Vietnam Market Watch: Russian Investment, US Trade, and the Rise of Innovation

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Vietnam / EAEU FTA Produces US$10 Billion In Russian Investments

The Free Trade Agreement signed between Vietnam and the Eurasian Economic Union  (EAEU) has resulted in Russia announcing US$10 billion worth of deals with Vietnam.  The EAEU is a trade bloc between Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, and has a GDP of US$2.2 trillion.

Russian President Vladimir Putin has announced that Russia and Vietnam have agreed on more than 20 high-profile joint investment programs, following a bilateral meeting with Vietnamese counterpart Tran Dai Quang in Moscow. 

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DZS RELATED: Pre-Investment, Market Entry Strategy Advisory Services from Dezan Shira & Associates

Vietnam – US Increasing Trade Relations

In May 2017, Vietnam and the US signed business deals worth US$8 billion. The majority of the deals were for aircraft engines and development of power generation capabilities, along with hospitality, science and technology, academia and energy. The deals are predicted to create more than 23,000 American jobs and help in reducing the US  trade deficit with Vietnam, which stood at almost US$32 billion in 2016. To sustain its export-driven economy and minimize the effects of US withdrawal from the TPP, Vietnam is pushing for increased trade relations with the US, its largest export market.

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Vietnam Climbs 12 Places in Global Innovation Index

In the recent Global Innovation Index 2017, Vietnam jumped 12 places to 47th among 127 economies, its highest ranking in the last 10 years. The index aims to capture different factors of innovation by providing a rich database of detailed metrics for 127 economies. Among the Southeast Asian countries, only Singapore and Malaysia outranked Vietnam. The country’s impressive growth is being attributed to its improved business environment and competitiveness. Vietnam also leads the group amongst the 27 lower-middle income economies. Over the last five years, Vietnam has recorded an impressive growth in rankings from 76th place in 2013 to 71st in 2014, 52nd in 2015, 59th in 2016 and 47th in 2017.

Related-Reading-Icon-Asean Link RELATED: Vietnam in 2017: Spotting Opportunities for FDI

HCMC City Attracts US$ 2.15 billion FDI in Six Months

In the first half of 2017, the city has attracted US$2.15 billion in foreign direct investment (FDI), double the amount from the same period last year. Major sectors that attracted investments include the processing and manufacturing sector, followed closely by wholesale and retail. Other sectors include automobile and motorbike maintenance businesses along with the information and communications industry. Looking forward, investment into the city will continue to surpass previous levels, driven by growing working age population, investor friendly policies, and slow but steady transition to high-value manufacturing.

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Vietnam Briefing is published by Asia Briefing, a subsidiary of Dezan Shira & Associates. We produce material for foreign investors throughout Eurasia, including ASEANChinaIndiaIndonesiaRussia & the Silk Road. For editorial matters please contact us here and for a complimentary subscription to our products, please click here.

Dezan Shira & Associates provide business intelligence, due diligence, legal, tax and advisory services throughout the Vietnam and the Asian region. We maintain offices in Hanoi and Ho Chi Minh City, as well as throughout China, South-East Asia, India, and Russia. For assistance with investments into Vietnam please contact us at vietnam@dezshira.com or visit us at www.dezshira.com

 

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dsa brochureDezan Shira & Associates Brochure 
Dezan Shira & Associates is a pan-Asia, multi-disciplinary professional services firm, providing legal, tax and operational advisory to international corporate investors. Operational throughout China, ASEAN and India, our mission is to guide foreign companies through Asia’s complex regulatory environment and assist them with all aspects of establishing, maintaining and growing their business operations in the region. This brochure provides an overview of the services and expertise Dezan Shira & Associates can provide.

DSA_Doing Business in Vietnam 2017_cover_126x90pxAn Introduction to Doing Business in Vietnam 2017
An Introduction to Doing Business in Vietnam 2017 will provide readers with an overview of the fundamentals of investing and conducting business in Vietnam. Compiled by Dezan Shira & Associates, a specialist foreign direct investment practice, this guide explains the basics of company establishment, annual compliance, taxation, human resources, payroll, and social insurance in this dynamic country.

 Managing Contracts and Severance in Vietnam 
In this issue of Vietnam Briefing, we discuss the prevailing state of labor pools in Vietnam and outline key considerations for those seeking to staff and retain workers in the country. We highlight the increasing demand for skilled labor, provide in depth coverage of existing contract options, and showcase severance liabilities that may arise if workers or employers choose to terminate their contracts.

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