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AmCham HCMC & Danang Weekly Newsletter

June 5, 2024

Update from the Chair

Dear AmCham,

2024 is a year of the largest number of elections across the world. The results have been historic in South Africa and Mexico, while India has thrown up some surprises. UK will soon go to the polls and we will end the year with the US, where the contest is expected to be very close.

Meanwhile economies around the world seem to be edging up, which helps exporters like Vietnam. The trade balance of Vietnam slipped to deficit after 2 years of surpluses, driven by imports of coal and gas (to meet the needs during summer), and manufactured goods which may reflect stronger domestic demand. The trade balance is expected to remain a surplus for the full year. The domestic economy seems to be on the mend.

On Monday May 27th, our Education & Training Committee hosted the most recent iteration of its Illuminate Series, focused on Decree 13 and Data Protection and Cybersecurity in Education. Co-Chairs Kim Green (ISHCMC) and Dan Bass (Blanchard Vietnam) were joined by experts and participants, who shared their expertise and experiences, and engaged around practical case studies to draw insights for educational institutions.

Over the last week, thanks to our joint Committees, we have sent joint letters from our Chapters to the government on many matters that are important to our members. More below on our advocacy efforts, a selection of news stories, and upcoming events and Committee meetings.

LGBTQI+ Pride Month is celebrated in June in the United States and much of the rest of the world. AmCham joins this month’s Pride celebrations in recognition of its diverse membership and its commitment to diversity.

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Advocacy Update

We thank all members who have recently shared their comments on draft legislation currently being discussed.

  • Draft Value Added Tax (VAT) Law: comments from members were reviewed by the Tax & Customs Committee and the Hanoi chapter, and are currently being reviewed by the Advocacy Panel before submission to the National Assembly.

  • Draft Cyber Security Law: similarly, comments from members are being reviewed by the Advocacy Panel following review by the Digital Economy & Technology Committee and the Hanoi chapter. Once finalized, they will be submitted to the office of the Prime Minister.

  • Draft Decree on Rooftop Solar Power: member comments were submitted to the Electricity and Renewable Energy Authority and the Ministry of Industry and Trade (MoIT) after internal reviews.

  • Decision 2345 regarding methods to ensure secure online payments and bank card payments: similarly, comments were submitted to the office of the Prime Minister and Government Office following internal reviews.

Members are encouraged to bring forward any advocacy needs or related questions the relevant Committees, or by email to advocacyaction@amchamvietnam.com.

News & Information

[Reuters] Vietnam inflation rises in May, nears government limit. Vietnam's annual inflation rate edged up to 4.44% in May, official data showed on Wednesday, nearing the government's target ceiling of 4.5% for the year and a potential challenge to efforts to boost credit growth to drive activity.

[VN Express International] Trade surplus tops $8B in 5 months. Vietnam’s trade surplus hit $8.01 billion between January and May, with $156.77 billion in export revenue and $148.76 billion in imports, up 15.2% and 18.2% year-on-year, respectively.

[Viet Nam News] Five-month public investment disbursement reaches nearly 27 per cent of target. The disbursement of public investment from the State budget in the first five months of this year was estimated to reach VNĐ190.6 trillion (US$7.44 billion), equal to 26.6 per cent of the yearly target.

[Reuters] US, Indo-Pacific partners holding talks in Singapore on clean energy. The U.S.-led Indo-Pacific Economic Framework is holding a ministerial meeting this week in Singapore, including major firms joining a "Clean Economy" investor forum to boost infrastructure and climate investments across the region.

[Nikkei Asia] From Vietnam to Thailand, tech suppliers face tougher battle as China moves in. Taiwanese companies and others face stiff competition from deep-pocketed rivals.

[Reuters] Asian factory activity expands in May on robust global demand. Asian factory activity expanded in May as manufacturers benefited from broadening global demand, private surveys showed on Monday, adding to hopes for sustained economic recovery in the region where China is showing early signs of a rebound.

[VOV] Khanh Hoa introduces investment potential, opportunities to US firms. A delegation of the south-central coastal province of Khanh Hoa led by Secretary of its Party Committee Nguyen Hai Ninh attended a seminar between Vietnamese businesses and US firms, investment funds and groups in New York during their working visit to the US on May 29-30.

[VN Express International] The Ritz-Carlton Residences, Hanoi celebrates grand opening. The Ritz-Carlton Residences, Hanoi at The Grand, officially opened its doors on May 18 at 22–24 Hang Bai Street, Hoan Kiem District, marking the debut of a legendary brand in Vietnam.

Upcoming Events
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June 20, 8:30 am - 11:00 am

BEPS 2.0 – The 2 Pillars and Thoughts from a Transfer Pricing Perspective

At Deloitte Coffee Lounge, 17th Floor, Times Square, 57-69F Dong Khoi Street, District 1

Identify the challenges faced by businesses in complying with the new transfer pricing regulations due to global minimum tax and explore the opportunities for proactive compliance.

Register Online

June 24, 5:00 pm - 7:30 pm (By Invitation Only)

Chair’s Circle Political Briefing: Impact of US And EU Elections on Asian Business Landscape

Venue to be informed.

In an increasingly interconnected world, the outcomes of elections in key geopolitical players such as the United States and the European Union have implications beyond their borders. Bringing together Edelman Global Advisory’s (EGA) top election thought leaders, the briefing will explore the ripple effects of the US and EU elections on the Asian continent, their implications on the business outlook in Vietnam, and the wider Asian region as business leaders develop strategies for 2025.

June 26, 6:00 pm - 8:30 pm

Connect & Cocktails at Cocotte

At Cocotte in Sila Urban Living, 21 Ngo Thoi Nhiem Street, District 3

Don’t miss June's Connect & Cocktails! AmCham’s monthly networking event provides an opportunity to meet AmCham members and other professionals in an informal after-work setting over a glass of wine, beer, or a cocktail.

Join for a great night of networking and a chance to win in our Lucky Draw!

Register Online

June 29, 11:30 am - 5:00 pm

AmCham Independence Day Celebration & Community Picnic

At Riverside Apartments, 53 Vo Truong Toan Street, Thao Dien, District 2

Join us to commemorate America’s Independence at AmCham HCMC’s 29th Annual Independence Day Celebration & Community Picnic, on June 29th 2024 in Thao Dien!

Cheer to 248 years of American Independence with:

  • Wide-ranging selection of All-You-Can-Eat American and international food options including favorites such as BBQ ribs, hot dogs, and hamburgers
  • Free-flow of beverages including soft drinks, beer and wine
  • Many chances to win fantastic prizes in our multiple raffles
  • For families, a Kid’s Corner with a bouncy castle, face painting, and more!

Come celebrate the enduring spirit of American independence in the heart of HCMC. Don’t miss out on one of AmCham HCMC’s largest events and emblematic celebration of American culture. Secure your spot and buy tickets today!

Buy Your Tickets
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Upcoming Committee Meetings

Members are welcome to join, in-person or virtually:

Illuminate Decree 13 event recap, upcoming Illuminate events (Skills Gap, Workforce Transformation), VBF / Policy Update, Advocacy Topics, AmCham Update

More on Committee Meetings

Member Benefits

Simply present your AmCham membership card to enjoy these and many other benefits.

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Welcome New AmCham Members

We would like to extend our warmest welcome to our newest members. Thank you for your support!

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The American Chamber of Commerce in Vietnam
Ho Chi Minh City & Danang
New World Hotel Suite 323
76 Le Lai Street, District 1
Ho Chi Minh City, Vietnam
Phone: +84 28 3824 3562
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