Weekly Update Nov 03: Global Financial Crisis, New Personal Income Tax, 2008 Total Rewards Survey

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

Sa, Nov 15 Consular Club of Ho Chi Minh City Charity Bazaar. A non-profit organization of volunteers representing all Consular missions in HCMC, requests support for its annual Charity Bazaar. All funds raised will support projects to help those disadvantaged in and around HCMC.

Upcoming Events and Activities

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

Mo, Nov 3, Monday Night Football with Budweiser at Sheridan’s Irish House Enjoy an American tradition and watch an American Football Game of the Week.

Mo, Nov 3-Sa, Jan 12 Megan Burtt at the Park Lounge Park Hyatt Saigon is delighted to introduce Megan Burtt from Colorado, USA, who will provide live entertainment in the Park Lounge every evening until 12 January 2009 (except Tuesdays).

Th, Nov 6. Members Night Presentation and Discussion: The Global Financial Crisis: What will be the impact on Vietnam? After the collapse of Fannie Mae and Freddie Mac, what happened, what will happen next, and what will be the impact on Vietnam and your business?

Fr, Nov 7. Morning Briefing: New Personal Income Tax Effective Jan 1, 2009 Are you ready? Even though the top margin tax rates for tax residents will be reduced from 40 percent to 35 percent, the eliminaton of deductible “allowances/fringe benefits” could lead to a large increase in the cost to employers or considerable decrease in net income of employees.

Fr, Nov 7 (HCMC) and Mon, Nov 10 (Hanoi) Watson Wyatt 2008 Vietnam Total Rewards Survey with SMART HR. Reports are available and seminars will be held to present the survey findings and analyze the market HR practice and trends. To purchase the reports, or for information on the seminars, pls click on the link or call: Ms. Hoai Vy at 823 5828, ext 228.

Tu, Nov 11 (Singapore) Foreign Corrupt Practices Act: Practical Tips on How to Minimize your Risk of Violation The U.S. Department of Justice has established a system so that violations can be reported on hotlines from anywhere in the world. Someone could blow the whistle by simply dialing direct or faxing to the Department of Justice.

Su, Nov 16: Kids First Evening of Music and Art will start at 6:00 PM at the HCMC Music Conservatory, 112 Nguyen Du Street with a Piano Concert featuring Korean Pianist Joo Eun Young accompanied by Joo Hye Young, Cellist, and Art Exhibition by Dutch Artist, Wessel Huisman. Tickets 350,000 VND. For more info click the link or contact [email protected]

We, Nov 19: Members Lunch: VN-US Educational Exchange and Vietnam’s Workforce Development Dr. Mark A. Ashwill, country director of the Institute of International Education-Vietnam, will discuss recent trends as Vietnam ascends to the top 10 countries sending students to the U.S., and what this means for Vietnam’s workforce development, including the job market.

Fr, Nov 28: Deadline to update your listing in the Membership Directory 2008 If you have new or changed contact information, please contact Ms. Huong at the AmCham office (3824 3562). And, as you plan your advertising, be sure to include the AmCham Membership Directory.

Sa, Dec 6: AmCham Governors Ball A formal event held in the festive style of the season, to raise funds for community support programs funded by and through the AmCham-United Way partnership.

All upcoming events …

News and Issues Updates

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.

U.S. apparel imports from Vietnam up 22% in Jan-Aug over 2007, while U.S. apparel imports from China dropped slightly, down 2%. Apparel imports from Mexico continued to slide, down 11.5%, while India’s continued to increase very slightly 1.6%.

Key Vietnam Industry Sectors: Textiles and Apparel Status and Outlook In addition to being a highly significant contributor to export earnings, the garment and textile sector employs around two million people, of whom 80 per cent are female, many are migrants from the poorer rural provinces. As migrant workers are often responsible for supporting extended families in the countryside, there are potentially millions of lives dependent on the sector’s performance. Significant changes in the sector can have major social impact.

For Asia, Crisis Takes a Different Turn: Not as Deep as ‘97, but Likely Longer The strong demand for Asian exports that spurred recovery a decade ago may not be there this time. The signs are already apparent as exporters struggle to cope with the rapidly weakening U.S. and European economies. For all the difficulties exporters here are already facing, “I think now it’s just the beginning,” says Eddy Li, a producer of wristwatches in southern China and vice president of Hong Kong’s Chinese Manufacturers Association.

Exporters start to feel the pain Reduced global spending stemming from the economic downturn in many countries including the U.S., Japan, and the European Union has negatively affected Vietnam’s producers and exporters of raw materials, semi-processed agricultural, fishery and other consumer products such as footwear, garments and textiles.

Tourism in crisis: higher prices, lower numbers of tourists, Oct 31, 2008 Hotels in Vietnam raised room rated 50% in 2007 over 2006. Tourism industry experts predict inbound tourism will drop 20% to 40% this year, with higher prices and global financial crisis.

New strategy ruffles feathers: foreign property investors delay closing deals Prices for a square metre of land in District 2 is now equal to only a sixth of that in February and March this year, and many property developers in the south are facing financial difficulties, with private companies suffering capital mobilisation problems.

Corruption and waste top Vietnam’s National Assembly agenda One delegate cited an example of waste with Ho Chi Minh City’s Hoang Hoa Tham Bridge project. It was planned to cost VND19 billion (US$ 1.2 million) with a construction period of 16 months. However, the project had not been completed as of March this year, ten years on, and the slow progress has pushed total investment up to VND120 billion ($ 7.3 million).

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

Information Resources on AmCham Web Site www.amchamvietnam.com

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.

Members Lunch: TNS Managing Director Ralf Matthaes, Consumer Trends in Vietnam
Presentation TNS Managing Director Ralf Matthaes, Consumer Trends in Vietnam

Online Membership Directory Looking for information on AmCham members? Click here to browse the Online Membership Directory for information about and contact points for our 400 member and associate companies, and about 800 representatives. Also with links to their 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 nearly 800 representatives of over 400 AmCham member and associate 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

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Computing Tips: Business Tips for Late Facebook Arrivals Choose your friends and photos carefully on social-networking sites, but by all means get on Facebook. Here are some basic lessons learned. 18 Aug 2009

Computing Tips: Facebook No. 1 Globally with 132 million users The site is the top global social network, nearly 63% of users are outside North America. The site had been translated into 20 languages including French, Spanish, and Mandarin, recently added 69 more. “Now, through translations, we are seeing a lot of growth in international countries,” says Javier Olivan, international manager at Facebook in a recent interview. 18 Aug 2008

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