Ministry of Industry and Trade proposes to continue increasing electricity prices in 2024
At the Price Steering Committee meeting earlier this week, the Ministry of Industry and Trade proposed adjusting electricity prices this year to reflect fluctuations in input costs and help Vietnam Electricity Group (EVN) have resources to pay investors of power plants.
The proposal to increase electricity prices was made by the Ministry of Industry and Trade in the context of EVN's still very difficult financial situation, with a loss of about VND17,000 billion last year despite having its selling price adjusted twice. (See more)
Ministry of Industry and Trade rejects proposal to establish petroleum retail association
The Ministry of Industry and Trade has just issued a document responding to the request to recognize the campaign committee to establish the Vietnam Petroleum Retail Business Association of Mr. Giang Chan Tay (address in Tra Vinh province).
On behalf of the founding board, Mr. Tay submitted a request to the Ministry of Industry and Trade to recognize the campaign committee for the establishment of the Vietnam Petroleum Retail Business Association. However, this proposal did not receive the consensus of the Ministry of Industry and Trade, due to the overlap in name and field of operation with other units.
Proposal to set up a floor to suck 400 tons of gold from people's safes
Sharing at the seminar "Solutions for developing a safe and sustainable gold market" organized by the Government Electronic Information Portal, experts proposed changing the way gold trading activities are managed by establishing a gold trading floor, eliminating the monopoly to mobilize about 400 tons currently in people's safes.
National Assembly delegate Hoang Van Cuong said that it is not necessary for the state to have a monopoly on gold brands. When the gold supply is free and there is equal competition, there will be no more scarcity. (See more)
Establishing a pilot project to remove difficulties for offshore wind and gas power projects
On the morning of January 25, at a meeting to resolve difficulties and obstacles for offshore gas and wind power projects in the Power Plan VIII, Deputy Prime Minister Tran Hong Ha emphasized that the Power Plan VIII is a plan to organize investment in power source, transmission, and load projects, under the direction, management, and operation of the power system by the State management agency, ensuring energy security and safety to serve socio-economic development.
The development of offshore wind and gas power will help Vietnam fulfill its commitment to carbon neutrality by 2050. Therefore, the Deputy Prime Minister requested the establishment of a pilot project to remove difficulties for these projects. (See more)
Petroleum businesses are about to have to report many "hot" contents.
The Ministry of Industry and Trade has just sent a document to key traders and petroleum distributors requesting them to check and review the current status and conditions for granting Certificates of eligibility to act as key traders and petroleum distributors.
Specifically, the main trader will have to report in detail on the conditions of having a dedicated wharf (ownership, lease, ability to receive oil tankers); terminal gasoline receiving warehouse (quantity; ownership; leased from which enterprise, where; lease period); means of transporting gasoline (quantity, ownership, lease, type of vehicle, lease period)... (See more)
Remittances nationwide reach 16 billion USD
On January 25, a leader of the Foreign Exchange Management Department - State Bank of Vietnam (SBV) told Tien Phong that in 2023, remittances will reach 16 billion USD, an increase of 32% compared to 2022.
The amount of remittances sent home from 1993 to 2022 reached over 190 billion USD, almost equal to the amount of foreign direct investment (FDI) disbursed in the same period. According to data from the State Bank of Vietnam, remittances to Vietnam are over 10 billion USD each year.
Deputy Prime Minister requests appropriate price management when starting to increase wages from July 1
Speaking at the conclusion of the meeting on the results of price management and operation in 2023 and orientations for 2024, Deputy Prime Minister Le Minh Khai noted that from July 1, 2024, salaries will be increased, in addition, credit growth targets will also increase, many unpredictable factors such as price fluctuations of some essential goods (gasoline, food, natural disasters, climate change)...
Therefore, the Deputy Prime Minister requested that it is necessary to forecast the actual situation closely, be extremely careful, and not be subjective in order to prepare appropriate, timely, and effective price management and operation plans.
People 'tighten their purse strings', big supermarkets also complain of heavy unsold products
Businesses, supermarkets, and small traders have prepared large quantities of goods to serve the shopping needs of the Lunar New Year of Giap Thin. However, “sluggish” and “lack of customers” are the words most mentioned by businesses when people reduce their Tet shopping.
Currently entering the peak of Tet shopping season, the leader of a large supermarket chain shared that purchasing power is only slightly higher than normal days and still far below the expected increase of 20-30% that the business had previously calculated. Even for basic Tet goods such as candy, beer, alcohol, food... consumption these days only increased by 5-10% compared to normal days. (See more)
Random inspections and strict punishment if ATMs run out of money during Tet
Governor of the State Bank of Vietnam Nguyen Thi Hong has just signed and issued an official dispatch requesting units under the State Bank of Vietnam, credit institutions, foreign bank branches, and payment intermediary service providers to strengthen measures to ensure a healthy, safe, and economical Lunar New Year celebration.
The Governor requested that directors of State Bank branches in provinces and cities strictly handle cases where transaction offices and branches let ATMs run out of money or are not working due to subjective errors of the banks during Tet.
Deputy Minister of Agriculture and Rural Development announced a series of good news to millions of farmers
Speaking to the press about the results of his recent working trip to China, Deputy Minister Tran Thanh Nam said that during the meetings, the two sides discussed and agreed on many issues related to the rural agriculture sector.
Mr. Nam said that the two sides have agreed to complete and supplement some contents to sign 3 decrees: export of naturally exploited seafood; export of farmed crocodiles; export of farmed monkeys from Vietnam to China. Regarding fruit and vegetable products, the neighboring country agreed to open the market for more of Vietnam's key fruits... (See more)
China considers creating special mechanism for lobsters, lifting ban on Vietnamese poultry
The Department of Quality, Processing and Market Development has just reported on the results of the working delegation of Deputy Minister Tran Thanh Nam in China to Minister of Agriculture and Rural Development Le Minh Hoan.
Accordingly, while waiting for the signing of the protocol, China will consider creating a special mechanism for establishments to register to export lobsters to this market; at the same time, consider lifting the ban on poultry imports from Vietnam. (See more)
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