Proposal to reduce VAT for banks; EVN's monopoly ends

- Proposal for banks to include goods and services in the group that are eligible for a 2% VAT reduction

To create conditions for credit institutions to have more resources to support businesses and invest in digital transformation technology, ensuring security and safety in operations, the Vietnam Banking Association proposed to add banks to the group of goods and services that are entitled to a 2% reduction in VAT rates in the Report on the implementation of the state budget in 2023 and the state budget estimate in 2024 to submit to the National Assembly for a joint resolution (according to Dau Tu Newspaper).

- No longer a monopoly on power generation, EVN now only holds 37% of power sources.

According to the Electricity Regulatory Authority, by 2023, the country will have nearly 80,000 MW of power in the entire system, ranking first in the ASEAN region. In terms of ownership ratio, state-owned energy enterprises including Vietnam Electricity Group (EVN), Vietnam Oil and Gas Group (PVN) and Vietnam National Coal and Mineral Industries Group (TKV) currently only hold about 47% of installed capacity. Of which, EVN directly and indirectly holds 37% (10% directly and 27% indirectly through power generation corporations). (See more)

- State Audit: Risks if forced transfer of 4 weak banks is delayed

The State Audit commented that the prolonged handling of the issue could lead to the risk of consuming resources when special loans are required to support weak banks. At the same time, the agency also requested the State Bank to speed up the compulsory transfer process with the above units (according to VnExpress).

- State Bank net injected 19,400 billion VND in session on October 25

The State Bank injected a net VND19,400 billion on October 25. In the last 5 sessions, nearly VND70,000 billion of treasury bills matured but only VND8,200 billion of treasury bills were newly issued. Thus, the regulator injected a total of nearly VND61,800 billion into the banking system (according to Nhip Song Thi Truong).

- Bank sells 37 buses

buy silver 222 864.jpeg — Bac Ha bus when it was still in operation (Photo: Giao Thong Newspaper).

37 buses that have been the public transport of Hanoians for nearly 10 years have just been put up for sale by Agribank, Bac Ninh branch. This is the collateral for a loan from Bac Ha Company Limited (Bac Ha Bus) whose director is Mr. Nguyen Kim Cuong. (See more)

- Luxury car tycoon in Vietnam lost nearly half of his revenue

Hang Xanh Auto Service Joint Stock Company (Haxaco - Code: HAX), the company of Vietnamese luxury car tycoon Do Tien Dung, had another unfavorable business quarter, with revenue from car sales after 9 months decreasing by nearly half to about 2,500 billion VND due to the lack of improvement in luxury car purchasing power. (See more)

- Mr. Pham Nhat Vuong's company won big.

In the first 9 months of the year, Vinhomes had a total consolidated net revenue of VND108,400 billion, up 118% over the same period. The company's accumulated consolidated profit after tax in the first 9 months of the year exceeded the yearly plan, reaching VND32,400 billion (according to Tien Phong).

- Apartment prices reach 200 million VND/m2

Although the real estate market has not yet overcome its difficulties, apartment prices are still increasing in both Hanoi and Ho Chi Minh City. Some apartment segments even cost up to 200 million VND/m2 while the supply of housing, especially low-cost housing, is making the dream of settling down for many people even more difficult (according to Tien Phong).

- Vietnamese rice prices hit record high, export turnover hits new peak

Domestic rice prices and export prices of this commodity of our country have simultaneously increased to unprecedented highs. Rice export turnover has also officially set a historical record after 34 years of participating in the world market. (See more)

Oil prices today on the world market tend to cool down. Oil prices decreased when geopolitical risks temporarily subsided and diplomatic efforts in the Middle East were strengthened.

The stock market session on October 25 recorded the VN-Index falling more than 4 points. Order matching liquidity on the HoSE floor remained low, less than 10,000 billion VND.

The central exchange rate on October 25 decreased by 10 VND. The USD price at commercial banks today decreased. Meanwhile, the world USD price increased.

Gold prices on the international market today increased again despite the rapid increase of the USD. Meanwhile, the price of SJC 9999 gold this afternoon decreased sharply.

Today, only Bac A Bank reduced its deposit interest rate . Yesterday, no bank adjusted its interest rate. This shows that the room for further interest rate reduction has narrowed significantly.

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