Weekly eNewsletter
8th Week of 2021 - February 28, 2021
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AmCham Vietnam’s Vision: The most influential, strategic, and dynamic business association in Vietnam, that drives innovation and sustainable growth, and helps our members succeed. AmCham is a diverse, inclusive, business association and welcomes American, Vietnamese, and international companies that share our interest in enabling a fair, transparent, and predictable regulatory environment that values innovation. A community you want to join.
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Updates from Mary Tarnowka, Executive Director |
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Dear Colleagues,
I have been enjoying our semi-lockdown in my garden and doing outdoor yoga with neighbors. Hope you, too, are finding ways to enjoy our cooler weather and cleaner air. We practiced yoga under the stars with an almost full moon last week! I tried to ignore the swooping bat…
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To support continuing COVID restrictions on public gatherings, AmCham currently is operating at Level III – hybrid in person and virtual gatherings of up to 30 in-person participants with masks required. We understand that these restrictions may change soon. Students are scheduled to be back in school in HCMC Monday and Hanoi Tuesday. Da Nang schools continue in-person classes.
This week, we welcome our members to join hybrid meetings at AmCham’s office or virtually of our Capital Markets and Financial Services Committee Monday afternoon, March 1 from 4-5:30PM, with Committee Chair and Saigon Asset Management Chairman and CEO Louis Nguyen moderating a discussion with Manulife CFO Chun Nam Ng on the insurance industry in Vietnam and its impact on capital markets, and challenges and opportunities in the development of corporate and government bond and derivative markets.
We also welcome members to join our Education & Training Committee on Wednesday morning from 9-10AM, which will focus on how schools have adapted to online and now back to in-person learning as well as discussing initial plans and volunteer opportunities for Q2 workshops on workforce development in HCMC and Da Nang, which we will plan in coordination with our Human Resources and Manufacturing Committees.
HCMC and Da Nang Board Members and Committee Chairs or Co-chairs, please Save the Date for our virtual Joint Board-Committee Leadership meeting on Wednesday, March 10 from 4:30-5:30PM.
All members and friends are invited to join our March 11 Transfer Pricing Event for Companies Moving to Vietnam. Also, Save the Date now for a special event we will hold on Thursday, March 11, 4:30-7:30PM, Enabling Ethical Supply Chain Practices in Vietnam with special guest speaker U.S. Consul General Marie Damour (in-person at the InterContinental Saigon and virtually).
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In case you missed last week’s live broadcast, click on the link below to see the recorded session of “Leveling Up: the Next 25 Years in U.S. -Vietnam Business and Trade Relations,” an event we held in partnership with the Hawaii-based research institute, Pacific Forum, with support from the U.S. Consulate. https://www.facebook.com/watch/live/?v=128394329172954&ref=watch_permalink
It was a fascinating discussion with our expert panelists: Baker & McKenzie Senior Partner Fred Burke; Intel Vietnam and Malaysia Director of Public Affairs Uyen Hồ; and 500 Startups General Partner Eddie Thai.
AmCham is proud of the remarkable growth in our bilateral trade and investment partnership during the first 25 years of diplomatic relations - and AmCham’s existence. We are excited about the potential for growth in our economic partnership in the next 25 years!
Last week, we were disappointed that we needed to cancel our February Connect & Cocktail due to COVID restrictions on public gatherings, but happy to meet many new members at our mostly virtual AmCham 101 session. We discussed a number of legal and regulatory issues at our VBF and Legal Committee Meeting Tuesday, including comments we had filed on the draft Intellectual Property Law earlier that day with the Vietnam Intellectual Property Office, as well as plans to file comments on Vietnam’s Power Development Plan 8, just issued by the Ministry of Industry and Trade. We also held productive strategy planning meetings for our Women in Leadership and Energy Committees - look for updates on our website soon, including special member-only access!
Last Wednesday, I was excited to meet with British Consul General Emily Hamlin, and learn she had just been at the Tan Son Nhat airport for the arrival ceremony of the first COVID vaccine to arrive in Vietnam, a shipment of AstraZeneca vaccine from Korea. More information regarding that in our COVID Update below.
Be well and stay safe. We welcome your feedback at team@amchamvietnam.com to let us know how we can serve you better. Mary
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Message from Chris Vanloon, Chairman of AmCham Vietnam-Da Nang Chapter:
Greetings from Danang and I hope all are safe and healthy. It was an honor to attend the Ceremony of Awarding Investment Certificate, Approval of Investment Research Guidelines and introducing some info concerning the establishment of Supporting the Industrial Zone for Danang Hi-tech park. Thank you to Vice Chairman of the People’s Committee Mr. Ho Ky Minh and Mr. Pham Truong Son, Director of Danang Hi Tech Park for the invitation. The new DHPIZA building which services the Hi Tech Park is architecturally stunning and the perfect place to welcome several new projects such as Arevo and the International Materials Technology Company who join UAC as two more of the growing list of Hi Tech American investors receiving the many benefits of investment in the city’s new industrial zone has to offer. We wish you all great success!
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Last week, we filed comments with recommendations for improvement to Vietnam’s new draft Intellectual Property Law to ensure that Vietnam creates an enabling environment for innovation. Many thanks to Baker &McKenzie’s legal team, led by Partner Tran Manh Hung, who coordinated drafting, our joint VBF & Legal Committee, and all our members who submitted comments. If you are a member and interested in obtaining a copy of our comments, please contact Advocacyaction@amchamvietnam.com We welcome additional comments or concerns. We will also be filing comments on MOIT’s Power Development Plan 8, in coordination with AmCham Hanoi. If you are interested in contributing to this process, please contact our Energy Committee at Energyleaders@amchamvietnam.com
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Committee Meetings & Activities (For AmCham Members Only) |
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March 11, 9:00 - 10:30am (hybrid-in person and virtual)
Venue: New World Hotel Saigon, 76 Le Lai St., Dist. 1
· Update Vietnam’s economic amid market’s difficulty in pandemic
· Update important changes of Decree 132
· New regulations on interest expense deduction according to Decree 68 and Decree 132
· Update trends and practices in transfer pricing audit
· Influence of COVID-19 and compliance with transfer pricing regulations
· Share taxation concerns and updates
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SAVE THE DATE
March 11, 4:30 - 7:30pm (in-person at the InterContinental Saigon and virtually)
Enabling Ethical Supply Chain Practices in Vietnam
This will be the first in a series we will hold on supply chain investment in Vietnam. Join us to learn how MNCs can develop ethical supply chains in Vietnam, as well as how Vietnamese SMEs can be part of global ethical supply chains. U.S. Consul General Marie Damour will deliver opening remarks, and a panel of global and local experts along the value chain will share insights, lessons learned, and best practices to enable ethical supply chains in Vietnam. More details soon!
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April 1, 6:00 - 8:30pm
AmCham invites you to the AmCham Members Night event including the U.S. Consulate General staff on Thursday, April 1. Please plan to join the networking cocktail reception at 6:00pm. This will be our special opportunity to introduce you to our recently joined members. After remarks by Consulate General team and introduction of new members, a cocktail reception will offer networking opportunities for one-on-one conversations with the Consulate General Team, AmCham Governors, and fellow members.
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This week we have a special update from AmCham Healthcare Committee Co-Chair, KPMG Strategy Group Managing Director and National Head of Life Science, Luke Treloar
Another fascinating and busy week in Vietnam Healthcare and Life Science news, with Covid as usual dominating the headlines. There are nevertheless strong signs for optimism as vaccines are now rolling out globally at a record pace, and Vietnam welcoming its first 117 thousand doses. With any luck, and continued hard work, we will be back to normalcy sooner than feared.
What is the current state of Vietnam’s vaccine rollout?
On Wednesday, you surely saw the Korean Air cargo flight arrive at Saigon’s Tan Son Nhat Airport with its 117 thousand doses of AstraZeneca vaccine. This is the first of many shipments that we will see over the coming months. Shortly after the vaccine’s arrival, the Ministry of Health announced an ambitious plan to extend its existing 30 million order to a total of 150 million doses from “foreign and local” providers, and provide it free to the public. This is fantastic news in Vietnam’s battle to manufacture herd immunity. Details of the rollout are just emerging, with the government announcing 11 priority risk groups and targeting a Q2 2022 total deployment. (LINK). This timeline could move earlier, as global vaccine availability improves.
What is the state of Johnson & Johnson’s (Janssen) FDA emergency authorization?
On Saturday, the FDA authorized J&J’s one-shot vaccine for emergency use. This means that the single-dose drug could reach the public as soon as this coming week in many countries. It is nevertheless still unclear when (or if) this single-dose vaccine will be available in Vietnam. By our research, the company has an approximate billion-dose annual capacity for the drug and a 10 dollar price point. Therefore, even if it does not make it here, this announcement is still a big step on the road to recovery and reopening.
Stay tuned - we will provide updates as more information becomes available!
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Offer from Members and Partners |
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If you want to become an AmCham member, register here. If you have already renewed for 2021, you should have received your membership card already. If you haven’t, please let us know. If you haven’t yet renewed or settled your payment, please do so soonest so you can keep enjoying the benefits of AmCham membership!
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AmCham’s Member Discount Program supports local businesses that contribute to our quality of life, and also offer benefits to you, our members. For more information on participating businesses, or if you want to become an AmCham Member Discount Partner, click here.
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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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