Proposed household electricity price list has 5 levels, highest is over 3,600 VND/kWh
The Ministry of Industry and Trade has just sent the Ministry of Justice for appraisal of the draft Decision on the structure of the new retail electricity price list, replacing Decision 28 of 2014. The Ministry of Industry and Trade proposes a new electricity price list consisting of 5 levels instead of the current 6 levels, with the lowest level from 0-100 kWh, the highest from 701 kWh and above. Of which, the electricity price of level 5 (for kWh from 701 and above) is proposed to be 3,612.22 VND/kWh.
According to the Ministry of Industry and Trade, the advantage of this plan is that it is simple and easy for people to understand because it reduces the current electricity price structure from 6 levels to 5 levels. (See more)
Proposal to reduce VAT by 2% for the whole year 2024
On the afternoon of November 20, the National Assembly discussed in the hall about reducing value added tax (VAT).
In response to the proposal of a delegate to reduce VAT by 2% for the entire year of 2024, instead of just the first 6 months of the year, Finance Minister Ho Duc Phoc said that he would specifically assess the impact of this policy to report to the National Assembly. (See more)
By the end of 2026, all stocks will be concentrated on the HOSE floor only.
Circular No. 69/2023 amending and supplementing a number of articles of Circular No. 57/2021 stipulates the roadmap for rearranging the stock trading market, bond trading market, derivatives trading market and trading markets for other types of securities.
Accordingly, if all conditions are met, by the end of 2026, all stocks from the HNX and UPCOM exchanges will be transferred to the HOSE. At that time, HOSE will focus on stock products and fund certificates, while HNX will focus on the bond and derivatives markets.
EVN is about to receive 2 foreign-transferred gas power plants.
Deputy Prime Minister Le Minh Khai has just signed a document on behalf of the Prime Minister to send to the Minister of Industry and Trade and Chairman of the Board of Members of Vietnam Electricity Group (EVN) regarding the transfer of the Phu My 3 and Phu My 2.2 BOT power plants.
Accordingly, the Deputy Prime Minister assigned EVN to take over, operate, trade, maintain and preserve the Phu My 3 and Phu My 2.2 BOT thermal power plants. These are two projects invested in by foreign investors since 2001. (See more)
'State Bank must compulsorily transfer Dong A Bank to another bank'
In the report on monetary policy in 2022 associated with the tasks and functions of the State Bank of Vietnam (SBV), the State Audit pointed out that the plan to handle weak credit institutions (OceanBank, GPBank, CBBank) is still slow, lasting for many years (from 2015 to present).
The State Audit recommends that the State Bank coordinate with relevant agencies to urgently speed up the mandatory transfer process for the three compulsory purchase banks (OceanBank, GPBank, CBBank).
As for Dong A Commercial Joint Stock Bank (Dong A Bank), due to the bank's negative equity, according to regulations, the State Bank must compulsorily transfer Dong A Bank to another bank. (See more)
Hanoi reduces construction permit application time to 15 days
The Hanoi People's Committee has just issued a decision approving a plan to simplify two administrative procedures in the construction sector under the management of the City People's Committee.
Accordingly, the procedure for "approval/approval of project adjustment, decision on investment in construction works" reduces the implementation time from 19 to 15 working days.
From December 1, transactions from 400 million VND must be reported.
According to Decision 11/2023 of the Prime Minister, from December 1, transactions with a value of 400 million VND or more must be reported to the State Bank.
Decision 11/2023 replaces Decision 20/2013 which has been in effect for over 10 years. The reporting threshold also increases from VND 300 million under current regulations to VND 400 million.
Ministry of Finance explains the requirement to issue invoices for each sale of gasoline
On November 21, the Ministry of Finance announced: Tax Administration Law No. 38/2019/QH14 was issued on June 13, 2019 and took effect from July 1, 2020. The provisions on electronic invoices and documents of this law will take effect from July 1, 2022.
Regarding the issuance of electronic invoices for each retail sale of gasoline and electronic invoices from cash registers, the Ministry of Finance said: The tax sector is continuing to promote propaganda, leadership, direction, and organization of the use of electronic invoices... (See more)
China agrees to sell electricity to Vietnam via Lao Cai
The National Power System Dispatch Center (A0) under EVN has just reported on the operation method for November and the remaining months of 2023. Regarding electricity import, according to Tuoi Tre, A0 said that the possibility of buying electricity from China in the last months of the year is updated according to the latest negotiations from the Electricity Trading Company.
Accordingly, China agreed to sell electricity to Vietnam in the direction of Lao Cai with a total output of 90 and 93 million kWh in November and December 2023, respectively (about 3 million kWh/day), and there is no plan to confirm the sale of electricity in the direction of Ha Giang in 2023.
Ministry of Finance does not support the proposal of auto giants
The Ministry of Finance has just submitted to the Government a draft Decree amending and supplementing a number of articles of Decree No. 26/2023/ND-CP of the Government on export tax schedules, preferential import tax schedules, list of goods and absolute tax rates, mixed tax, and import tax outside tariff quotas.
In this submission, the Ministry of Finance did not support the two proposals of Toyota and Ford because "there are already many policies to support the domestic automobile manufacturing and assembly industry". (See more)
Proposal for businesses to pay Lunar New Year salaries and bonuses 20 days in advance
The Vietnam General Confederation of Labor has just issued an official dispatch requesting its affiliated units to strengthen the implementation of solutions to participate in stabilizing labor relations.
The Vietnam General Confederation of Labor requires grassroots trade unions to propose to employers to develop plans and schemes for paying Tet salaries and bonuses 20 days in advance.
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