Weekly Update May 21: Members Night, Future of Medical and Cancer Care, FATCA Rules

Highlights

Th, May 24 AmCham Members’ Night & Meet the U.S. Consulate General
Fr, May 25 Business Lunch: Future of Medical and Cancer Care
Mo, May 28 Business Lunch: The New FATCA Rules and “U.S. Persons”
Tu, May 29 Mid-Term Vietnam Business Forum (Hanoi)
We, May 30 AmCham Palooza Party
Th, May 31 E-Customs Briefing. Register by May 24
Fr, Jun 01 Morning Briefing: Trade Credit Insurance
We, Jun 06 Business Lunch: Vietnam Provincial Competitiveness Index
ADB to lend another $ 500 million to Metro Line No. 2 (Red Line)
Metro Line No. 1 to get going in Sep 2012 (Blue Line)
Some Concerns about FATCA • Letter to U.S. Dept of Treasury
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.

AmCham Vietnam Direct Selling Committee – About Us Misson Statement: “To protect, serve and promote the effectiveness of member companies and the independent business people they represent. To ensure that the marketing by member companies of products and/or the direct sales opportunity is conducted with the highest level of business ethics and service to consumers.” Direct Selling companies achieved revenues in Vietnam of over $ 133 million, with over 900,000 persons participating in the industry.

Family Summer Holidays Package at Six Senses – Nha Trang Escape with your family for Holidays at Evason Ana Mandara Nha Trang or at Six Senses Ninh Van Bay. They are among the most beautiful resorts in Vietnam. Please come to join the beauty of nature, luxury and perfect services at our resorts. Hottest Promotion!

Regus will help you work your way Regus provides modern, flexible workspace that frees businesses of all sizes, all over the world, to work more effectively. Companies can take a fully-equipped office, desks to use part time, rent a professional meeting room. However they use Regus, they get all the support a business needs.

Exclusive Offers at InterContinental Asiana Saigon In celebration of the hotel 3rd anniversary, InterContinental Asiana Saigon offers exclusive packages to all business supporters. In order to show the hotel’s sincere appreciation to all business partners and supporters, InterContinental Asiana Saigon launches elite Meeting Package and Residential Package that cater to every need.

Th, May 24 New Members’ Welcome, 4:15 – 5:15pm About 40 ~ 50 new representatives of AmCham Companies. Learn more about AmCham Vietnam in HCM City. Who we are, what we do: networking, information-sharing, problem-solving to improve the business environment and promote trade and investment between Vietnam and the United States. Governors are invited to attend to welcome the new members. Presentation by Herb Cochran, Executive Director.

Th, May 24 AmCham Members’ Night & Meet the U.S. Consulate General, 5:30 – 8:30pm Welcome by AmCham Chairman Christopher Twomey, Consul General An Le, update on new U.S. visa procedures, HCMC new real estate developments and HCMC Metro System, AmCham’s new Manufacturing Committee, and more.

Fr, May 25 Business Lunch: Future of Medical and Cancer Care Update about the risks, prevention, and latest treatment of cancer in the global perspective. Stanford International Medical Services and Stanford University in Palo Alto, California offer options and guidance for those seeking advanced examination, prevention and treatment.

Fr, May 25 Ruby HCM Forum It is once in 20 years opportunity for people in IT field! Inventor of “Ruby”, Mr.Matz, will come to Vietnam for the first time to speak at the 1st Ruby HCM Forum on 25th May with other speakers, where you will reach the latest world of Ruby in web application, testing framework, more efficient mobile application and embedded system development.

Mo, May 28 Business Lunch: Session on the New FATCA Rules An overview of FATCA, its timelines and the basics rules. The impact on businesses and individuals, both regulatory and commercial, and an example approach to a successful FATCA project.

Tu, May 29 Mid-Term Vietnam Business Forum (Hanoi) After over a decade of facilitating the VBF, International Finance Corporation (“IFC”) has transferred the VBF Secretariat role to a consortium of fourteen business associations and chambers of commerce. And now the well-established dialogue is being driven by the business community itself to further promote the discussions and ensure its long-term sustainability.

We, May 30 AmCham Palooza Party The regular AmCham Palooza Party is a platform to develop new friendships, networking opportunities and information exchange. Come and join us for a night of casual networking, meet other professionals, bring your business cards!

Th, May 31 E-Customs Briefing. Register by May 24 Real E-Customs DOES exist in Vietnam. Learn more at this briefing facilitated by: Intel Products Vietnam, AmCham Manufacturing Committee, and Economic Office of US Consul General

Fr, Jun 01 Morning Briefing: Trade Credit Insurance, is an insurance product that protects against the risk of non-payment of a trade Account Receivable. Trade Credit Insurance policies indemnify the policyholder for the amount of the gross invoice value for goods or services that are unpaid due to commercial or political risks.

Su, Jun 03 Queen Elizabeth II’s Diamond Jubilee • 60 Years • 1952 – 2012 Help BBGV celebrate Queen Elizabeth II’s Diamond Jubilee, a momentous anniversary for the people of Britain, the Commonwealth and many other nations. There will be fun for every member of the family at this typically British event.

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.

We, Jun 6 Seminar on Leadership Charisma Charisma for its own sake is good for little more than your ego, but put it in service of your business and its impact can be enormous. Focused on properly, Leadership Charisma fosters an environment where every one of your people has a positive and energetic attitude, is emotionally and intellectually committed to your vision, and is inspired to contribute his or her very best.

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

Local students take part in Community Service and Leadership Training Conference Over 300 students, teachers and community leaders from schools all over HCM City gathered to share ideas and work together to explore problems we face as global citizens, as part of the International School Ho Chi Minh City (ISHCMC) Global Issues Network’s 1st Annual Conference. The theme of the conference was “Using our differences to make a difference.”

National Assembly begins third session During the month-long process, participants will focus on the review and passage of 13 draft laws and two resolutions and discuss six other draft laws.

VINASAT 2 Satellite Launched The US$ 260-280 million Lockheed Martin satellite is capable of covering Southeast Asia and some neighboring countries, and the organization would see returns on its investment after 10 years of operation. The satellite has a life expectancy of 15 years and follows Viet Nam’s first satellite VINASAT-1, launched in April 2008.

ADB to lend another US$ 500 million to city’s second metro line (Red Line) Metro Line No. 2, stretching nearly 20 kilometers, connects Thu Thiem New Urban Area in District 2 and An Suong Coach Station in District 12. During the first phase, the city will develop the 11-km section running from Ben Thanh Market in downtown HCMC to Tham Luong Depot in District 12, including a 9.3-km underground part.

Metro Line No. 1 project to get going September 2012 (Blue Line) The Metro Line No. 1 has the total length of 19.7 kilometers, from Ben Thanh Market to Suoi Tien Theme Park, consisting of a 2.6-km underground section from Ben Than Market to Ba Son Shipyard, and a 17.1-km overhead section,from Ba Son to Sui Tien Park, running along the Hanoi Highway, with three underground stations and 11 elevated stations. The project is planned for completion in 2017 and starting operation in 2018.

Some Concerns about FATCA: Letter from American Citizens Abroad and Others to Treasury Dept about the Foreign Accounts Tax Compliance Act (FATCA), Apr 14, 2012. Excerpt: “The FATCA Chapter 4 Withholding Tax rules, even though not yet implemented, are causing a loss of banking services to “U.S. persons” abroad.

US applies new food safety rules The new FDA Food Safety Modernization Act (FSMA) will go into effect from now to early 2016. Labels recorded with inadequate information are one of the main causes for products on their way into the US market being held up at U.S. ports.

Seafood exports to Europe plunge Europe accounts for about 20% of total seafood export revenues, but tra fish exports fell by 15% and shrimp exports by to 27.6% in the first quarter 2012 compared with 2011.

Plan of discordance: Transport Ministry plans $ 600 million for new HQ and agencies buildings Despite public disagreements reported in the local media, Tuoi Tre says that the Transport Minister has urged agencies affiliated to the ministry to set up steering units of their own to prepare execution plans, which should be submitted to the ministry for approval in 2012.

Party aims arrow at heart of corruption Land, natural minerals, public investment, capital construction, and management of state-owned enterprises’ capital and assets were especially vulnerable to fraud.

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

We, May 16 TV Advertising in Vietnam
Th, May 24 Members Night and Meet the U.S. Consulate General
Welcome to new AmCham companies • Jan ~ May 2012
Vietnam Stocks Rise Most in Asia on Tax Breaks
Gov’t okays $ 1.4 billion bailout package for enterprises
Fr, May 18 AAFA: TPP (Trans-Pacific Partnership) Workshop
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).