Mekong Memo Vietnam 20230831

Mekong Memo Vietnam Weekly, August 31, 2023: Business, politics, finance, trade & legal headlines.

We monitor and filter the very best and most insightful business stories from Southeast Asia directly to your inbox every week.

By reviewing a wide variety of media including legal, financial and other relevant industries along with government and NGO sources, we are able to sift through the noise and bring you only what we believe to be relevant to an informed observer of Vietnam business news.

The Memo is published weekdays - Cambodia (every Monday), Myanmar (Tuesday), Laos (Wednesday), Vietnam (Thursday) and Thailand (Friday). The Thailand edition is free in its entirety; the others are headlines-only for non-paid subscribers.

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With that said, here is your Mekong Memo Vietnam for the week of August 31, 2023:

Headlines:

Vietnam Sustains Growth in Foreign Investment Across Multiple Sectors

Vietnam to Simplify Work Permit Process for Foreign Nationals

Vietnam Emerges as Strategic Hub for Global Retail Distributors

Foreign Investors Struggle with Land Issues Despite Business Reforms

Retail and Service Revenues Surge 10% in First 8 Months of 2023

Exports to Rebound in Q4 After US Inventory Bottoms Out

Laos and Thailand Plan Freeway to VN Border for Economic Boost

Rising Concerns as Real Estate Non-Performing Loans Surge

HCMC Coworking Space Supply Expands but Rents and Occupancy Decline

Hanoi Targets Comprehensive Healthcare Overhaul by 2025

Expansion of Vietnam-Singapore Industrial Parks Signals Deepening Bilateral Ties

Biden to Make Brief Vietnam Stopover for Strategic Talks Post G-20 Summit

Vietnam Considers Expanding Home Ownership Rights for Foreigners

Vietnam Ranks 14th in Expat Desirability, Tops in Personal Finance

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Vietnam Sustains Growth in Foreign Investment Across Multiple Sectors

Despite global reductions in investment activities, Vietnam saw a year-on-year increase of 8.2% in foreign investment inflows, totaling nearly $18.15 billion in the first eight months of 2023. New foreign-invested projects surged 70% in number and 40% in capital. The manufacturing and processing sector remained the largest investment magnet, accounting for 67.8% of total capital. Singapore, China, and Japan were the top investors. The capital city attracted the most foreign business, and ongoing government reforms aim to improve the country's investment environment further.

Source: Vietnam News

Vietnam to Simplify Work Permit Process for Foreign Nationals

The Vietnamese Ministry of Labour, Invalids and Social Affairs is set to streamline procedures for granting work permits to foreign nationals. The move, part of Deputy Prime Minister Tran Hong Ha's broader initiative, aims for greater transparency and convenience by focusing on online permit issuance and transitioning from "pre-check" to "post-check" mechanisms. The process is sensitive and complex, requiring comprehensive evaluations and feedback from stakeholders like international organizations and diplomatic agencies.

Source: VietnamPlus

Vietnam Emerges as Strategic Hub for Global Retail Distributors

Vietnam is increasingly becoming a strategic location for global retail distributors looking to diversify and fortify their supply chains. Ta Hoang Linh, Director of the European-American Market Department under Vietnam's Ministry of Industry and Trade, emphasized this trend. The upcoming Vietnam International Sourcing 2023 event in Ho Chi Minh City will serve as a platform for Vietnamese enterprises to connect with global distributors. Linh advises local firms to focus on green production, brand-building, and ensuring labor rights to be competitive in these supply chains.

Source: Vietnam Plus