AmCham Vietnam Weekly Update -
44th Week of 2020 - November 1st, 2020
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Executive Director Update |
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Colleagues,
We hope you are doing well and enjoying the Halloween/All Souls weekend. My daughter and her friend enjoyed giving out candy to visiting trick or treaters on my compound - between the downpours...
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Remember for those of you with colleagues, friends, and family in the U.S. - it is daylight savings time in the U.S. effective November 1, with Vietnam (ICT) now exactly 12 hours ahead of the East Coast (EST).
Support Emergency Relief and Economic Recovery and Rebuilding in Central Vietnam: Flood and landslides in Central Vietnam have caused the loss of at least 230 lives this month, far greater than the 35 who have died as a result of COVID this year. The situation in the Central region continues to be dire. The U.S. Government has now contributed $2.1 million for relief, with the UN Population Fund announcing $540,000 in immediate support to women and girls in six hard-hit central provinces, including 92,000 pregnant women.
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Our thoughts and our hearts are with those in the Central Region. AmCham Vietnam-Ho Chi Minh City & Da Nang, in partnership with VinaCapital Foundation, a 501 (c)(3) non governmental organization chartered in the USA and licensed in Vietnam, would like to call for the donations of our members and friends to contribute to the campaign “Our Hearts to Central Vietnam” to provide emergency disaster relief response to the people in Central Vietnam, as well as contribute to the process of rebuilding. VinaCapital Foundation has an extensive track record of operating in the Central region, operates transparently as an audited U.S. NGO, and also benefits from VinaCapital Fund covering its administrative costs. In this case, that enables 100% of your contributions to go directly towards providing both emergency relief for Phase 1 and rebuilding of clinics, schools, and housing in Phase 2 to facilitate economic recovery. Many of our members have already made generous contributions to VCF, including Coca-Cola, Suntory PepsiCo, and Nuskin, in some cases, in addition to other contributions. Please help if you can, either through your company or individually.
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Message from AmCham Vietnam-Da Nang Vice Chair Chris Vanloon: Greetings from Da Nang. Typhoon Molave has come and gone. Thanks in part to the efficient response and clean-up efforts of the local government, the impact on Da Nang was quite low. Unfortunately the damage and loss of life in other Central areas was quite dramatic. Our sincere condolences to those who were less fortunate during the storm. Additionally, a special thanks to Da Nang People’s Committee Chairman Huynh Duc Tho for our very constructive meeting this past week about future investment and cooperation between AmCham and Da Nang City and the Central region.
Upcoming Events
U.S Presidential Election Update: AmCham is continuing nonpartisan events to keep our members informed of the issues at stake in the November 3 U.S. Presidential election. Don't miss AmCham's Election Watch party on the morning of Wednesday, November 4 at the Hard Rock Cafe in HCMC and at Dirty Fingers in Da Nang. Register now!
The outcome of this election will affect you whether you are an American citizen or not. Come and be prepared to bite your nails, celebrate, or cry with AmCham colleagues and friends. We can't guarantee a final outcome that morning, but expect to see some pretty clear indicators. Set price for breakfast. Cash bar available for those who want to celebrate, or drown your sorrows...
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While it may be too late for U.S. Citizens living in Vietnam to ensure mail-in ballots gets counted, you still may be able vote online or via fax if your state allows! For more info, visit vn.usembassy.gov/u-s-citizen-services/voting/. And encourage your friends and family back in the U.S. to vote!!
November 10 Business Intelligence Briefing: U.S.-Vietnam Policy Outlook. To understand the impact of the U.S. elections and the upcoming 13th Party Congress in Vietnam, save the date for our panel discussion the evening of November 10 with experts including Bower Group Asia Head of Research and author of "Under Beijing's Shadow: Southeast Asia's China Challenge" Murray Hiebert; U.S. Chamber of Commerce Senior VP for Asia Charles Freeman; ISEAS-Yusof Ishak Institute Regional Strategic and Vietnamese Studies Fellow Dr. Le Hong Hiep; and Fulbright School of Public Policy and Management Lecturer and Economic Adviser to the Prime Minister Nguyen Xuan Thanh.
Finally, be aware of Section 301 investigations: On October 2, the U.S. Trade Representative announced, at the direction of President Trump, initiation of an investigations addressing two significant issues: 1) Vietnam's acts, policies, and practices related to the import and use of timber that is illegally harvested or traded; and 2) Vietnam's acts, policies, and practices that may contribute to undervaluation of its currency and resultant harm to U.S. commerce. USTR Robert Lighthizer said "We will carefully review the results of the investigation and determine what, if any, actions it may be appropriate to take." On October 8, notices of these investigations were published in the Federal Register with comments due by November 12.
Vietnam's growing trade deficit with the United States, now the 4th largest, likely contributed to these investigations. The Vietnamese Government undoubtedly will file comments regarding both investigations. HAWA has retained Baker & McKenzie to coordinate its response with respect to the timber allegations, and will be seeking to coordinate with AmCham members in the furniture manufacturing business. The currency allegations will be discussed at our November 2 Capital Markets and Financial Services Committee meeting. We are also considering whether AmCham will also file comments with respect to one or both of the investigations, in coordination with our Hanoi chapter, AmCham Hanoi.
Recent Events
Last week was almost a blur of events and activities to promote AmCham priorities and members. And Ambassador Kritenbrink and his team were busy with senior visiting USG delegations just days before the U.S. elections.
Last Sunday, U.S. International Development Finance Corporation CEO and a 16-person delegation visited Vietnam as part of a regional visit to promote trade and investment opportunities for U.S. companies. Prime Minister Phuc welcomed additional U.S. FDI and also took advantage of the visit to state that Vietnam does not devalue its currency to gain an unfair trade advantage, an allegation in a current Section 301 investigation (see above).
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Monday morning, October 26, I joined Cai Mep International Terminal (CMIT) in Ba Ria Vung Tau to welcome the Margrethe Maersk, the largest container ship (214,121 DWT) ever to call Vietnam - en route to the USA! Happy to support expanded trade and investment ties between the United States West Coast and Vietnam! Only 20 ports in the world can receive ships of this size!
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Monday afternoon, we hosted Entrepreneurship and Innovation in Tourism. AmCham promoted Entrepreneurship & Innovation in Tourism with Vynn Capital’s Victor Chua, Triphunter’s Hanh Ly, Triip.me’s Hai Hồ, and Talecity’s Hieu Le, all of whom are drivers of innovation in the pre and post-COVID tourism sector. Thanks to Entrepreneurship & Innovation Initiative Co-Chairs Eddie Thai and Jonah Levey and Tourism & Hospitality Committee Co-Chair Craig Douglas and Vice Chair Ken Atkinson for your collaboration. Check out these innovative startups as part of your plans to Rediscover Travel in Vietnam!
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October 27: Labor Trends: Key highlights of 2020 TalentNet-Mercer Total Remuneration Survey. Thanks to TalentNet Human Capital Solutions Senior Principal Hoa Nguyen for keeping AmCham members informed of critical business intelligence to guide salary and bonus planning in this challenging year!
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On October 27: AmCham 101 - New Member Orientation. We were delighted to welcome 15 new members to our AmCham 101. Please sign up for our next session if you are new or just want to get more information how to connect and make the best use of our membership services.
On October 27: AmCham supported event - Valuing Natural Capital. Honored for AmCham to join forces with CHANGE, Wild Aid, and the U.S. Consulate to value natural capital and end wildlife trafficking. Actions aligned with AmCham’s new Environmental, Social, and Governance Committee. Fantastic event thanks to Hong Hoang and team!
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On October 28, Chairman Chad Ovel and several of our members joined the Indo-Pacific Business Forum in Hanoi to discuss how to strengthen U.S. trade and investment in the Indo-Pacific region, particularly in infrastructure. A few were able to join some Vietnam-specific sessions with Ambassador Kritenbrink and senior officials from the U.S. Trade and Development Agency, Department of State, and Department of Commerce, and a virtual meeting with Ambassador Kritenbrink and members of the U.S. Chamber of Commerce on October 29. More than 2000 participants joined in person or virtually, demonstrating strong interest in the region to strengthen ties with the U.S. private sector. In Vietnam, there were also signing ceremonies representing billions of dollars of U.S. exports and investment.
On Thursday, October 29, we were happy to see several members and potential members at our AmCham Connect & Cocktail at Chill Sky Bar. The views were amazing and we saw some good networking going on. We will ensure our next venue is a bit more conversation-friendly ...
October 30 Da Nang BOG Meeting and People's Committee meeting: Friday, we had good meetings with AmCham Vietnam - Da Nang’s newly-expanded Board and People’s Committee Chairman Huynh Duc Tho. It has been a rough year for Da Nang, but both sides committed to partnering to strengthen our trade and investment ties, grow existing investment and attract new, and promote economic recovery in Da Nang and Central Vietnam. We also pledged to encourage our members to contribute to flood relief and rebuilding in harder-hit Central region provinces, including through our partnership with VinaCapital Foundation. Stay tuned for news of upcoming Da Nang events, including a November 4th Da Nang U.S. Election Returns Watch Party, as well as a November 27 Thanksgiving dinner!
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And while we were in Da Nang, Secretary of State Pompeo came to Hanoi. https://www.scmp.com/week-asia/politics/article/3107801/pompeos-vietnam-visit-focuses-security-and-trade-us-aims-bolster
COVID Update by Dr. Mason Cobb
The Vietnam government continues to take a vigilant approach to ensure public health and safety. Recently, over 30 were quarantined in D2 in HCMC because of F1 or F2 contact status with a suspected case. There have been no community cases in Vietnam in 60 days. The government is continually adapting the entry criteria for quarantine to ensure some inbound travelers from infected areas and keeping the public safe. And there is some flexibility for senior foreign government officials (including from the US!) coming for short stays, although their movement is severely restricted.
Globally, Covid-19 has made everyone tired of a life pared down, and the months of precautions are becoming onerous. But the pandemic has gotten even worse in Europe and the USA, so the light at the end of the tunnel seems distant. Fortunately, the rate of death is declining. This may be due to the more experienced and better-equipped caregivers, and in part that younger people are contracting it.
One purpose of doctors is to scare the heck out of you regarding your health. Today’s dose: the vaccine will likely not be the end-all of the epidemic. It took 250 years for smallpox and about 25 years for polio (the USA only). And that was with amazingly effective vaccines: they had a high degree of complete protection (>90%) in a limited and controllable population. The “warp speed” COVID-19 vaccines may not have a high degree of effectiveness (50% is the bar) nor be fully tested, even though passing Phase 3 trials. Now it has been observed, but not proven, that antibodies may only last for a few months. Additionally, COVID-19 may become endemic, meaning always in the population (not herd immunity whereby a low degree of susceptibility develops in the population). In any case, it is likely that general availability will only be after the first quarter of 2021.
Now the good news - several late-stage vaccines will offer at least some protection and they can be repeated. There are some 44 vaccines worldwide in various phases (the one from Viet Nam shows promise in animal experiments). Over time, some will prove to be very effective. As this space says every time, keep your guard up in the ways that you already know!
Mary Tarnowka, Executive Director
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7:30am-12:00pm, Hard Rock Cafe, 39 Le Duan Blvd, Dist. 1
Event Level Rating: II
As exciting as a sporting event, but with much higher stakes! As part of AmCham’s nonpartisan 2020 Election series, please join friends and colleagues to watch the election results live between President Donald Trump and Democratic nominee Joe Biden.
The Hard Rock Cafe in District 1 is opening up exclusively for us – don’t miss this historic event!
And if you are an American citizen, register and VOTE NOW!!
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7:30am-11:30am, Dirty Fingers, 406 Vo Nguyen Giap, Bac My An, Ngu Hanh Son, Da Nang
Event Level Rating: II
As exciting as a sporting event, but with much higher stakes! As part of AmCham’s nonpartisan 2020 Election series, please join friends and colleagues to watch the election results live between President Donald Trump and Democratic nominee Joe Biden.
The Dirty Fingers – 406 Võ Nguyên Giáp, Bắc Mỹ An, Ngũ Hành Sơn is opening up exclusively for us – don’t miss this historic event!
And if you are an American citizen, register and VOTE NOW!!
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4:30pm-7:30pm, The Reverie Saigon, 22-36 Nguyen Hue Blvd., Dist. 1
Event Level Rating: II
One week after the U.S. Presidential elections and two months before Vietnam’s 13th Party Congress, join this event at The Reverie Saigon to inform your 2021 and beyond business plans. Learn from a panel of experts what to expect in terms of the players and policy outlook in the United States and Vietnam.
Follow-on cocktail networking session.
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6:30pm-8:30pm, Boudoir Lounge, Sofitel Saigon Plaza, 17 Le Duan Blvd., Dist. 1
Event Level Rating: II
Join us on Tuesday, November 17 for our Meet-the-Candidates Night leading up to the 2020 AmCham Vietnam HCMC Board of Governors Election. Candidates for the Board of Governors will be present to share their visions for AmCham Vietnam HCMC.
Candidates’ bios and their vision statements for AmCham Vietnam HCMC will be available on AmCham Website soon. Online voting will be set to begin after the event on the evening of November 15. Ernst & Young will perform procedures over the results of the election and the elected Governors will be announced at our Annual General Meeting on December 15, 2020.
Don’t miss out on your chance to personally meet with the candidates on November 17th!
This special event is open to AmCham Vietnam-HCMC & Da Nang members only. Advanced registration is requested.
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8:30am-10:30am, The Reverie Saigon, 22-36 Nguyen Hue Blvd., Dist. 1
Event Level Rating: II
According to ManpowerGroup, women make up more than 50% of the global workforce, but less than 25% of women have senior leadership roles. Dr Tomas Chamorro-Premuzic, Chief Talent Scientist, ManpowerGroup shared: “There are three popular explanations for the clear under-representation of women in management, namely: (1) they are not capable; (2) they are not interested; (3) they are both interested and capable but unable to break the glass-ceiling: an invisible career barrier, based on prejudiced stereotypes, that prevents women from accessing the ranks of power.” What should be done to overcome this gender barrier for better organizational performance?
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6:00pm-9:00pm, The Reverie Saigon, 22-36 Nguyen Hue Blvd., Dist. 1
Event Level Rating: II
Please join us to give thanks for all the blessings we enjoy here in Vietnam, and celebrate the positive impact that AmCham Vietnam members have made to community and sustainable development in Vietnam.
Enjoy a delicious traditional Thanksgiving dinner with fellow AmCham Vietnam members and friends, and representatives of the U.S. and Vietnamese government at the elegant Reverie Hotel. Spouses and significant others are welcome, too!
Thanksgiving is an annual holiday that Americans celebrate with family and friends on the fourth Thursday in November (this year November 26) to give thanks for the harvest and good fortune we have enjoyed throughout the year. AmCham Vietnam is holding the first of what we hope will become an annual event, where we will celebrate with our fellow AmCham members and friends, express gratitude for our blessings, and recognize the important contributions many of our members have made through innovative and impactful Corporate Social Responsibility (CSR) programs and Environment, Social, and Governance (ESG) initiatives.
This year, we are especially grateful for the Vietnamese government’s impressive management of the COVID outbreak, which has enabled our businesses to continue operations and kept our team members and families safe and healthy. We will have a special category to recognize members who have contributed to the COVID response, either through AmCham or directly.
More details coming soon!
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8:0pam-10:30am, Park Hyatt Saigon, 2 Lam Son Square, District 1
Event Level Rating: II
Running a business is often likened to playing a game. However, when the game requires one to put money and reputation on the line, the need for self-preservation intensifies. Hence, it is to no one’s surprise that business partners often find themselves in a clash of interests. Once their differences escalate to unsolvable levels, they might seek the measure of last resort: legal action.
Such is the general definition of a commercial dispute. From breach of contract to reputation management, a commercial dispute stems from conflicts in trade and commerce. As expected of any legal action, commercial disputes can be stressful, time-consuming, and expensive. More importantly, they can have injuring effects on one’s reputation.
To help you understand their legal implication, LeTran would like to announce our two-part lecture series on Commercial Disputes. In Part One, we are presenting and analysing three celebrity cases in recent years with very distinctive circumstances, variables, and outcomes. From transportation to construction, we are examining the law’s application on various industries.
To convey the technical details in their most digestible form, we are pulling apart the important elements of each case. In doing so, we invite everyone, with or without a background in law, to apply their newfound knowledge to their own situation. No one enjoys an arduous legal battle; join us to demystify the legislature and protect yourself against potential losses.
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6:00am-2:30pm, Vietnam Golf & Country Club, Long Thanh My Ward, Dist. 9
Event Level Rating: II
This fun day of golf is open to all AmCham Members and their guests! You can sign-up individually or with other members or friends and even make your own foursome. Non-Members are welcome to join as long as they are playing with at least one AmCham Member.
This Thanksgiving Day golf event will kick off at Vietnam Golf & Country Club with an 7:00am Shotgun. There are lots of prizes for all to win, a commemorative golf cap for each participant. Cold beverages from Coca-Cola, Pepsi, and Budweiser beer will be served throughout the day and our awards ceremony will feature a bountiful Roast Turkey spread for everyone to enjoy after a fun day out on the course!!
Don’t miss out on this Annual golfing event and sign up today!!!
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6:00pm, InterContinental Saigon, Corner of Hai Ba Trung St. and Le Duan Blvd, Dist. 1
Event Level Rating: II
The AmCham Vietnam – Ho Chi Minh City Board of Governors and the Governors’ Ball Organizing Committee are delighted to announce our 25th Annual Governors’ Ball, to be held on December 12, 2020, beginning at 6.00 pm at the InterContinental Saigon. This year’s OLD HOLLYWOOD CHRISTMAS – themed ball provides a glamorous and elegant setting to celebrate the holiday season.
The Governors’ Ball brings together over 400 members of the AmCham Vietnam business community and Vietnamese and international business representative friends. The Ball is a unique opportunity for you to access and promote your company to a large and influential audience, in a festive and fun setting, while contributing to a worthy charitable cause. We hope that you will join the event and become a sponsor for this special evening.
Proceeds from the 2020 Governors’ Ball will support AmCham’s flagship Corporate Social Responsibility initiative, the AmCham Scholarship Program.
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10:00am-12:30pm, InterContinental Saigon, Corner of Hai Ba Trung St. and Le Duan Blvd, Dist. 1
Event Level Rating: II
The 8th annual AmCham Breakfast with Santa will be held this year on December 13th, from 10 AM to 12:30 PM, once again at the InterContinental Saigon Ballroom.
As usual, there will be a delicious breakfast (brunch) to be served with visits from Santa Claus and Elves. Every child is welcome to sit on Santa’s lap and take photos. Children will enjoy holiday disco along with games at Kid corners and leave with a gift bag. More importantly, this is also a special charity event in which a portion of every adult ticket sold for this holiday family occasion will help fund the cost of a child from the Loreto Foundation to attend the Breakfast.
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6:00pm-8:30pm, New World Hotel Saigon, 76 Le Lai St., Dist. 1
Event Level Rating: II
Please mark your calendars to join AmCham’s most important organizational meeting of the year. As members… YOU are the key stakeholders… AmCham is YOUR business organization. Therefore, AmCham leaders will update you on 2020 strategic results, key developments, and announce the election results for the 2021 Board of Governors. There will also be an opportunity for you to ask questions and make recommendations.
Immediately after the organizational meeting, will be a networking cocktail reception. This reception is free of charge for members and their spouses/partners. It will include free flow wine, beer, soft drinks, and hearty hors d’oeuvres hosted by AmCham Vietnam in HCMC and our generous sponsors.
We look forward to your participation as we continue to grow our Chamber to be the key and premier leader for developing the U.S. and Vietnam’s trade and investment relationship.
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As cross-border transactions are becoming increasingly common, businesses and individuals are turning to electronic signatures to save time and costs. Instead of waiting for documents to be transported by courier around the globe, the relevant parties can finalise and execute their contract in a matter of seconds. Nevertheless, there are still reservations about their security, effectiveness, and legitimacy. This article aims to demystify electronic signatures under the lens of the law and the technology that make possible and easy e-commerce, contributing to the rise of globalisation in the 21st century.
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The project is the office component of the Q2 Thao Dien mixed-use complex, comprising of 32 floors of premium office space, one basement allocated for parking, and two high-speed passenger lifts. Worc@Q2 aims to provide the market with bite-sized, flexible and unique duplex floor plates which will allow tenants to create modern and efficient working environment.
Moreover, the office building is conveniently located in the prospering eastern region of Ho Chi Minh City, surrounded by an abundance of newly completed high-end residential and commercial developments. The potential tenants will benefit from the on-site retail podium which will accommodate restaurants, convenience stores, and high-quality entertainment amenities.
Please contact CBRE Office Services to explore more about this project
James Hewson
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Committee Meetings & Activities (For AmCham Members Only) |
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4:00-5:30 pm, Sunwah Corner Corporate Café, 6th Floor, Sunwah Tower, 115 Nguyen Hue Blvd., District 1
Event Level Rating: II
Agenda:
- Introduction of CMFSC to new members
- Overview of ADB’s overall mission in Vietnam and private sector development operations
- Overview of Vietnam’s economic outlook 2020-2021, including the alleged currency manipulation issue, analysis, and possible impact
- Q&A
- Short committee updates
- Next meeting Monday, December 7th, 2020 from 4:00pm – 5:30pm
- Meeting ends
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9:00-10:30 am, Please register to get the link for virtual attendance.
Event Level Rating: II
To be updated
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3:00-4:00 pm, AmCham Vietnam HCMC, Suite 323, New World Saigon Hotel, 76 Le Lai Street, District 1
Event Level Rating: II
To be updated
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5:00-6:15 pm, Baker McKenzie (Vietnam) HCMC Office, 12th Floor, Saigon Tower, 29 Le Duan Blvd, District 1
Event Level Rating: II
To be updated
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AmCham Premium Membership |
The AmCham Premium Membership 2020 is a leadership-level membership for companies contributing strategic support for AmCham's mission and programs. Our Premium Membership comes with a range of exclusive benefits. One all-inclusive Premium Membership's annual billing simplifies your businesses' sponsorship efforts. |
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We love our AmCham members! Do you know all the benefits you get with your membership? Maybe you only remember the ones you've used recently, but there are many ways even our basic level members benefit at AmCham. |
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The American Chamber of Commerce in Vietnam
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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