Proposal to reduce VAT by 2%, add support package of 110,000 billion VND

- 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 whole 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)

- Propose an additional support package of 110,000 billion VND, interest rate below 5%/year to build social housing

The Ho Chi Minh City Real Estate Association (HoREA) has just proposed that the Ministry of Construction re-propose the VND110,000 billion package with an interest rate of 4.8-5%/year to develop social housing. According to HoREA, the basis for the above proposal comes from the fact that the interest rate of the current VND120,000 billion credit package is not really preferential (according to VTC News).

- Proposal not to cap interest costs at 30% for businesses borrowing from banks

After 3 years of implementing Decree 132 of the Government, enterprises have reported that this Decree has revealed many shortcomings, causing difficulties for production and business activities. One of the regulations that is causing difficulties for many enterprises is the regulation controlling the ceiling of total interest expenses at 30%. Therefore, the amendment of Decree 132 in the direction of "removing the ceiling" of 30% of total interest expenses is being considered, creating favorable conditions for production and business of enterprises (according to VOV).

- Social housing from only 8 million VND/m2

In the housing and real estate market information report for the third quarter of 2023, the Bac Ninh Department of Construction said that the selling price of individual houses in the area ranges from 10-100 million/m2; social housing apartments from 8-13.5 million/m2; commercial apartments 15-30 million/m2; project land 15-40 million/m2. The Bac Ninh Department of Construction assessed that the real estate market in the area is still basically in a state of "holding one's breath and waiting" (according to Tien Phong).

- Personal income tax reduced for the first time in 10 years

According to the Ministry of Finance, personal income tax revenue in the first 9 months of 2023 reached VND 121,200 billion, VND 7,200 billion lower than the same period last year, equivalent to a decrease of 6%. This figure also only reached 78% of the estimated budget revenue in 2023 (VND 154,652 billion). In the past 10 years, this is the first year that personal income tax revenue in the 3 quarters of the year has negative growth. However, personal income tax is still a large revenue in the total budget revenue. (See more)

hoang ha1 1099.jpg — Personal income tax reduced for the first time in 10 years (Illustration: Hoang Ha)

- Proposing businesses to pay Tet salary and bonus 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 unions to propose to employers to develop plans and schemes for paying Tet salaries and bonuses 20 days in advance (according to the Industry and Trade Newspaper).

- How does SCB Bank report 'dancing' in terms of lending and profits?

According to SCB's consolidated financial report from 2017 (when the State Bank of Vietnam (SBV) began inspecting the bank) to the most recent financial report announcement (Q2/2022), outstanding customer loans increased steadily every year. However, the bank's financial report concealed information about the lending industry structure. With VND 677,000 billion in outstanding loans as of October 2022, according to the conclusion of the investigation agency, SCB's financial report is not really reliable. (See more)

- VNG and Thu Do Securities were fined nearly 500 million VND

The State Securities Commission (SSC) has just issued a decision to impose administrative penalties in the securities sector on VNG Corporation and Thu Do Securities Corporation with a total fine of nearly VND500 million. Previously, the SSC also issued a decision to impose penalties on 5 enterprises for securities violations with a total fine of more than VND800 million (according to Nguoi Lao Dong).

- November 20 flower prices increase sharply, many shops are deserted

The price of fresh flowers on November 20 in Hanoi has increased sharply. Compared to normal days, the price of flowers on November 20 increased by 10-40%, the biggest increase was for imported flowers. However, representatives of many fresh flower shops said that there were few customers on this occasion. Many customers tend to switch to buying gifts instead of fresh flowers, because they are more practical and economical (according to VTC News).

Today's oil prices on the world market increased following the increase in the trading session last weekend. Brent oil price increased to 81 USD/barrel, WTI oil price increased to 76 USD/barrel.

Gold price today, November 20, on the international market remains high, many forecasts show that gold price continues to move sideways. SJC gold price increased by 200,000 VND/tael for buying, 100,000 VND/tael for selling.

The central exchange rate on November 20 decreased by 18 VND. The USD price at commercial banks today decreased by more than 100 VND, reaching 24,300 VND/USD in the selling direction. The world USD price continues to decrease.

The stock market on November 20 recorded the VN-Index increasing by 2.47 points to 1,103.66 points. Although under some pressure at the beginning of the session after the new developments in the Van Thinh Phat case, the market gradually regained balance. Securities stocks rebounded strongly during the session, and real estate stocks also performed quite positively.

Bank interest rates today, November 20, recorded OceanBank and VIB adjusting down. Of which, VIB reduced interest rates for terms that had just increased a few days ago.

Source