We would like to bring you notable customs updates for April 2021 with the following highlights influencing the corporate operations activities:
Weekly News Bulletin
Weekly News Bulletin
News Bulletin 63 - Week 3, May 2021
The past week experienced increased Covid-19 cases as Vietnam continues to deal with the surging 4th wave. As a result, quarantine period was extended from 14 days to 21 days for new arrivals into the country. This latest outbreak is a setback for the country hoping to ease travel restrictions.
News Bulletin 62 - Week 2, May 2021
Vietnamese companies are now looking to expand their businesses overseas. As their businesses in the country mature, overseas markets represent tremendous potential for these companies to grow and attract more investments, particularly professional institutional investors.
News Bulletin 61 - Week 1, May 2021
ADB last week reported that Vietnam's economic growth may expand to 6.7% for the year 2021. This increase figure is consistent with forecasts from other sources and maintains Vietnam's steady and significant economic increase over the past decade. Meanwhile disbursement of foreign direct investment to Vietnam rose by 7% year on year in the first four months of 2021 to US$5.5 billion according to a report from the Ministry of Planning and Investment.
News Bulletin 60 - Week 4, April 2021
Interesting news out of Vietnam this week was VinFast's plan to issue their shares on the US stock exchange to raise usd2 billion. New airline in Vietnam Bamboo Airways is also considering an IPO in the US to raise usd200 million. The plan by these companies to raise money overseas is an indication that access to capital in Vietnam has hit a ceiling and there is now real demand to raise bigger and faster capital in overseas capital markets, whether its in the US, UK, Singapore or Hong Kong. The challenge obviously is for these companies to be compliant with regulatory requirements to list overseas, where regulations are much more stringent.
News Bulletin 59 - Week 3, April 2021
Big news last week was the United States removing Vietnam from the list of currency manipulators. This is a big relief for Vietnam as it was facing the prospect of US sanctions. Both countries can now move on and increase cooperation in trade and investments.
News Bulletin 58 - Week 2, April 2021
There were more chatters last week regarding reopening Vietnam's skies to normal air travelers. This is obviously the hope of many businesses in the tourism and travel industries in Vietnam. Indications are that by September, vaccinated foreign passengers and who have tested negative before their travel to Vietnam will be allowed into the country without quarantine requirements.
News Bulletin 57 - Week 1, April 2021
The first quarter of 2021 is now closed at economic numbers are starting to come in. GDP growth, foreign direct investment and trade numbers all showed positive growth.
News Bulletin 56 - Week 4 March, 2021
Although vaccinations have started in Vietnam, the actual number of people getting vaccinated are relatively small and the timing of when most of the population get inoculated is still unclear. However, it’s clear that preparations are being made to revive the tourism and hospitality sectors in Vietnam, industries that have been especially hit hard by the pandemic. McKinsey last week reported that Vietnam’s tourism industry could recover by 2024, although everyone is hoping that the recovery can start much earlier than that.
News Bulletin 55 - Week 3 March, 2021
There was interesting reporting of economic numbers last week in Vietnam that showed Vietnam's resiliency during Covid-19. Foreign directed enterprises collectively had usd$5.5 billion in trade surplus during the first two months of the year, with exports exceeding usd$37 billion. Vietnam's trade surplus was lead in most part by foreign invested enterprises, a figure that belies Vietnam's dependence on FIEs and an unbalance that the Vietnamese government wants to address.
News Bulletin 54 - Week 2 March, 2021
As the biggest city and commercial hub of Vietnam, Ho Chi Minh City usually attracts a big chunk of foreign direct investments into the country. During this past week, the city announced that it targets up to us$5.4 billion foreign direct investments into Ho Chi Minh City for 2021. The government itself plans to improve infrastructure and streamline administrative procedures to facilitate investments.