management accounting practitioner who is also a world class presenter.

LEGEND HOTEL SAIGON TO OPEN A NEW GATE Ho Chi Minh City’s luxury river-front five-star international hotel, Legend Hotel Saigon, has recently opened their back gate located on Thai Van Lung Street, giving it excellent location right in the center of the business, shopping, market and entertainment district.

Legend Hotel: “Friday night is free”: Until 1 September 2009, your stay with the hotel just gets better. The Friday night will be free when you stay 2 or more consecutive paid nights.

Caravelle Hotel 50th Anniversary Promotion: 50% off rooms + $ 20 credit for online bookings made from 1 Jul – 30 Sep 2009 via hotel web site www.caravellehotel.com.

Prime office space available in the CBD. The Landmark currently has a limited amount of office space available at competitive rates. Contact: Ms. Hanh Pham, Marketing and Leasing Manager at tel: (84-8) 3827 0182 or click this link to send an email to Ms. Hanh Pham.

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

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

Sep 23, 2009 Deadline for Some U.S. Taxpayers to submit FBAR Taxpayers who reported and paid tax on all their 2008 taxable income but only recently learned of their FBAR 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.

Funds to flow soon for southern inter-port road Deputy PM Hoang Trung Hai has urged the ministries of finance and planning-investment to disburse funds from other sources pending capital from Government bonds for the deepwater ports road project, which is crucial for economic growth in the region. The master plan envisioned cargo throughput at these southern ports at 53 million tons per year by 2010. However, throughput at these ports is now estimated at 100 million tons in 2010, and 222 million tons per year by 2020, given the current growth tempo of 20-22% for containers.

State-run banks fail to raise targeted bond-sales amounts The fact that the banks could not raise all its targeted amounts on follows a series of State Treasury auctions since February at which it failed to raise as much as hoped, sparking concern about how Hanoi will fund a budget gap which could widen to a tenth of gross domestic product.

US$ 350 Million in Credits Approved for Vietnam’s Reforms and Efforts to Overcome Economic Slowdown World Bank plans US$ 4 billion in support of Vietnam in the coming two years.

HCMC official to stand trial if evidence found in Japanese documents Huynh Ngoc Sy, former director of the Ho Chi Minh City Department of Transport, and former director of the HCMC East-West Highway and Water Environment Project Management Board, was arrested in Feb 2009. He is under suspicion of receiving a US$ 220,000 bribe from the Japanese construction consultancy Pacific Consultants International.

FDI flow into Vietnam falls 74% in first half of 2009 Fresh FDI committed in new projects totaled only US$ 4.7 billion, plus US$ 4.1 billion injected into 68 operational projects in the year to date.

National economy better, but difficulties ahead: experts “Overly high optimism will lead to the massive investment and injection of money in circulation. It would be a big problem if businesses made many products and then they could not sell the products.”

Vietnam Business Forum: Towards a More Favorable Business Environment Notably, Vietnam’s infrastructure systems are seriously insufficient, especially in electricity, seaport and ground works connecting with ports. These weaknesses seriously threat the inflows of FDI capital into Vietnam.

Vietnam firms look on nervously at U.S. Commerce Department decision on plastic bag immports If the DoC makes affirmative findings with respect to the subsidies alleged in the petition, other high-priority Vietnamese export industries, including wooden furniture, textiles and apparel, footwear, and aquaculture products, will be at risk in subsequent CVD cases.

Traffic alleviation nowhere in sight as more vehicles clog HCMC The city has more than 3.8 million motorbikes and 383,000 private cars.

Hotel room rates and occupancy down in HCMC in first half of year The financial crisis and influenza A(H1N1) are cutting into the city’s tourism, with international visitors down 10% from a year earlier.

DHL to invest US$ 10 million in Vietnam “The fashion and apparel industry is one of the core focus areas for DHL Global Forwarding in Asia Pacific,” Diallo said. He added that this industry was projected to earn US$ 9.5 billion in exports this year, or 5% more than last year.

Saigon Tourist working on overseas expansion plan Saigontourist and its partners were investing more than US$ 1 billion in developments in HCMC and elsewhere in Vietnam, and has almost realized revenue of US$ 500 million that the company targeted for 2010.

Resort villas sell like hot cakes in Vietnam Indochina Capital’s soon-to-opened Hyatt Regency Resort&Spa in Non Nuoc beach, central Da Nang which includes a 200-room hotel, 174 apartments and 27 villas. The apartments and villas are being sold to investors for between $ 180,000 to $ 1.7 million.

Piaggio opens $ 30 million Vespa-producing factory in Vietnam Initial output of 50,000 units/year will be expanded to 100,000/year by 2012, with some of the output for export to other markets in Southeast Asia.

Many firms still increase wages, hire new employees Since its launch in late April this year, Navigos Group’s Vietnam Salary Survey 2009 has attracted more than 120 participants in 18 industries including manufacturing, IT/telecom, construction/engineering, trading/wholesales/retails, real estate and pharmaceutical/healthcare.

Vietnam fishermen say trade hit by Chinese patrols in Eastern Sea “I don’t know how the senior officials divide the sea territory. The only thing we know is that we have been fishing in these areas for many years and now we are banned, and we see the sea territory of Vietnam getting smaller and smaller,” said a Vietnamese fisherman.

Rent-a-groom in HCM City “Anyway, it helps the girls avoid getting a bad reputation at home. Yet every time I see a girl trying her best to smile, I feel sad.”

Prime Minister requests harmonious labor relations, stable investment environment, social order Action Plan for the implementation of Directive No. 22-CT/TW dated 05 June 2008 of the Secretariat of the Central Committee on enhancing leadership, providing direction for the development of harmonious, stable and progressive labor relations within enterprises.

Click this link to read these and more 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

Not receiving AmCham’s weekly update emails? Then, please check your spam of junk mail folder. To insure that you receive all future communication from AmCham, please add our email address to your address-book and to your “safe list” or “white list” (if applicable).

Weekly Update emails are sent from [email protected], If you use a SPAM Filter please add this address email address book or “Whitelist.”

Please click this link if you want to update your email address.

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