Many prominent policies related to the economic sector will officially take effect from September 2024.
Instructions for setting up electricity price average
The Ministry of Industry and Trade issued Circular No. 09/2024/TT-BCT dated July 30, 2024 regulating the calculation of average electricity prices.
Circular 09/2024/TT-BCT guides Vietnam Electricity Group (EVN) to calculate the average electricity price according to the provisions of Article 4 of Decision No. 05/2024/QD-TTg dated March 26, 2024 of the Prime Minister regulating the mechanism for adjusting the average retail electricity price.
The Circular consists of 3 chapters and 15 articles, applicable to EVN and its member units, relevant organizations and individuals. In particular, the Circular provides detailed instructions on the method of establishing the average annual and annual electricity price as well as the calculation formula to get the final electricity price result.
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 management - operation in the average annual/annual electricity price.
To have a basis for calculation, the Circular also provides specific instructions on the method of establishing total costs of the following stages: Power generation; transmission; power system support services; electricity distribution - retail services; power system dispatching services and electricity market transaction management; industry management - operation costs and standard profits...
The Electricity Regulatory Authority is responsible for presiding over and coordinating with relevant agencies to report to the Minister of Industry and Trade on the inspection, review and supervision of the average electricity price plan developed and adjusted by Vietnam Electricity Group according to the provisions of Decision No. 05/2024/QD-TTg.
Vietnam Electricity Group is responsible for implementing the provisions of Decision No. 05/2024/QD-TTg and the provisions of this Circular.
The Circular officially takes effect from September 14, 2024.
Guidelines for managing environmental restoration deposits in mineral exploitation
The Ministry of Finance has just issued Circular No. 57/2024/TT-BTC dated August 1, 2024 guiding the management and use of deposits for environmental improvement and restoration in mineral exploitation activities and waste burial activities at the Environmental Protection Fund.
According to the Circular, 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 relevant 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 the provisions of law and this Circular.
The deposit recipient must deposit all deposits into a separate deposit account opened at a commercial bank. The deposit account is an account separate from other accounts at the commercial bank of the deposit recipient and tracks in detail the deposit and interest arising from the deposit of each project, organization, and individual depositing.
Money from the deposit account may only be disbursed when it satisfies the conditions specified in Article 37 and Article 76 of Decree No. 08/2022/ND-CP, documents replacing or amending and supplementing Decree No. 08/2022/ND-CP (if any) and internal regulations on the management and use of deposit money of the deposit recipient.
The deposit and interest arising from the deposit are deposited by the depository at commercial banks.
Interest on the deposit that the depositor must pay to the depositor.
The interest rate on the deposit payable to the depositor for mineral exploitation activities shall be implemented in accordance with the provisions of Point d, Clause 5, Article 37 of Decree No. 08/2022/ND-CP and legal documents replacing or amending and supplementing (if any).
The interest rate on the deposit payable to the depositor for waste landfill activities shall be implemented in accordance with the provisions of Point e, Clause 2, Article 76 of Decree No. 08/2022/ND-CP and legal documents replacing or amending and supplementing (if any).
Every 6 months (before July 31 of the reporting year and March 31 of the year following the reporting year), the deposit recipient must send a Notice of deposit balance and deposit interest payable to the depositor at June 30 and December 31 of the reporting year according to Appendix 3 of this Circular and publicly post it on the website or at the deposit recipient's Head Office. For the annual report, the deposit recipient must attach an audited Financial Statement.
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 audit of the annual financial report in accordance with the provisions of law.
Auditing, checking and inspection of the management and use of deposits by the deposit recipient shall be carried out in accordance with the provisions of law.
This Circular takes effect from September 14, 2024.
Amending regulations on foreign currency purchase and sale between official foreign exchange reserves and the state budget
State Bank (SBV) issued Circular 43/2024/TT-NHNN dated August 9, 2024 amending and supplementing a number of articles of Circular No. 01/2014/TT-NHNN dated December 10, 2014 guiding the organization and implementation of state foreign exchange reserve management activities.
Circular 43/2024/TT-NHNN amends and supplements Article 9 of Circular 01/2014/TT-NHNN on buying and selling foreign currencies between official foreign exchange reserves and the state budget as follows:
1- Buying foreign currency from the state budget:
Based on the annual foreign currency sale plan of the state budget and the document requesting foreign currency sale from 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.
2- Selling foreign currency to the state budget:
Based on the Ministry of Finance's 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 for the state budget, submit it to the Governor of the State Bank for approval and notify the Ministry of Finance.
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.
3- Foreign currency buying and selling rates of the State Bank:
In case of buying and selling US dollars, the buying and selling rates of foreign currencies shall be equal to the spot buying and selling rates in the intervention plan; if at the time of implementation there is no intervention plan or the intervention plan does not contain any content on the spot exchange rate, the buying and selling rates of foreign currencies shall be equal to the central exchange rate announced by the State Bank applicable to the date of transaction (*).
In case of buying and selling foreign currencies other than US dollars, the buying and selling rates of foreign currencies are applied based on the cross-rate of the exchange rate determined at point (*) above and the average exchange rate of the buying and selling prices between the foreign currencies being bought and sold and the US dollars listed on the international foreign exchange market through the Refinitiv or Bloomberg information network system before 10:00 a.m. of the transaction day.
This Circular takes effect from September 23, 2024.
Source
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