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AmCham HCMC & Danang Weekly Newsletter

May 22, 2024

Update from the Chair

Dear AmCham,

Inflation data coming out of the U.S. last week was better than analysts predicted, with consumer prices rising 0.3% from March to April, below the reading for March (0.4%), and showing a small decrease year-over-year to 3.4% from 3.5%. Inflation having remained above expectations in the first three months of the year, the latest reading seems to have revived hopes for a Fed rate cut later this year, with the Dow Jones and S&P 500 indices hitting all-time highs last week.

On Friday May 17th, leaders of our Healthcare Committee met with counterparts from the HCMC Department of Health to discuss and plan closer collaboration on advocacy topics highlighted in April’s Healthcare Dialogue between AmCham HCMC and city leaders. Pictured are Governors Dr. Lan Dam (MSD) and Philip Ziter (Russin & Vecchi), and Healthcare Committee Co-Chair Luke Treloar (KPMG Vietnam) with Healthcare subcommittee leaders and representatives of member companies Pfizer, Allianz Partners, Pharmacity, and P&G.

Earlier in the week, we hosted a delegation of undergraduate students from the University of Texas during their visit to Vietnam as part of their immersion program focused on conducting business in Asia Pacific. Vice-Chair Winnie Wong, along with Education & Training Committee Secretary Robert Connolly (Crossroads Management Consulting), and Calvin Lam (InDe Pacific Capital), shared insights into cultural differences operating in Vietnam, opportunities and challenges, and their own journey in the country.

Coming up next month is one of our signature events of the year: the 29th Annual Independence Day Celebration & Community Picnic that will take place on Saturday June 29th. With over 1,000 guests expected, this is unique exposure for businesses and organizations. There is still time to apply for sponsorship packages, more details below.

Please keep your feedback coming at team@amchamvietnam.com.



Advocacy Update

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

  • Draft Decree on Liquefied Natural Gas (LNG): we are seeking comments from members through May 24th. Received comments will be compiled for review by the Energy Committee and the Hanoi chapter before being submitted to the Ministry of Industry and Trade (MoIT).

  • Draft Decree on Rooftop Solar Power: comments from members are being compiled for review by the Energy Committee and the Hanoi chapter before being submitted to MoIT.

  • Draft Union Law: comments have been submitted to the Ministry of Labor, Invalids and Social Affairs (MoLISA).

  • Draft Employment Law: comments have also been submitted to MoLISA.

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 Deputy PM: economy facing mounting pressure. Vietnam's economy is facing mounting pressure and the government will maintain policies that support growth, Deputy Prime Minister Le Minh Khai said on Monday.

[The Investor] Vietnam lending growth crawls to 1.6% as of April 23. Credit growth in the Vietnamese banking system had reached 1.6% in the year to April 23, according to a government report.

[Reuters] As US hikes China tariffs, imports soar from China-reliant Vietnam. As the United States intensifies efforts to reduce trade with China by hiking tariffs, it has greatly boosted imports from Vietnam, which relies on Chinese input for much of its exports, data show.

[Vietnam Investment Review] USAID funds $11 million to help Ho Chi Minh City achieve net-zero emissions goal. On May 17, the United States Mission to Vietnam, through the US Agency for International Development (USAID), and Ho Chi Minh City Department of Industry and Trade (DoIT) celebrated their joint success in a five-year partnership advancing renewable energy and energy efficiency in the city.

[VN Express International] US semiconductor giant Marvell Tech launches third office in Vietnam. The U.S.-based Marvell Technology Inc. on Friday announced that it has opened an office in the central city of Da Nang, the third of its kind in Vietnam along with two others in Hanoi and Ho Chi Minh City.

[VN Express International] Investment firm to sell out government stakes in FPT, other companies. The State Capital Investment Corporation, Vietnam’s sovereign fund which also handles the government’s financial investments, plans to divest from 31 companies including tech giant FPT.

[Tuoi Tre News] Masterise Homes tops out Marina Central Tower in Ho Chi Minh City. Masterise Homes has officially completed the structural framework of the Marina Central Tower, part of the Grand Marina Saigon masterplan – a prestigious branded residence complex located at 2 Ton Duc Thang Street, Ben Nghe Ward, District 1, Ho Chi Minh City.

[CNA] Sweltering heat across Asia was 45 times more likely because of climate change, study finds. Sizzling heat across Asia and the Middle East in late April that echoed last year's destructive swelter was made 45 times more likely in some parts of the continent because of human-caused climate change, a study on Tuesday (May 14) found.

Upcoming Events

May 22, 6:00 pm - 8:30 pm

Connect & Cocktails at Blanc de Blancs

At Blanc de Blancs, Level 2, Sip’in Eden Lounge, 83-85 Nguyen Hue, District 1

Don’t miss May’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
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May 23, 8:30 am - 12:00 pm

Co-hosted: Financial Empowerment Summit 2024 - Supporting Vietnamese people to improve their financial well-being

At Hilton Saigon Hotel, 11 Cong Truong Me Linh, Dist. 1

Amid ongoing economic challenges, it is crucial to equip individuals with the knowledge and tools to navigate these difficulties and achieve financial stability.

To address this, NordCham in collaboration with Decision Lab and Home Credit are hosting a high-level conference, bringing together over 100 industry leaders, policymakers, and educators to explore these issues and offer actionable insights to enhance the financial well-being of Vietnamese employees and consumers. From a business perspective, our focus is on employee retention and fostering a positive mental state to boost workplace productivity.

Register Online
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May 27, 8:00 am - 12:00 pm

The Illuminate Series: Deep Dive into Decree 13 on Data Protection and Cybersecurity in Education

At New World Hotel Saigon, 76 Le Lai Street, Dist. 1

Embark on a transformative journey into the realm of data protection and cybersecurity with our Illuminate Series Deep Dive, centered around the pivotal Decree 13/2023/ND-CP. On 17 April 2023, the Government issued Decree 13, marking a significant milestone in fortifying the legal framework governing cyberspace.

Decree 13, which took effect on July 1, 2023, imposes detailed obligations regarding personal data processing activities, building upon the foundation laid by previous legislation, such as the Law on Cybersecurity and its implementing decrees.

This four-hour session is meticulously crafted to equip participants with the knowledge and tools necessary to navigate the complexities of Decree 13.

Register Online

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 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!

Sponsorship Opportunities
Register Online

Upcoming Committee Meetings

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

Click Here for More Information on Committee Meetings

Sponsored Information

Welcome New AmCham Members

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

Special Thanks to AmCham Premium Members
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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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