Monthly Newsletter of November 2022
Foreign direct investment (FDI) inflows to Viet Nam totaled more than US$25.1 billion over the last 11 months of the year, equal to 95 percent of the same period last year, according to the Ministry of Planning and Investment. Manufacturing and processing took the lead among 19 sectors receiving foreign investment with US$14.96 billion, making up 59.5 percent.
In the view of trade, the U.S. remains the largest importer of Viet Nam’s goods over the last 11 months with US$101.5 billion, reported the General Statistics Office. Meanwhile, during the same period, China is the biggest import market of Viet Nam, with an estimated turnover of US$109.9 billion.
A World Bank economic update for Viet Nam forecasted that GDP growth is predicted to surge from an estimated 2.6 percent in 2021 to 7.5 percent in 2022, while inflation is projected up to average 3.8 percent over the year.
During the Workshop to assess the impact of EVFTA on labor and employment issues, organized by the Ministry of Labour, Invalids and Social Affairs (MOLISA) on November 23, 2022, it is forecasted that the additional 146,000 jobs will be made in 2022-2025 period, thanks to the EU-Viet Nam Free Trade Agreement (EVFTA) implementation. Besides, compared to other regions, the average salary of workers in the import-export sector from EVFTA countries was about 17 percent to 28 percent higher than that of other regions.
Source: Online Newspaper of the Government of the Socialist Republic of Vietnam
NEW LEGAL REQUIREMENTS
Circular No. 17/2022/TT-BCT Dated October 27, 2022 on Amendments to Some Articles of Circular No. 32/2017/TT-BCT Dated December 28, 2017 on Elaboration and Provision of Guidelines for Implementation of Certain Articles of the Law on Chemicals and the Government’s Decree No. 113/2017/ND-CP Dated October 09, 2017 on Elaboration and Provision of Guidelines for Implementation of Certain Articles of the Law on Chemicals.
The Circular which was issued on October 27, 2022 amended some requirements on chemical safety:
1) Forms would be applied: purchasing and sale control sheet form for toxic chemicals; report form on chemical-related activities; forms used in the process of appraisal and approval for the prevention and response to chemical emergency Plan.
2) Reporting of entities having chemical-related activities
– Before February 15 every year, entities having industrial chemical-related activities shall make reports on their chemical-related activities in the previous year according to the form No. 5a provided in Appendix No. 5 attached hereto and send them to Vietnam Chemicals Agency, Departments of Industry and Trade of provinces where the entity headquarters and the chemical manufacturing facilities or stores are located via national chemical database (https://chemicaldata.gov.vn/cms.xc);
– Entities having industrial chemical-related activities shall make reports on their chemical-related activities and send them to the Vietnam Chemicals Agency, Departments of Industry and Trade of provinces where the headquarters of entities and the chemical manufacturing facilities or stores are located when there is any chemical emergency arising or such activities are ceased.
This Circular will come into force on December 22, 2022.
In November 2022, OneStepVietnam provided consulting services (including training, consultation and internal audit) to 2 factories using legal requirements, brand and international standards regarding social compliance. Besides, OneStepVietnam has provided regular audit, verification and assessment services for its customers.
OneStepVietnam team – November 2022