Monthly Newsletter of August 2023
According to the Foreign Investment Agency (Ministry of Planning and Investment), as of August 20, 2023, the total registered FDI capital into Vietnam reached nearly 18.15 billion USD, up 8.2% compared to the same period in 2022.
During the first eight months of 2023, there was a notable increase in the production of several key industrial commodities when compared to the corresponding period of the previous year. These commodities include sugar (up 34.9 per cent); fertilizer (up 14.2 per cent); gasoline and oil (up 10.1 per cent); television (up 10 per cent); chemical paint (up 9.5 per cent); cigarettes (up 8.6 per cent); clothing (up 8.6 per cent); and rolled steel (up 6.5 per cent).
Conversely, there was a decrease in the production of several products in comparison to the same period in the previous year. These products include cars (down 20.4 per cent); mobile phones (down 17.7 per cent); bar and angle steel (down 15.5 per cent); and motorbikes (down 7.4 per cent).
WB experts expect the economy to accelerate in the second half of this year, but with GDP growth of only 3.7% in the first half of 2023, the report forecasts annual growth in 2023 will be only at 4.7%, then gradually increase to 5.5% in 2024 and 6.0% in 2025. Proactive fiscal policy supports short-term demand, removes constraints on effective implementation of public investment and addresses infrastructure bottlenecks can help the economy achieve these goals and boost long-term growth.
Source: Online Newspaper of the Government of the Socialist Republic of Viet Nam and Vietnam Economic News
NEW LEGAL REQUIREMENTS
1. National Technical Regulation QCVN 08:2023/BTNMT on Surface Water Quality
This standard establishes the permissible limits of various parameters for surface water quality, serving as the basis for the management, assessment, and classification of surface water quality. It is intended to guide the protection and utilization of water resources and the adherence to relevant environmental laws and regulations.
The Decree was issued on March 13, 2023 by Ministry of natural resources and environment. It will come into force from September 12, 2023.
2. Decision No. 7785/QD-TLD on Amendments to Decision No. 6696/QD-TLD
This Decision amends the regulation regarding support granted to trade unionists and employees who are subject to reduced working hours or labor contract termination as a result of their employers’ cancellation or reduction of purchase orders issued together with Decision No. 6696/QD-TLD dated January 16, 2023 of the Vietnam General Confederation of Labour.
According to the decision, the support shall be granted to trade unionists and employees who are subject to reduced working hours or labor contract termination as a result of their employer’s cancellation or reduction of purchase orders if they were working under labor contracts and their employers have paid union dues until April 1, 2023.
The Decision was issued on August 25, 2023 and came into force on the same day.
In August 2023, OneStepVietnam provided regular audit, assessment, Higg FEM and SLCP verification services for its customers.
OneStepVietnam team – August 2023