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End of the Chinese Miracle, President Sang, Amb Shear, More Textiles FDI
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Major shifts underway in the Chinese economy have now drawn the attention the New York Times, Barron's, and others. China has been in a crisis for awhile, something not widely recognized. The admission that a crisis exists is a critical moment, because this is when most others start to change their behavior in reaction to the crisis. When the Chinese economic crisis would finally become an accepted fact, it would change the global dynamic.
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On Thursday, July 25, President Obama will host President Trương Tấn Sang of the Socialist Republic of Vietnam at the White House. The President welcomes this opportunity to discuss with President Sang how to further strengthen our partnership on regional strategic issues and enhance our cooperation with ASEAN. The President also looks forward to discussing human rights, emerging challenges such as climate change, and the importance of completing a high standard Trans-Pacific Partnership agreement.
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"It's evident from the size of our economic relationship that we have strong common economic interests. Because of that, we decided together that Vietnam would make a good partner in the Trans-Pacific Partnership (TPP). We have a lot of common interests in the Region, particularly in the South China Sea. We want to work together to maintain stability there, we want to work with Vietnam as an ASEAN partner, and we want to work together with China on these issues and encouraging them to resolve these issues diplomatically."
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HYOSUNG, the largest spandex producer in the world, plans production of creora® brand spandex in Vietnam. This is to better serve needs in South East Asia as well as in anticipation of the Trans-Pacific Partnership (TPP) being approved with yarn forward rules of origin.
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When: Friday, Jul 26, 2013 - 9:00am - 11:00am
Where: New World Hotel Saigon
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Events, Meetings & Special Offers
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CFOs are under greater scrutiny as the economy remains uncertain while regulations tighten and investors lose their confidence. Standing still isn't an option for finance professionals in such a dynamic and volatile business environment. The key responsibilities and competencies expected of CFOs nowadays have been changing. Hence, you need fast, focused, adaptable solutions to help you successfully manage what can easily become competing interests - the need to accelerate growth while also keeping both costs and risks under control.
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To celebrate our 11th year of being Vietnam's No.1 job website we're pleased to offer you 11 free resume search credits. 47,000 new resumes are added to VietnamWorks every month -find the best talent NOW!
Contact our team before August 15, 2013: HCMC: (08) 3925 8456 | Hanoi: (04) 3944 0568
Contact us online
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AmCham HCMC offers many opportunities to market your company's products and services to AmCham members, the business community and the general public. Our services include:
- Event Sponsorship
- Event Management Support
- Networking Online (Advertising) on AmCham website
- Announcement in Weekly Update Email
- Print advertising in AmCham Membership Directory
- Print advertising in AmCham Membership Discount Handbook
- Advertising on AmCham Discount Online
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The new law requires regular dialogue on topics related to the basic rights of employees such as the right to be offered information, the right to voice their own opinions, and the right to watch and inspect a company's operations. One notable point was the Ministry has actively had the new Labour Code translated into an official English version so that it could be well understood by FDI enterprises.
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Macroeconomic stability, without broad structural reforms, has not been sufficient to lift the economy from its long spell of slow growth, two percentage points below other emerging EAP competitors (chart). Policymakers have been consumed in recent years with trying to stabilize the economy, with the hope that growth will automatically resume. But even as the economy has stabilized, growth has been below 7% for the sixth consecutive year, with the economy expected to grow in 2013 at its second slowest pace since the early-1990s. Efforts to stimulate the economy have faced diminishing returns, while raising fiscal deficits and creating new contingent liabilities. Without accelerating structural reforms, especially in the banking and SOE sectors, Vietnam faces the risk of a prolonged period of slow growth.
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Mitsubishi Heavy Industries will increase the production of aircraft parts for Boeing aircraft in Vietnam by building a second commercial part factory next summer, which will be situated near the first plant in Thang Long Industrial Park, Hanoi. The new factory will produce components for the Boeing 777 that are now made at the MHI Nagoya Aerospace Systems Works. MiHI built its first factory in Vietnam in 2007 and started production in 2009. The factory, capitalised at $7 million, produces flaps for the Boeing Next-Generation 737. It remains the only company in Vietnam to manufacture aircraft components.
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Forbes Vietnam is published under a licensing agreement between Forbes Media LLC and Interactive Media, an IDG Ventures Vietnam portfolio company, and in cooperation with Bao Van Hoa. William Adamopoulos, CEO/Asia of Forbes Media LLC said: "The launch of Forbes Vietnam is an important milestone for Forbes' expansion in the Asia Pacific region. It is also timely given Vietnam's rising economic prospects and its fast-growing community of CEOs, tycoons, philanthropists, investors and aspiring entrepreneurs." Henry Nguyen, Chairman of Interactive Media and Managing General Partner of IDG Ventures Vietnam, said: "We are excited to support the launch of Forbes Vietnam with such respected partners. With the development of the magazine, online and conferences, Forbes will become a forum for leading businessmen and entrepreneurs in Vietnam."
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McDonald's announced Henry Nguyen, managing general partner of IDG Ventures Vietnam, as developmental licensee for Vietnam to build the fast-food brand. Nguyen said he had been in contact with McDonald's over the years sharing the opportunity that exists in the country. "I'm proud to be part of a great team that is working hard to open up our first restaurant in Ho Chi Minh City. Our local team is preparing and training our first managers and crew for that exciting day."
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McDonald's will launch its first Vietnam restaurant in HCM City at the beginning of 2014. "As a start, most of our food ingredients will be sourced through our existing network of global supply partners, so that we can focus on delivering the full range of menu items. Our long-term plan is to work with more local suppliers." Although a late comer, McDonald's sees great opportunities. Vietnam witnessed 26% growth in fast food. KFC leads with 15% share, while Lotteria is 2nd. Others include BurgerKing, Pizza Hut, Domino's Pizza, Popeye's Chicken, Jollibee, Subway, Cofee Bean & Tea Leaf, and Starbuck's.
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The AmCham Member Discounts Program is provided as a Membership Benefit. It serves as a mutually beneficial opportunity for both AmCham Members and AmCham Discount Partners. Members must present their AmCham Membership Card to receive special, privileged discounts offered by AmCham Discount Partners. A listing of discount offers is available in the annual Membership Discount Handbook (hardcopy) and on the AmCham website
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New World Hotel Saigon #323
76 Le Lai Street, District 1
Ho Chi Minh City
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