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Vietnam Loosens Housing Laws for Foreign Investors
The Vietnamese government has liberalized its Housing Laws related to property ownership by foreigners. Foreigners will now be allowed to lease or own a maximum of 30 percent of the apartments in a condominium building and up to 250 houses in a ward-level populated area, excluding those in the areas of defense security. In addition, foreigners entering Vietnam with valid entry visas will be able to acquire a 50-year leasehold tenure.
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Vietnam’s Minimum Wage Increases
The Vietnamese government has issued a decree to increase the country's minimum salary by between VND250,000-VND400,000 (US$12-$19) starting January 1, 2015. This will bring the wage floor to between VND2.15 million-VND3.1 million ($101.4-$146.2) depending on the region.
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Vietnam Consumer Confidence On The Rise
Consumer confidence levels in Vietnam have exceeded 100 points for the first time since 2012, currently standing at 102 points, according to survey results released last week by global information and measurement firm Nielsen. The four point quarterly increase is “the highest level recorded since Q4 of 2013,” notes Nielsen Vietnam managing director Vaughan Ryan, who adds that this shows “positive signs” but that “it is important to acknowledge that overall, Vietnamese consumers are still very cautious as the economy and job security are still the main concerns.”
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Key ASEAN Industries in Vietnam for Foreign Investors
As Vietnam experiences greater integration into the ASEAN community the country is seeing strong growth in a number of industries, among the key business areas are electronics, information and communications technology, textiles and apparel, and medical devices. Foreign investors seeking to find the next manufacturing destination after China, would be well advised to look closely at this dynamic country. In this article we provide a snapshot into each industry within Vietnam and provide context within the wider ASEAN region.
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Asia Briefing Ltd. Announces New Logo for Vietnam Briefing
Asia Briefing, the business publishing house owned by professional services firm Dezan Shira & Associates, is proud to announce the introduction of its new logo for Vietnam Briefing. Just as Vietnam is currently going through dynamic changes in its economy and culture, we felt it was time to create a logo that more accurately represented this exciting country. The green outer region of the new logo represents the iconic traditional hat of the Vietnamese, reminding us that, although Vietnam is rushing head first into the future, it also will not forget its deep and rich traditions. The triangular shape of the hat also represents the upwards development of the country. Looking to the center of the logo, a lotus, the national flower of Vietnam, is clearly visible. To the Vietnamese, the lotus is a symbol of purity, commitment, and optimism for the future. Like the lotus, Vietnam floats on the top of the world economy even though it is firmly rooted in Southeast Asia. Known as the “flower of dawn”, the lotus also alerts us to a new dawn for Vietnam and a new face for Vietnam Briefing.
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Vietnam PM Attends 25th ASEAN Summit
Vietnamese Prime Minister Nguyen Tan Dung has attended the 25th ASEAN Summit in Myanmar’s capital Naypyidaw. The PM discussed a range of issues including the East Sea dispute and ASEAN economic integration, as well as meeting with a number of world leaders.
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Vietnam Footwear Industry Sees Growth Ahead of TPP
The upcoming Trans-Pacific Partnership (TPP), a US-led free trade agreement, is expected to have strong positive effects on Vietnam’s footwear industry. Once implemented, the TPP will reduce tariffs on most Vietnamese exports to the US to zero.
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Transferring Capital and Profit Into and Out of Vietnam
Foreign exchange control is a paramount concern of all foreign investors entering into Vietnam, as regulations on capital inflows and outflows have a great influence on operations and profit. These transactions include transferring capital into and out of the country, opening and using bank accounts, borrowing foreign loans and paying foreign debts, dealing with currency exchanges, government reporting, and handling violations.
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Fitch Ratings Upgrades Vietnam
The credit rating agency Fitch Ratings has upgraded Vietnam to “BB-” due to improvements in the country’s economy and finances. The news comes at an opportune time as Vietnam is preparing for the issuance of a sovereign bond. Vietnam has already seen its credit rating upgraded by Moody’s Investor Services and Standard and Poor’s.
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Economic Growth Puts Vietnam on Track to Become Largest ASEAN Supplier to the U.S.
The American Chamber of Commerce (AmCham) predicts that Vietnam will become the largest ASEAN supplier to the United States by the end of 2014 – with a net export value of around US$29.4 billion. This would be a historical achievement for a nation surrounded by supply giants. In fact, Vietnam is likely to become the wealthiest Southeast Asian country in terms of trade. Additional statistics indicate that bilateral trade with the United States will surge to US$57 billion by 2020, cementing Vietnam’s prominence as a valuable hub for foreign investment and trade.