Vietnam 20240815: Zesty, Ineffable, Serendipitous

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

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Headlines:

Chipping Away at Semiconductor Dreams

E-Commerce Boom Outpaces Legal Framework

Human Rights vs Economic Ties

FDI Magnet: Investment Allure Grows Stronger

Apartment Prices Soar, Villa Sales Decline

Infrastructure the Road to Progress

Green Energy and EVs are an Electrifying Future

Ag Exports Grow on Global Demand

Trade Surplus Grows Despite Shipping Costs

Luxury Hospitality, Beaches Gain Recognition

New Tax and Financial Initiatives

Diplomatic Ties: US, CN, MO

Vietnam and Russia Revive Language Plans

Banks Scramble as CASA Ratios Falter

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Chipping Away at Semiconductor Dreams

In a bid to join the silicon big leagues, Vietnam has established a national steering committee led by Prime Minister Phạm Minh Chính to drive semiconductor development. The ambitious plan aims to train 50,000 engineers by 2030, though skeptics wonder if Vietnam's education system can keep pace with its silicon dreams.

Read more: Vietnam News (Initiative), Vietnam Economic News (Potential), Nikkei Asia (Labor)

E-Commerce Boom Outpaces Legal Framework

The local e-commerce market continues its meteoric rise, with platforms like Shopee and TikTok Shop leading the charge. As livestream shopping takes off, regulators are left scrambling to catch up. Experts are asking for stronger legal frameworks, hoping to prevent the digital marketplace from becoming the Wild West of retail.

Read more: VnEconomy (Growth), Vietnam News (Legal Framework)

Human Rights vs Economic Ties

As Vietnam goes through its most severe crackdown on dissent in decades, the US seems content to look the other way, for the moment. With numerous activists, journalists, and lawyers jailed or exiled under the leadership of To Lam, the new general secretary of the Communist Party, the repression comes at a time of deepening U.S.-Vietnam relations. Human rights groups warn that the crackdown could escalate further, as the U.S. has not prioritized Vietnam’s human rights record in its diplomatic agenda, focusing instead on ties as a bulwark against China.

Read more: Washington Post

FDI Magnet: Investment Allure Grows Stronger

Vietnam continues to attract foreign investment like moths to a flame, with multinationals drawn by competitive labor costs and a favorable investment climate. As global supply chains shift, Vietnam is continuing to position itself as the new workshop of the world. One big question is if the country's infrastructure can keep up with its big ambitions.

Read more: DTiNews (FDI attraction), VnExpress (global shift)