Dear Members and Friends
· On Tuesday night, the Board held its monthly meeting. Among other things, it resolved that the process for replacing a President who resigns mid term would be by a vote of the full Board. In this way, the full Board will have ownership of the election and its result. The new President will preside with the authority of the full Board. Nominations by Directors (not Members) for the position of President will close on Friday 15 August at 5pm. Directors shall then vote on their preferred candidate for President. Once the result for President is confirmed, the Vice President will be elected from the other city.
· Earlier this week in Hanoi, we are very pleased to report, General Director of the Vietnam Asset Management Company, Mr Nguyen Huu Thuy, confirmed that he will speak at AusCham’s Real Estate Symposium in HCMC on 11 September (he is also considering speaking at our event in Hanoi on 9 September). The VAMC currently has USD2.5billion worth of non performing loans on its books. He expects this figure to increase to USF5billion by the end of the year. 70 per cent of this figure relates to real estate.
· Please note that the Fireside Chat with Alain Cany in HCMC, to be moderated by Tareq Muhmood, originally scheduled for 10 September, has been rescheduled to 11 September.
· The McKinsey Global Institute (MGI), the business and economics research arm of McKinsey&Company, is currently conducting research into economic “game changers” in ASEAN. As part of this work, they are hoping to survey firms from different ASEAN countries to gather their opinions on ASEAN integration and disruptive technologies. Please click here to complete the short survey.
· Earlier in the week in Hanoi, AusCham and the VGAC held a very successful event where Alumni “Shared their Successes”. Expect this even to be shared with HCMC soon.