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AmCham HCMC & Danang Weekly Newsletter
July 4th, 2024
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Vietnam’s General Statistics Office (GSO) published on Saturday that GDP expanded 6.93% in the second quarter versus the same period in 2023 and compared to 5.87% in Q1. GDP growth reached 6.42% in the first half of the year. Foreign direct investment (FDI) and exports also showed positive trends in the first half compared to 2023, with 13.1% and 14.5% growth respectively. This performance makes the 5.5% to 6.0% full-year Government target for GDP growth seem attainable.
Meanwhile, Vietnam’s consumer prices compared to the prior year rose 4.32% in June, and 4.08% for the first half of the year. This is close to the 4.5% annual target and will make inflation an indicator analysts and decision-makers will watch closely for the rest of the year.
In the U.S., core inflation rose slightly to 0.1% in May, bringing the annual rate down to 2.6%. This is the lowest reading since March 2021 and will reinforce market expectations of an interest rate cut later this year.
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On Saturday, we hosted our signature event of the first half of the year: the Independence Day Celebration & Community Picnic, in Thao Dien. Now in its 29th year, the event welcomed close to 900 people and featured live music, numerous raffle prizes, the Presentation of Colors by the Marine Color Guard, the National Anthem, a 4th of July Cake, and a wide assortment of food and beverage kiosks. U.S. Consul General Susan Burns joined us for the festivities, along with Governors Jesse Boone (Fulbright), Giovanni Rojas (Target), Philip Zitter (Russin & Vecchi), and many of our members. Make sure to check our website to see if you won any prizes. Thank you to our sponsors and volunteers for making this event a grand success. See more event pictures. | |
Our monthly Connect & Cocktails event took place last Wednesday at Cocotte in District 3. Over 80 members and non-members came together to network. Thanks to Bob Connolly (Crossroads Management Consulting), Secretary of our Education & Training Committee for hosting our Lucky Draw, and our sponsors for this event. | |
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Last Monday, we hosted our first Chair's Circle event of the year in partnership with new member Edelman Global Advisory (EGA). Reserved for our Premium members, this event provided insights on the implications of recent and upcoming elections in the EU, UK, and U.S. on the Asian and Vietnamese business landscape, and featured EGA's thought leaders based in London and Washington D.C. Among participants, Vice-Chair Michael Nguyen (Boeing) offered opening remarks and was accompanied by Governor Giovanni Rojas (Target).
We wish all our members and readers a Happy 4th of July!
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We thank all members who recently shared their comments on draft legislation currently being discussed.
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Draft Corporate Income Tax and Draft Special Corporate Tax Laws: members are asked to submit their comments to the Tax & Customs Committee before review by the Advocacy Panel, the Hanoi chapter, and submission to the Ministry of Finance (MoF).
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Liquefied Natural Gas (LNG) Power Projects Development Mechanism: comments from HCMC and Hanoi members were compiled, reviewed by the Energy Committee and Advocacy Panel, and submitted this week to the Ministry of Industry and Trade (MoIT).
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Comments on Circular No. 08/2022/TT-BYT regulating marketing authorization of drugs and medicinal materials: comments from HCMC members were reviewed by the Healthcare Committee and Advocacy Panel, and submitted last week to the Drug Administration of Vietnam.
Members are encouraged to bring forward any advocacy needs or related questions to the relevant Committees, or by email to advocacyaction@amchamvietnam.com.
Similarly, we invite members experiencing instances of administrative delays and challenges to share details via email to Communications@amchamvietnam.com. We are compiling this information on behalf of our members.
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At Saitex Fabrics Vietnam, D3 Road, Subdivision 6C, Nhon Trach 6 Industrial Park, Long Tho Commune, Nhon Trach District, Dong Nai
AmCham Vietnam HCMC & Danang ESG Committee is pleased to organize an ESG-themed field trip to Saitex Fabrics in Dong Nai as part of our effort to showcase best practices and innovations in sustainable and responsible business in Vietnam. The site visit will include both a tour of the recently opened state-of-the-art fabric mill facility in Nhon Trach, and a presentation on Saitex’s Circular Manufacturing System.
Join us for an exclusive opportunity to learn from Saitex circular approach, and how it engages its stakeholders on its environmental and social goals - including its target to be carbon neutral by 2025.
Spot are limited to 20-25 attendees. AmCham will organize transportation, refreshments, and lunch for confirmed participants.
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Hybrid Event: HCMC & Zoom
AVPN is honored to host the “Climate Change and Public Health: Addressing Dengue and NTDs” hybrid event in collaboration with AmCham Vietnam HCMC & Danang and other partners.
This hybrid event is designed to convene key stakeholders with the following objectives:
- Sharing from experts on the danger of NTDs and dengue fever and how climate change makes dengue more rampant;
- Learn from examples of solutions to address dengue;
- Identify peers and potential partners for future collaboration opportunities in dengue mitigation and prevention;
Language: English & Vietnamese
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Upcoming Committee Meetings | |
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Members are welcome to join, in-person or virtually:
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Latest offers for our members! | | |
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10% off
on total bill for dine-in menu
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Simply present your AmCham membership card to enjoy these and many other benefits.
Give your business the exposure and reach you are looking for by joining our Partner Discount Program. We welcome requests from all interested businesses looking to promote to over 2,000 representatives of over 500 corporate 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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