Vietnam 20240627: Geopolitical, Interconnected, Adaptive

Mekong Memo Vietnam Weekly: Business, politics, finance, trade & legal news.

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Headlines:

Putin's Charm Offensive Rattles Regional Stability

Vietnam's Friendshoring Tug-of-War

Putin's Hanoi Huddle Forces Diplomatic Tightrope Act

New Digital ID Law Mandates Biometric Data

The Energy Balancing Act

Export Boom Fuels Trade Engine

Government to Keep Inflation in Check for 2024

Banks See Deposits Surge as Interest Rates Climb

Savvy Shoppers Raise the Bar for Retailers

WEF Gives VN Economy a Thumbs Up

Global Diplomacy: US, CN, IN, CH, DZ, DO

Aviation Balances Safety with Expansion

US Treasury Comments On VN Currency Practices

Textiles Weave Sustainability into Production

Heineken Taps Out of Quang Nam Brewery

"Nguyen" Tops List of Weak Passwords

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Putin's Charm Offensive Rattles Regional Stability

Vladimir Putin's recent pit stops in North Korea and Vietnam have thrown a wrench in Asia's already delicate security balance. In Pyongyang, he dangled military aid, potentially cranking up North Korea's nuclear threat. Vietnam got a slew of deals, challenging both US and Chinese sway in the region. His diplomatic dance has South Korea and Japan on edge, while showing Russia's penchant for cozying up to rogue states to keep everyone on their toes as they cash in on arms sales.

Read more: NY Times

Vietnam's Friendshoring Tug-of-War

Vietnam finds itself in a high-stakes game of economic tug-of-war between the US and China. Beijing's pumping up investments and trade to cement its supply chain foothold, while Washington's betting big on tech investment and talent development. The US is flexing its CHIPS Act muscles and drumming up private sector teamups. It's a classic case of two giants vying for influence, with Vietnam as the prize in this global supply chain competition.

Read more: Atlantic Council

Putin's Hanoi Huddle Forces Diplomatic Tightrope Act

Vladimir Putin's Vietnam visit, hot on the heels of his North Korea trip, puts the spotlight on Hanoi's balancing act in today's geopolitical minefield. Historically, Vietnam leaned on Russia for military and economic muscle, but it's been diversifying its portfolio lately. While arms deals have cooled, Russia still holds a trump card in energy exploration in Vietnam's slice of the South China Sea, giving Hanoi some leverage against China's maritime muscle-flexing. Vietnam is playing it smart with "bamboo diplomacy," bending with the wind but staying rooted in its principles as it juggles relationships with global heavyweights.

Read more: The Geopolitics

New Digital ID Law Mandates Biometric Data

Starting July 1, Vietnam is rolling out a new digital ID law that'll have folks flashing more than just a smile for their ID cards. The government is collecting the whole biometric package - fingerprints, facial images, and even iris scans as part of a grand plan to streamline red tape, beef up online public services, and make digital transactions more secure.

Read more: Biometric Update