Instructions on the method of establishing average electricity selling price

From September 14, Circular No. 09 issued by the Ministry of Industry and Trade on July 30, 2024 regulating the calculation of average electricity prices will take effect.

Circular 09 provides detailed instructions on the method of establishing annual and annual average electricity prices as well as the calculation formula to obtain the final electricity price results.

Accordingly, the average annual and annual electricity price is calculated based on the costs of electricity generation, costs of auxiliary services for the power system, costs of purchasing electricity transmission services, electricity distribution - retail, power system dispatch and electricity market transaction management, and costs of industry operation - management in the average annual/annual electricity price.

Amending regulations on foreign currency purchase and sale between official foreign exchange reserves and the state budget

On August 9, the State Bank of Vietnam (SBV) issued Circular 43 amending and supplementing a number of articles of Circular No. 01/2014 guiding the organization and implementation of state foreign exchange reserve management activities.

Specifically, Circular 43 amends and supplements Article 9 of Circular 01 on the purchase and sale of foreign currency between official foreign exchange reserves and the state budget as follows:

Regarding the purchase of foreign currency from the state budget, based on the annual foreign currency sale plan of the state budget and the written request for foreign currency sale of the Ministry of Finance and/or the directive documents of the Prime Minister, the State Foreign Exchange Reserve Management Department shall purchase foreign currency to supplement the state foreign exchange reserves from the state budget at the prescribed exchange rate.

Regarding the sale of foreign currency to the state budget, based on the Ministry of Finance's written request to purchase foreign currency to meet the foreign currency demand for the state budget, the State Foreign Exchange Reserve Management Department shall coordinate with the Monetary Policy Department to develop a plan to balance the sale of foreign currency to the state budget, submit it to the Governor of the State Bank for approval and notify the Ministry of Finance.

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Amending regulations on foreign currency purchase and sale between official foreign exchange reserves and the state budget. Photo: Nam Khanh

Based on the foreign currency sales balance plan approved by the Governor of the State Bank of Vietnam, the State Foreign Exchange Reserve Management Department shall sell foreign currency to the state budget at the prescribed exchange rate.

This Circular takes effect from September 23.

Guidelines for managing environmental deposits in mineral exploitation

The Ministry of Finance issued Circular No. 57 dated August 1, 2024 guiding the management and use of environmental rehabilitation and restoration deposits in mineral exploitation activities and waste burial activities at the Environmental Protection Fund. The Circular takes effect from September 14.

According to Circular 57, the depositor is an organization or individual engaged in mineral exploitation and waste burial activities in accordance with the provisions of the Law on Environmental Protection and related guiding documents. The deposit recipient is the Environmental Protection Fund.

The deposit is the amount of money the depositor deposits into the deposit recipient to ensure the responsibility for implementing environmental improvement and restoration projects and handling risks and environmental pollution risks arising from mineral exploitation activities and waste burial activities according to regulations.

The management and use of the deposit must be explained in detail in the increase and decrease in the annual financial report of the deposit recipient. The deposit recipient must conduct an annual financial report audit in accordance with the provisions of law.

Officially reduce 50% of registration fee for domestically produced cars

The Government has just issued Decree No. 109/2024/ND-CP stipulating the registration fee for automobiles, trailers or semi-trailers pulled by automobiles and vehicles similar to automobiles manufactured and assembled domestically.

According to this decree, from September 1 to November 30, the registration fee collection rate is equal to 50% of the collection rate prescribed in Decree No. 10/2022 of the Government regulating registration fees and current resolutions and decisions of the People's Council/People's Committee of provinces and centrally run cities on local registration fee collection rates and amendments, supplements and replacements (if any).

From December 1, 2024 onwards, the registration fee will continue to be applied as before.

Principles of converting state-owned enterprises into single-member LLCs

Decree 89, effective from September 1, regulates the conversion of state-owned enterprises established and operating under the Law on State-owned Enterprises into single-member limited liability companies (LLCs) organized and operating under the provisions of the Law on Enterprises.

The conversion must be carried out according to the principles that the single-member LLC inherits all the legal rights and interests of the state-owned company or the unconverted subsidiary; and is allowed to use all assets, labor, and land area currently managed by the converted company to organize production and business in accordance with the law.

A single-member LLC is responsible for the obligations of a state-owned company or an unconverted subsidiary, including: unpaid debts, labor contracts, obligations in land management and use according to land law, and other obligations and responsibilities.