OneStepVietnam presents
Monthly Newsletter of March 2023
ECONOMIC NEWS
According to the General Statistics Office (GSO), Vietnam’s GDP saw a significant expansion of 5.66 percent in the January-March period, marking the highest growth rate during this period since 2020. The industry and construction sector experienced robust growth of 6.28 percent, while the service sector followed closely behind with a growth rate of 6.12 percent, attributed to substantial increases in retail and tourism activities. However, the agro-forestry-fishery sector displayed a slower rebound, growing at a pace of 2.98 percent. Despite this, the sector still contributed 11.8 percent to the country’s GDP, with industry and construction comprising 35.7 percent, and the service sector making up 43.5 percent.
Furthermore, Vietnam’s total export-import turnover reached $178.04 billion in the first quarter of this year, showing a notable annual increase of 15.5 percent, as reported by the General Statistics Office (GSO) on March 29th. This surge resulted in a trade surplus of $8.08 billion.
Source: Online Newspaper of the Government, Nhan Dan Online
NEW LEGAL REQUIREMENTS
Decision No. 215/QD-TTg on Approving Vietnam’s National Energy Development Strategy by 2030, Vision toward 2045
The Decision was issued by the Prime Minister on March 1, 2024. The energy development strategy is crafted to ensure robust national energy security; provide ample, stable, high-quality energy at reasonable prices for rapid and sustainable socio-economic development; ensure national defense and security; improve people’s lives; and contribute to ecological environmental protection. The energy transition plays a crucial role in achieving the goal of achieving net-zero emissions by 2050. Efficient exploitation and use of domestic energy resources are combined with reasonable energy imports and exports. Emphasis is placed on practicing energy conservation and efficiency. Here are some specific objectives:
– Meeting the domestic energy demand sufficiently to serve the objectives of the 10-year Socio-Economic Development Strategy from 2021 to 2030, where primary energy by 2030 is expected to reach approximately 150 – 170 million tons of oil equivalent (TOE), and by 2045 to reach around 260 – 280 million TOE.
– The proportion of renewable energy in the total primary energy is targeted to be 15 – 20% by 2030 and 65 – 70% by 2045.
– Reducing greenhouse gas emissions from energy activities compared to the normal development scenario by 15 – 35% by 2030, increasing to 70 – 80% by 2045.
ONESTEPVIETNAM NEWS
On this month, OnestepVietnam commemorated its 19th anniversary since its establishment, spanning from March 21, 2005 to March 21, 2024. Each passing year symbolizes our ongoing advancement in knowledge, expertise, and proficiency, empowering us to furnish our clientele with the best services on compliance and sustainability. For further details on our celebration, feel free to visit the link.
OneStepVietnam team – March 2023