On October 3, 2024, the Ministry of Planning and Investment (MPI) released a draft decision from the Prime Minister regarding the establishment of a new Vietnam Standard Industrial Classification System (VSIC). This system aims to promote sustainable practices in Vietnam’s industrial sectors, and the MPI is seeking public comments on the draft.
The draft proposes a five-level economic sector system, with 22 industries in Level 1, 87 industries in Level 2, 259 industries in Level 3, 492 industries in Level 4, and 733 industries in Level 5. This is a revision of the current VSIC, which was promulgated under Circular No. 27/2018/QD-TTg. The new draft has adjusted the industries listed in each level and added a National Green Economy framework.
The framework is divided into three categories: green sectors, transitioning sectors, and supporting sectors. Green sectors consist of economic activities that align with green growth goals, while transitioning sectors play a crucial role in Vietnam’s economy but may have some negative impact on the environment. Supporting sectors indirectly contribute to green growth by aiding or complementing green industries.
The green economy framework includes 11 key Level 1 sectors, such as agriculture, forestry and fishery, processing and manufacturing industry, and production and distribution of electricity, among others. These sectors will be further classified into more specific industries in the subsequent levels.
The goal of the draft decision is to create a uniform framework for State statistical work and promote sustainable practices in Vietnam’s industrial sectors. The MPI encourages public feedback on the draft to ensure its effectiveness and relevance to the current economic landscape.