OneStepVietnam presents
Monthly Newsletter of October 2023
ECONOMIC NEWS
The Industrial Production Index (IIP) for October 2023 is estimated to have increased by 5.5% compared to the previous month and by 4.1% compared to the same period last year. Looking at the cumulative performance for the first ten months of 2023, the IIP is projected to have increased by 0.5% compared to the same period last year, which, in the context of the same period in 2022, had seen a notable growth of 8.9%.
In this month, the export turnover of goods reached an estimated $32.31 billion, marking a 5.3% increase compared to the previous month and a 5.9% rise compared to the same period last year. Looking at the cumulative performance for the first ten months of this year, the total export turnover is projected to be $291.28 billion, reflecting a 7.1% decline when compared to the same period last year.
The key contributors to this export performance include the category of bags, wallets, suitcases, hats, and umbrellas, which reached an impressive $250 billion. Various types of textiles achieved a total export value of $391 million, while the textile and apparel sector accounted for a significant $2.7 billion in exports. Footwear exports stood at $1.35 billion, and the export of raw materials for textiles, apparel, leather, and footwear reached a value of $160 billion.
In addition, regarding domestic management policies, the Ministry of Finance is currently soliciting feedback on the proposal to further reduce the value-added tax (VAT) rate by 2%. This reduction would apply to specific categories of goods and services that are currently subject to a 10% VAT rate, lowering it to 8%, for the first six months of 2024.
Source: General Statistics Office and Online Newspaper of the Government of the Socialist Republic of Vietnam.
NEW LEGAL REQUIREMENTS
Circular No. 10/2021/TT-BXD Providing Guidance on Implementation of Several Articles and Measures for Implementation of the Decree No. 06/2021/ND-CP dated January 26, 2021 and the Decree No. 44/2016/ND-CP dated May 15, 2016 of the Government
This Circular was issued on August 25, 2021 and came force as from October 15, 2021. However, the effective date for taking action was on October 15, 2023. It outlines the schedule and frequency for conducting safety assessments in the construction sector as follows:
a) The first construction safety assessment shall be carried out 10 years from the time the construction project is put into operation or use according to the provisions of law;
b) The next assessment of safety of a construction project shall be carried out every 5 years.
According to this Circular, if a construction project has been in operation and use for over 8 years, the project’s owner, manager, operator, or user is obligated to perform the initial construction safety assessment within 24 months from the Circular’s effective date. Therefore, starting from October 15, 2023, the owner shall conduct the construction safety assessment for buildings that have more than 10 years old.
ONESTEPVIETNAM NEWS
This month, OneStep proudly received news that Tân Hoá Village – a tourism village that we have provided consultation for – has been awarded the title of “Best Tourism Village” by World Tourism Organization (UNWTO). With OneStep’s advisory, the village has successfully met 12 out of the 17 Sustainable Development Goals established by the United Nations.
For more detailed information on our consulting project, you can explore further details by visiting our project page at https://onestepvietnam.com/onestepvietnam-consults-for-the-best-tourist-village-tan-hoa-village/.
OneStepVietnam team – October 2023