Dear AmCham,

As we enter the second quarter and hottest time of the year in HCMC, our Chamber remains active on multiple fronts. Many draft laws are in circulation and we need to engage in advocacy to ensure appropriate outcomes.

The visit of Apple’s CEO Tim Cook to Vietnam this week reinforces both the importance of Vietnam as a growing market for iPhones and a key manufacturing location for the electronics industry. The Vietnam economy seems to be gathering steam, but consumer confidence is yet to gain strength, presumably linked to the slow recovery in real estate.

I attended AmCham Hanoi’s celebration of its 30th anniversary in Vietnam at the JW Marriott in Hanoi last Friday. The US Ambassador and the Minister of MPI attended the event, as did many members and friends. It was a time to cherish the strong role played by AmCham in Vietnam over decades.

Last Tuesday, we hosted a member-only webinar centered on U.S. Trade Cases Against Vietnamese Exports with Matthew McConkey, Partner at Mayor Brown based in Washington D.C. Main topics included current status of trade cases and potential shifts with a conversion to a market economy designation. Special thanks to member Orsolya Szotyory-Grove, Chair of our Legal & VBF Liaison Committee and Sr. Associate at Mayer Brown, for moderating the event.

Please mark your calendars for our U.S. Independence Day Celebration & Community Picnic to be held on Saturday, June 29th. An annual tradition for the American business community in HCMC, this event also represents an excellent opportunity to showcase your businesses, products and services. Please see more details, including sponsorship opportunities, below.

Please note AmCham HCMC & Danang office will be closed on Thursday, April 18th in observance of the Hung Kings Festival holiday. Our office will reopen on Friday, April 19th.

We welcome your feedback on how we can support you better. Please email us at team@amchamvietnam.com.

RamC

We continue to advocate on behalf of our members’ interests and provide opportunities for them to advocate directly. Thank you to all members who have recently contributed to our advocacy efforts.

Below are a few of the policy fronts we are currently addressing through advocacy:

• We are seeking comments from members on the Draft Employment Law through April 19th. Once compiled, these will be reviewed by the Human Resources and Manufacturing Committees.

• Multiple members responded to our call for comments on the Draft Advertising Law last week. Comments will be compiled and reviewed by the Food & Beverage and Manufacturing Committees.

• We also received comments from members on the Draft Value Added Tax (VAT) Law, to be reviewed by the Tax & Customs Committee once compiled.

• Similarly, we are compiling comments on the Draft Electric Law. These will be jointly reviewed by the Energy Committees from HCMC, Hanoi, and Danang.

• We will also be submitting member responses to the Department & District Competitiveness Index (DDCI) Survey to the HCMC Investment and Trade Promotion Center (ITPC).

Thank you to all members who have shared their perspectives. We encourage all of you to bring forward any questions or advocacy needs to the relevant Committee or by email to advocacyaction@amchamvietnam.com.

[Viet Nam News] Majority of enterprises forecast positive performance in Q2 2024. Specifically, 45.4 per cent of enterprises forecast their production and business activities in Q2 2024 will be more positive than Q1 2024, while 36.6 per cent of enterprises predict a stable production and business for the period.

[VN Express International] No ban on cryptos but legal framework needed: Ministry of Justice. Cryptocurrencies and virtual assets are not banned but a legal framework needs to be created to manage them, a Ministry of Justice official has said.

[CNA] Southeast Asia 'woefully off track' on green investment, Bain says. South East Asia is "woefully off track" on green investments to reduce emissions and needs new policies and financial mechanisms to help bridge the gap, the global consultancy Bain & Company said on Monday.

[VietnamNet Global] MoLISA weighs in on push to slash weekly work hours to below 48. The Ministry of Labour, Invalids and Social Affairs (MoLISA) has reported to the Government regarding proposals from the Vietnam General Confederation of Labour focusing on reducing working hours.

[Reuters] Vietnam's Viettel to develop semiconductor industry, prime minister says. Vietnamese Prime Minister Pham Minh Chinh has asked military-run telecom company Viettel to develop the semiconductor chip industry in a "more efficient and diverse manner", the government quoted him as saying late on Tuesday.

[Vietnam Investment Review] MPI calls for high-tech, green energy cooperation from Washington investors. Vietnam's Ministry of Planning and Investment (MPI) has welcomed a delegation from Washington to discuss investment opportunities and cooperation in high technology, semiconductors, and green energy.

[The Investor] Workers in Vietnam to enjoy five-day break for National Reunification, May Day. Public employees and workers in Vietnam will enjoy a five-day break to celebrate the National Reunification and May Day holidays from April 27 (Saturday) to May 1 (Wednesday) per a decision signed by Prime Minister Pham Minh Chinh.

[AP] Real estate tycoon’s death sentence is a turning point in Vietnam’s anti-corruption campaign. The unusually harsh death sentence given to a real estate tycoon in Vietnam was a pivotal moment in the decade long “Blazing Furnace” anti-corruption campaign as the Vietnamese business community wrestled with an uncertain future Friday.

[The Investor] Multinational home tool firm Techtronic to invest $650 mln in Vietnam. Techtronic Tools (Vietnam) Company Limited under Hong Kong-headquartered multinational firm Techtronic plans to invest $650 million in Ho Chi Minh City, the southern economic hub of Vietnam.

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



• Healthcare Committee Meeting: Wednesday, Apr 17 – 4:15 pm

Topics will include 2024 Priorities, Health Insurance Law Impact Update, and Best in Class Pharma Logistics Services

• Manufacturing Committee Meeting: Friday, Apr 19 – 10:00 am

• Women in Leadership Committee Meeting: Tuesday, Apr 23 – 4:30 pm

• Logistics & Supply Chain Committee Meeting: Wednesday, Apr 24 – 9:00 am

• HR Committee Meeting: Thursday, Apr 25 – 9:00 am

Topics will include Future Ready Workforce (Reskilling & Upskilling) and the Draft Employment Law

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