OneStepVietnam presents
Monthly Newsletter of August 2024
ECONOMIC NEWS
According to the recent report of the World Bank (WB), Viet Nam has overtaken India as a low-cost manufacturing and export hub, when its share in global textile, leather, and footwear exports reached 5.9 percent, overcoming the shares of India (3.5 percent) and Bangladesh (5.1 percent). Viet Nam is currently the third largest footwear producer in the world, after China and India, and the second largest footwear exporter. On the basis of encouraging outcomes, Viet Nam’s export revenue for leather and footwear items is expected to reach $26–27 billion in 2024.
According to the Vietnam Textile and Apparel Association, the total export turnover of Vietnam’s textile and garment sector in the first seven months of 2024 is estimated to reach $23.64 billion, marking a 4.58% increase compared to the same period in 2023. Of this, garment exports alone accounted for over $18.4 billion, reflecting a 3.97% rise. Fiber exports reached $2.54 billion, up 3.71%, while fabric exports amounted to $1.47 billion, showing a notable 7.08% increase.
On the import side, the total value of imported raw materials and accessories for the textile and garment industry in the first seven months is estimated at $14.22 billion, representing a significant 14.85% growth compared to the same period last year.
Source: Online Newspaper of the Government and Vietnam Economic News
NEW LEGAL REQUIREMENTS
There is no new legal regulation related to compliance and sustainability issued in this month.
ONESTEPVIETNAM NEWS
On August 2, 2024, Mr. Nguyen Tan Thanh, CEO of OneStepVietnam, became a member of the Assessment Council for the 2024 Program for Benchmarking and Announcing Sustainable Businesses in Vietnam (Corporate Sustainability Index – CSI Program 2024) by the Vietnam Chamber of Commerce and Industry (VCCI). The CSI Program, in its 9th year, implements the Government’s directive and serves as a tool for both measuring and enhancing corporate sustainability in Vietnam. The CSI helps companies improve governance and accountability. The 2024 Program’s index is “dynamic,” continuously updated to align with regulatory compliance and emerging global trends, ensuring relevance and adaptability for businesses. Please refer to the website of The Vietnam Business Council for Sustainable Development, a member of Vietnam Chamber of Commerce and Industry at https://vbcsd.vn/en for more information.
This month, OneStepVietnam provided regular audit, assessment, Higg FEM and SLCP verification services for its customers as our usual business. In September 2024, our company would close on 2 Holidays, from September 2 – 3, 2024 to celebrate the National Day of Vietnam and would continue to work on September 4, 2024.
OneStepVietnam team – August 2024