Bản tin hàng tháng OneStepVietnam – Tháng 12/2024
ECONOMIC NEWS
According to the Ministry of Planning and Investment, Vietnam’s economic growth in 2024 is estimated to exceed 7% of GDP (surpassing the target range of 6-6.5% of GDP), placing the country among countries with high growth rates regionally and globally. Macroeconomic stability continues, inflation is kept under control at below 4%, economic growth is fostered, and major economic balances are maintained. The monetary market and exchange rates are essentially stable, with interest rates continuing to trend downward compared to 2023. Vietnam’s national brand value in 2024 reached $507 billion, ranking 32nd out of 193 countries, up one place from 2023.
The digital economy continues to be one of the highlights of Vietnam’s socio-economic development. According to the “Southeast Asia Digital Economy 2024” report by Google and Temasek, Vietnam’s Internet economy is projected to reach $36 billion in 2024, up 16% compared to 2023. Retail e-commerce remains the cornerstone, contributing $22 billion, an 18% increase, accounting for 61% of the total Internet economy. Vietnam has one of the top 10 fastest-growing e-commerce markets in the world, along with the digital economy being one of the key drivers of economic growth.
Growth in the industrial, agricultural, and service sectors maintained a positive trajectory. The Industrial Production Index (IIP) increased by 7% (as of October 2024) year-on-year. The Purchasing Managers’ Index (PMI) reached 51.2, indicating a rapid recovery in industrial production.
FDI attraction is also a highlight of Vietnam’s economic development. In 2024, Vietnam ranked among the top 15 developing countries attracting the largest FDI globally, with FDI inflows reaching $31 billion (as of November 2024) and realized FDI capital amounting to $20.4 billion, up 7%, marking the highest level in the five-year period (2020–2024). Fifteen U.S. companies invested over $8 billion in Vietnam. Apple, a leading U.S. technology company, has chosen Vietnam as a key manufacturing hub with an investment exceeding $15 billion..
Source: Vietnam Banking Journal
NEW LEGAL REQUIREMENTS
1. Decree No. 50/2024/ND-CP Dated May 10, 2024 of the Government on Amendments to Decree No. 136/2020/ND-CP Dated November 24, 2020 on Elaboration of Law on Fire Prevention and Fighting Dated June 29, 2001; Law on Amendments to The Law on Fire Prevention and Fighting Dated November 22, 2013 and Decree No. 83/2017/ND-CP Dated July 18, 2017 of The Government on Rescue Operations by Fire Departments.
The list and quantities of fire prevention and fighting and rescue equipment provided for internal firefighting forces and specialized firefighting forces are included in Appendix II and Appendix III enclosed therewith.
According to Appendix II, the internal firefighting forces shall be equipped with the devices below:
– Personal lighting equipment (flashlight with a brightness of 200 lumens, water-resistant with an IPX5 rating)
– Fire axe (2 kg in weight, 90 cm handle, high-carbon steel)
– Crowbar (one sharp end, one flattened end; 100 cm in length)
– Sledgehammer (high-carbon steel, 5 kg in weight, 50 cm handle)
– Bolt cutter (60 cm in length, cutting load of 60 kg)
– Firefighting ladder (minimum length of 3.5 meters; capable of supporting a minimum load of 150 kilograms)
– Firefighting ladder (3,5m in length; bearing metal)
– Type A first aid kit (According to Circular No. 19/2016/TT-BYT dated June 30, 2016 by the Minister of Health)
– Radio communication system (handheld walkie-talkie meeting IP54 standard).
2. Announcement No. 6150/TB-BLDTBXH of Lunar New Year, National Day, Reunification Day (April 30th) and International Workers’ Day (May 01st) Holidays in 2025 of Officials, Public Employees and Employees.
On December 03, 2024, the Ministry of Labour, War Invalids and Social Affairs of Vietnam announced the official schedule for the holiday in 2025.
Employers may adopt the following holiday schedule for Lunar New Year, National Day, Reunification Day (April 30th) and International Workers’ Day (May 01st) holidays in 2025:
– The Lunar New Year holiday may include 01 ending day of the year 2024 and 04 beginning days of the year 2025 of lunar calendar, or 02 ending days of the year 2024 and 03 beginning days of the year 2025 of lunar calendar, or 03 ending days of the year 2024 and 02 beginning days of the year 2025 of lunar calendar.
– The National Day holiday will include September 02, 2025 (Tuesday) and either September 01, 2025 (Monday) or September 03, 2025 (Wednesday) of solar calendar.
– The holiday schedule for Lunar New Year and National Day in 2025 must be notified to employees at least 30 days before implementation.
– Employers are encouraged to apply the same schedule of Lunar New Year, National Day, Reunification Day (April 30th) and International Workers’ Day (May 01st) holidays in 2025 to their employees as that applied to officials and public employees. Other public holidays shall be taken in accordance with the provisions of the Labor Code.
In addition, officials, public employees and employees working at administrative agencies, political organizations or socio-political organizations (hereinafter referred to as “officials and public employees”) are entitled the holidays as below:
– Lunar New Year holiday in 2025: From January 25, 2025 (Saturday) of solar calendar (i.e. December 26, 2024 of lunar calendar) to the end of February 02, 2025 (Sunday) of solar calendar (i.e. January 05, 2024 of lunar calendar). This holiday includes 05 days of the Lunar New Year holiday and 04 weekly days off.
– National Day holiday in 2025 from August 30, 2025 (Saturday) to the end of September 02, 2025 (Tuesday) of solar calendar. This holiday includes 02 days of the National Day holiday and 02 weekly days off.
– Officials and public employees are entitled to have their working day of May 02, 2025 (Friday) swapped with April 26, 2025 (Saturday). This means they will have 05 consecutive days off from April 30, 2025 (Wednesday) to the end of May 04, 2025 (Sunday) for the Reunification Day (April 30th) and International Workers’ Day (May 01st) holiday of 2025. April 26, 2025 (Saturday) will be the compensatory working day.
3. Resolution No. 174/2024/QH15 and Decree No. 180/2024/ND-CP Prescribing Value-added Tax (VAT) Reduction under Resolution No. 174/2024/QH15
The resolution was issued based on the results of the 8th session of the 15th National Assembly that took place from October 21, 2024 to November 13, 2024 and from November 20, 2024 to November 30, 2024.
VAT on goods and services specified in point a, Section 1.1, Clause 1 Article 3 of the National Assembly’s Resolution No. 43/2022/QH15 on fiscal and monetary policies for supporting socio-economic recovery and development program is reduced by 2% from January 01, 2025 to the end of June 30, 2025 inclusively.
After the Resolution was issued, the government also announced Decree No. 180/2024/ND-CP prescribing value-added tax (VAT) reduction under Resolution No. 174/2024/QH15 on December 31, 2024.
VAT on goods and services that are currently subject to 10% VAT shall be reduced, except for the following goods and services:
a) Telecommunication, financial activities, banking activities, securities, insurance, trading of real estate, metal and precast metal products, mining products (excluding coal mining), coke mining, refined oil, chemical products (Appendix I).
b) Goods and services subject to excise tax (Appendix II).
c) Information technology products and services as prescribed in the Law on information technology (Appendix III).
VAT reduction rates
a) Business establishments that pay VAT using the credit-invoice method shall pay 8% VAT on the goods and services specified above.
b) Business establishments (including household businesses and individual businesses) that pay VAT using the direct method (as a percentage (%) of revenue) shall be eligible for a 20% reduction in the rate (%) used as the basis for calculating VAT when issuing invoices for the goods and services eligible for VAT reduction.
ONESTEPVIETNAM NEWS
On December 27-28, 2024, OneStep Vietnam and Oxalis Adventure jointly hosted their year-end party at a campsite near the largest hydroelectric lake in southern Vietnam. This event provided an opportunity for both companies, founded by the same individuals, to gather and reflect on their collaborative efforts over the year while reconnecting with each other.
It was also a chance for participants to immerse themselves in nature, gain a deeper understanding of the value of Mother Earth, and highlight the importance of environmental protection initiatives.
OneStepVietnam team – December 2024