Proposal to 'loosen room' for renewable energy; credit increases by 7.1%

- Many provinces and cities propose to 'loosen room' for renewable energy

On October 31, Deputy Prime Minister Tran Hong Ha chaired an in-person and online meeting with ministries, branches and localities to contribute and complete the draft Plan for implementing the National Power Development Plan for the 2021-2030 period, with a vision to 2050 (Power Plan VIII). At the meeting, leaders of Da Nang City and the provinces of Quang Nam, Nghe An, Ha Tinh... proposed to "loosen the room" for renewable energy sources (rooftop solar power, biomass power, electricity produced from waste) to meet the huge demand of enterprises in industrial parks, as well as projects registered for investment by enterprises in the area (according to Tien Phong).

- Governor of the State Bank of Vietnam: Lending interest rates are about 0.3% lower than before the Covid pandemic, credit increased by 7.1%

Speaking at the discussion session at the National Assembly hall on the morning of November 1, Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong said that despite the high global interest rates, the SBV has boldly adjusted the operating interest rate four times to guide the interest rate level of new loans to decrease by about 2% compared to the end of 2022. If including the outstanding balance of old and new loans, it has decreased by about 1% compared to 2022 and compared to before the Covid-19 pandemic, it has returned to the same level, even decreased by about 0.3%. Credit growth is still slow (updated to October 27, credit increased by 7.1% compared to the end of last year) (according to Nhip Song Thi Truong).

- Cancel the 2% interest support package if it is not fully disbursed this year.

The Government has proposed to extend the 2% interest rate package under the economic recovery program until the end of this year, otherwise the budget will be canceled. This information was explained by Minister of Planning and Investment Nguyen Chi Dung at the National Assembly on the afternoon of November 1, in response to concerns from National Assembly deputies that the 2% interest rate support package was too slow. According to Minister Dung, about VND176,000 billion (equivalent to 50% of the resources) of the economic recovery program under Resolution 43 of the National Assembly is invested in key and strategic infrastructure projects. However, some policies under the recovery program, such as the 2% interest rate support package of the banking sector, have low disbursement (according to VnExpress).

- Former boss of Vietnam Airlines becomes deputy general director of Bamboo Airways

Bamboo Airways Joint Stock Company has just announced a resolution appointing Mr. Nguyen Thuong Hoang Hai as Deputy General Director of this airline from November 1. According to the introduction, Mr. Hai has 30 years of experience in the aviation industry, having held many senior leadership positions at Vietnam Airlines Corporation, Vietnam Airlines Engineering Company Limited, Jetstar Pacific Airlines... (according to Dan Tri).

- A challenging economic year, large enterprises' profits decline

bct economy 185.jpg — Vietnam's economy recorded a rather difficult year. (Photo: Ministry of Information and Communications)

Many Vietnamese giants have reported declining business results as the world economy faces many risks and challenges. Many leading stocks have plummeted even though the market is said to have hit a short-term bottom. (See more)

- What did Chairman Le Viet Hai say about stocks being put on special watch list?

In a document sent to the authorities regarding measures to remedy the situation of securities under special monitoring, Mr. Le Viet Hai, Chairman of the Board of Directors of Hoa Binh Construction (HBC), said that the enterprise has been and is implementing comprehensive restructuring to improve the efficiency of production and business activities and overcome the crisis. It is expected that HBC will increase capital by issuing shares. (See more)

- Many times illegally trading stocks, the daughter of Trung An Rice's boss was fined 431 million

The State Securities Commission has just issued a decision to administratively sanction Ms. Truong Kha Tu, daughter of Ms. Lu Le Tran, a member of the Board of Directors of Trung An High-Tech Agriculture Joint Stock Company (TAR).
Ms. Tu did not report 5 transactions related to TAR shares made in 2021. (See more)

- Gas prices increased for the fourth consecutive time

Domestic retail gas prices have been adjusted up by VND4,000-5,000 per 12kg cylinder since today. This is the fourth consecutive increase in gas prices in the domestic market. (See more)

- Vietnamese rice price surpasses Thailand's by 92 USD/ton

On November 1, the Vietnam Food Association reported that the export price of Vietnamese 5% broken rice as of October 31 was 653 USD/ton, up 10 USD/ton from the previous day. This is the highest price since rice prices started to spike in late July, when India banned the export of regular white rice. Meanwhile, the price of Thai rice decreased by 3 USD/ton (5% broken), to 561 USD/ton, 92 USD/ton lower than Vietnamese rice of the same grade (according to Nguoi Lao Dong).

Today, the price of gasoline and oil in the world market has increased. Meanwhile, the domestic gasoline price is being managed by the Ministry of Industry and Trade - Finance in an upward direction, and the price of oil is decreasing.

The stock market on November 1st recovered quite well, with stock prices rising after the "extreme crisis". Other sectors also performed relatively well. The VN-Index increased by 11.47 points to 1,039.66 points.

The central exchange rate on November 1 increased by 2 VND. The USD price at commercial banks increased today. The world USD price also recovered.

Gold prices today on the international market fell sharply despite previously recovering to the threshold of 2,000 USD/ounce. In the domestic market, after falling 200,000 VND/tael in the morning, by this afternoon, gold prices had increased to the old level.

Interest rates seem to have bottomed out after the number of banks and the margin of reduction in October were the lowest in the past 3 months. On the contrary, two banks increased deposit interest rates.

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