Monthly Newsletter of July 2023
According to the General Statistics Office (GSO), the total trade turnover in July was estimated at US$ 57.21 billion. This figure represents a 2.5 percent increase compared to the previous month but a 6.7 percent decline compared to the same period last year. Over the first seven months of the year, the total trade volume reached US$ 374.23 billion, reflecting a significant decrease of 13.9 percent compared to the corresponding period in the previous year. This decline can be attributed to a 10.6 percent drop in export revenue and a substantial 17.1 percent decrease in import turnover.
The import turnover of goods, in particular, was reported at US$ 179.5 billion, indicating a notable year-on-year decrease of 17.1 percent.
Mr. Nguyen Duc Giang, the Chairman of the Vietnam Textile and Apparel Association (VITAS), provided additional information, stating that by the end of July 2023, the export revenue for the textile and apparel sector is expected to reach approximately US$ 22.7 billion, marking a 14 percent decline compared to the corresponding period in the previous year. Despite this decrease, Mr. Giang highlighted the considerable efforts made by textile and apparel enterprises and emphasized that this figure demonstrates positive signs for the industry. Notably, the rate of decline has significantly narrowed compared to the 17 percent decrease observed at the end of June.
Source: General Statistics Office of Vietnam, Online Newspaper of the Government of the Socialist Republic of Viet Nam and Cafef
NEW LEGAL REQUIREMENTS
1. Decree No. 13/2023/ND-CP Dated April 17, 2023 on Protection of Personal Data
The Decree provides for personal data protection and responsibilities of relevant agencies, organizations and individuals for protection of personal data.
Before the personal data is processed, The Personal Data Controller and the Personal Data Controller-cum-Processor shall send a notification of personal data processing to the data subject excepted following cases:
– The data subject knows and fully consents to the regulated contents before permitting the Personal Data Controller and the Personal Data Controller-cum-Processor to collect his/her personal data.
– The personal data is processed by the competent state agency with a view to serving operations by such agency as prescribed by law.
In addition, the Personal Data Controller and the Personal Data Controller-cum-Processor shall make and store their dossiers on assessment of the impact of personal data processing from the time of starting to process personal data.
The Decree was issued on April 17, 2023 and came into force from July 1, 2023.
2. Decree No. 42/2023/ND-CP Dated June 29, 2023 Adjusting Retirement Pensions, Social Insurance Allowances and Monthly Benefits.
According to the Decree, pensions, social insurance allowances and monthly allowances payable to the persons prescribed in Clause 1 Article 1 of this Decree increases by 12.5% compared to the amount of June 2023 adjusted under the Decree No. 108/2021/ND-CP dated December 7, 2021. While pensions, social insurance allowances and monthly allowances payable to the persons prescribed in Clause 1 Article 1 of this Decree increases by 20.8% compared to the amount of June 2023 not adjusted under the Decree No. 108/2021/ND-CP.
If people received less than VND 3 million per month as above calculation, they would be paid at VND 3 million per month.
The amount of retirement pensions, social insurance allowances and monthly benefits adjusted as prescribed in this Article shall serve as the basis for the next adjustments to the retirement pensions, social insurance allowances and monthly benefits.
The Decree was issued on June 29, 2023 and will come into force from August 14, 2023.
In July 2023, OneStepVietnam provided regular audit, assessment and verification services for its customers.
Besides, OneStepVietnam welcomed our new members joining the team: Ms. Uyen – Scheduling Specialist and Mr. Tai – Auditor/Consultant.
OneStepVietnam team – July 2023