Weekly Update Jun 4: Vietnam Provincial Competitiveness Index and FDI, Independence Day Picnic

Highlights

Door Prizes at Independence Day Picnic • Airline tickets to USA, Resort Stays, and More!
Tu, Jun 05 Legal & VBF Liaison Committee
We, Jun 06 Morning Briefing: What Executives Should Expect from HR
We, Jun 06 Business Lunch: Vietnam Provincial Competitiveness Index
Tu, Th-Fr, Jun 12, 14, 15 AmCham World Blood Donor Days
Th, Jun 21 Networking Night: Ready-built factories & warehouses: status and trends
We, Jun 27 AmCham Palooza Party at Purple Jade, Intercontinental Asiana Saigon
Sa, Jun 30 Independence Day Picnic
Re-export rule change proposed: must be re-exported within 60 days instead of 120 days
State urged to aid Song Da Group (SOE Reform)
Foreign funds pull rug out from under Vietnam’s stock market
U.S. Defense Secretary’s Cam Ranh Bay Visit Symbolizes Growing Ties
Sep – Dec AmCham Scholarship 2012
Tu, Nov 6, U.S. General Elections Day • U.S. Voter Registration Web Sites

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Events, Meetings, Activities, and Special Offers

Welcome to new AmCham companies 29 new companies have joined AmCham in Jan-May. Brief descriptions, activities, representatives’ names, and links to their web sites for additional information.

Mo, Jun 4 Cordier Wine Dinner at Caravelle Hotel from 7:00pm For one night only, savor the selected Cordier Wines presented by Reflections Restaurant’s Chef Darren Watson and Mr. Thibault Odent, Brand Ambassador South East-Asia for Cordier Club Elite Wines. VND 1,480,000 nett per person

Tu, Jun 05 Legal & VBF Liaison Committee Regular monthly meeting of the committee to review upcoming events, discuss and prepare positions on key issues, laws and regulations relating to trade and investment between Vietnam and the United States.

We, Jun 06 Morning Briefing: What Executives Should Expect from HR If you are a CEO, General Manager or a senior management team member, you ask: “What do I raise as priority to ensure HR focus to create effective impact to the business growth?” If you are a senior HR professional, you ask: “How can I demonstrate that HR plays a major role in the business stability?” Let’s spend some time to analyze HR excellence and business sustainability.

We, Jun 06 Business Lunch: Vietnam Provincial Competitiveness Index What is the profile of existing FDI in Vietnam? and what are the FDI drivers? Key policy and regulatory issues facing investors and government. How does FDI contribute to economic and social development in Vietnam? Key issues relating to trade and FDI, such as customs and bribery.

Fr-Th, Jun 8-14 Napoleons at Lobby Lounge, Caravelle With a name translating to ‘thousand leaves’, mille feuilles are traditionally made with alternating layers of puff pastry and cream, and topped with icing or fondant. The mille feuilles at the Lobby Lounge come in eight varieties, featuring cream flavours of vanilla, lemon, pistachio and toffee, and toppings such as stewed apples, caramelized broken hazelnuts and poached pear. Each slice goes for VND 118,000 ++.

Fr-Th, Jun 8-14 Champs Elysees Menu at Reflections Restaurant, Caravelle Have a taste of Parisian perfection without ever leaving downtown Ho Chi Minh City. A classic French set dinner is what’s recommended at Reflections Restaurant this month. A four-course “Champs Elysees Menu” will revive memories of evenings in the City of Lights with traditionally prepared French favorites such as foie gras, cognac lobster bisque and Grand Marnier ice-cream parfait.

Tu, Th-Fr, Jun 12, 14, 15 AmCham World Blood Donor Days Countries worldwide will celebrate World Blood Donor Day with events to raise awareness of the need for safe blood and blood products and to thank voluntary unpaid blood donors for their life-saving gifts of blood. “Every blood donor is a hero.”

Sa, Jun 9 VAIO Ultra Show at Crescent Mall Come and discover the first VAIO Ultrabook in Vietnam and win attractive prizes. 10:00am – 12:00pm.

Tu, Jun 19 IB World School Corporate Scholarship – Benefits to Companies & Employees ACG International School Vietnam cordially invites you to this luncheon which is aimed at company directors, business owners, HR managers, general managers, relocation officers and schooling advisors. Attendance is free of charge.

Networking night: Th, Jun 21 Ready-built factories & warehouses facilities and locations: current conditions & future trends CBRE Vietnam will share an overview of current conditions, rents & locations of ready built factories / warehousing hubs in Vietnam. More importantly, CBRE will share its forecast on future trends of ready built factories / warehousing industries in Vietnam.

We, Jun 27 AmCham Palooza Party at Purple Jade, Intercontinental Asiana Saigon Come and join us for a night of casual networking, meet other professionals, bring your business cards!

Advance Notice: Sep – Nov AmCham Scholarship 2012 AmCham will grant scholarships to up to 45 top students from universities in HCM City.

Tu, Nov 6, U.S. General Elections Day • U.S. Voter Registration Web Sites More than 6 million Americans live overseas. If the overseas American community were a state, we would be the 18th most-populous state in the union. Our votes count … click the link to register online, get a ballot, and vote.

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

Re-export rule change proposed: must be re-exported within 60 days instead of 120 days And goods-outsourcing contracts that involve foreign parties must include names and addresses of involved parties and the direct outsourcing company; name, quantity and price of outsourced products, time and kinds of payment, and information on imported material value and waste treatment measures. The draft amendments are expected to be finalized and proposed for approval by the Prime Minister during the first quarter 2013.

State urged to aid Song Da Group (SOE Reform) Roughly $ 476.2 million of the Song Da Group’s capital remains in uncompleted works, which means it cannot fund its subsidiary Ha Long Cement to pay its loans. Song Da Corp. gave a loan of $ 158.8 million to Ha Long Cement to build a cement project with total investment capital of $ 307.6 million. However, the Ha Long cement project, put into operation in early 2010, delayed progress for one year and suffered losses of roughly million in 2010 and million in 2011.

Foreign funds pull rug out from under Vietnam’s stock market VN stock market fell 10% in mid-May as foreigners conitnuously sold. Bloomberg data shows that money is being pulled out of emerging markets worldwide, totalling $ 5.1 billion in just one week from May 10-16 in 12 countries and territories.

Panetta’s Cam Ranh Bay Visit Symbolizes Growing U.S.-Vietnam Ties Vietnam has said that it wants to open up Cam Ranh Bay, one of Asia’s best natural deepwater ports, to foreign navies for commercial reasons.

The unlearned lesson: Vinashin, VinaLines, and other SOEs’ inefficiencies Economic expert Pham Chi Lan is quoted by Tuoi Tre newspaper as saying that ministries seem not to have learned the lesson of the Vinashin scandal.

OECD Guidelines on Corporate Governance of State-Owned Enterprises (SOEs) The first international benchmark to help governments in improving the corporate governance of SOEs. They are based on and fully compatible with the Principles, but are explicitly oriented to issues that are specific to the corporate governance of SOEs.

Vietnam’s economic indicators – April 26, 2012 Currency/Interest Rates, GDP y/y, Consumer Price Index, Trade Account, Index of Industrial Production, Forecasts (Govt, World Bank, ADB, IMF): GDP, CPI, Money and Credit, Exports/Imports/Trade Balance/Current Account Balance, Overseas Remittances, Foreign Currency Reserves (wks of imports, $ billion), Foreign Debt, Foreign Debt/GDP, FDI Inflows, Foreign Portfolio Investments, Population, Long Term Currency Ratings (S&P, Fitch, Moody’s)

ADB: Asian Development Outlook 2012 – Vietnam Outlook Safeguarding the banking sector should be the immediate priority. The longer-term requirement is to develop a diversified and efficient financial system that can mobilize the funding to meet the 7-8 percent economic growth target. These complex reforms, which will take years to complete, would benefit from coordination with the proposed restructuring of SOEs.

China + One = Vietnam and ASEAN ASEAN has the third-largest economy in Asia, after Japan and China. U.S. foreign direct investment (FDI) into ASEAN totaled $130 billion in 2007, the largest destination for U.S. FDI in Asia, and has grown 55% since 2004. As a developing region, ASEAN per capita income is low but its GDP is rapidly growing: an almost 170% increase over the past decade.

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

Last week’s most popular links to events and articles

Mo, May 28 Business Lunch: Foreign Accounts Tax Compliance Act and Your Taxes
We, May 30 AmCham Palooza Party
Some Concerns about FATCA: Letter from American Citizens Abroad and Others to Treasury Dept
Vietnam Outlook: World Bank East Asia & Pacific Update, May 2012
Welcome to new AmCham companies • Jan ~ May 2012
WB calls for prudence in economy driving, reform of SOEs
The unlearned lesson: Vinashin, VinaLines, and other SOEs’ inefficiencies
Th, May 31 E-Customs Briefing/Q&A Session (Members Only)
Other popular information downloads

Recent Events and Information Resources

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.

Online Membership Directory Looking for information on AmCham companies? Click here to browse the Online Membership Directory for information about and contact points for nearly 500 AmCham companies, and over 1,000 representatives. Members can contact other members by email via the AmCham web site. Also, links to company web sites for even more information about AmCham companies in Ho Chi Minh City.

Benefits and Services Review AmCham benefits and services and learn how you can benefit from Networking Online, with over 250,000+ visitors and 350,000+ 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 about 1,000 representatives of nearly 500 AmCham companies, plus about 3,000 subscribers in Vietnam, Singapore, Japan, and the USA. We welcome event announcements that are of interest to our business readers.

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