Mekong Memo Vietnam Weekly, October 12, 2023: Business, politics, finance, trade & legal news.
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With that said, here is your Mekong Memo Vietnam for the week of October 12, 2023:
Sidewalks: Vietnam's Thriving Informal Economy
Vietnam's "sidewalk economy," once seen as a mere means of subsistence, has evolved into a significant economic force. Entrepreneurs like Doan Van Minh Nhut and Ho Duc Hai have transformed humble street stalls into million-dollar businesses, attracting major investors. Despite challenges like legal restrictions and street gangs, these ventures have flourished, highlighting the potential of the sidewalk economy. As cities like HCMC look to legitimize and regulate this sector, there's a push for a more structured approach, drawing inspiration from models in Bangkok and Singapore. The future seems promising for these street-side enterprises.
Read more: VnExpress
Vietnam: Emerging Global Logistics Powerhouse
Vietnam's booming e-commerce and strategic location adjacent to southern China's economic corridor position it as a prime destination for manufacturing and logistics firms. Urban areas, especially Hanoi and Ho Chi Minh City, are witnessing nearly full occupancy in logistics facilities. With its expanding infrastructure, including roads, railways, and world-class seaports, Vietnam offers direct shipping to North America and Europe, bypassing traditional hubs. Experts believe Vietnam could rival global logistics giants like Dubai, Hong Kong, Singapore, and Shanghai, aiming to be a pivotal link in the global manufacturing supply chain.
Vietnam Eyes Major Highway Upgrades to Boost Trade with Laos and China
The Department of Roads of Vietnam (DRVN) has proposed a significant project to the Ministry of Transport to enhance national highways linking Vietnam to northern Laos and China. Slated for a five-year period from 2025 to 2029, this initiative, funded by World Bank loans, aims to upgrade various highway sections, including National Highway 279 and 4H. With an estimated investment of around 340 million USD, the project is expected to bolster trade, enhance transportation efficiency, and foster socio-economic growth in the region.
Read more: VietnamPlus