Proposal to increase regional minimum wage by 6.5-7.3%

On the morning of December 20, the National Wage Council held its second meeting to discuss and approve the Government's recommendation plan on increasing the regional minimum wage in 2024. Presenting the plan to the National Wage Council, the Vietnam General Confederation of Labor proposed two options for increasing the regional minimum wage in 2024 based on a survey of workers' living conditions.

Specifically, option 1 proposes to increase the regional minimum wage by 7.3% compared to the current level, which means an increase of 250,000-320,000 VND/month (depending on the region).

Option 2 proposes an increase of nearly 6.5%, equivalent to an increase of 220,000-290,000 VND/month depending on the region. (See more)

EVN wants to import wind power from Laos, price 1,700 VND/kWh

The Ministry of Industry and Trade has just asked relevant ministries, branches and localities to comment on the policy of importing wind power from Truong Son wind power plant from Laos to Vietnam.

EVN proposed that the Ministry of Industry and Trade appraise and submit to the Prime Minister the policy of importing electricity from Truong Son wind power plant, and supplement the planning of power lines to carry out the connection.

The investor committed to apply the electricity price according to regulations, with the ceiling price for importing electricity from Laos to Vietnam for wind power plants being 6.95 US cents/kWh (about 1,700 VND/kWh at the current exchange rate). (See more)

From December 29, ticket prices will increase at 47 BOT toll stations

The Ministry of Transport has just sent a document to the Vietnam Road Administration and BOT project enterprises regarding the adjustment of ticket prices at BOT contracts managed by the Ministry. Accordingly, it is expected that from December 29, ticket prices at 47 BOT road toll stations will be adjusted up.

Based on the above recommendation, the Vietnam Road Administration requests investors and project enterprises to publicly announce and post the price and the time of applying the new price according to regulations. (See more)

Banks have no choice but to lend money to their backyards and offer low-interest loans to leaders' relatives.

According to the Prime Minister's Conclusion Notice at the Conference on solutions to remove difficulties in credit growth for production and business, promote credit growth and stabilize the macro economy, the Prime Minister requested to end the situation of lending concentrated on a number of enterprises and projects in the ecosystem of the backyard of the group, which can easily undermine the safety and health of the bank.

At the same time, step up inspections and strictly prohibit the granting of credit and low interest rates to the board of directors, executive board and related persons, and group interests of commercial banks. (See more)

From January 1, 2024, only foreigners will be allowed to be recruited if Vietnamese workers cannot be recruited.

This is one of the notable contents issued by the Government in Decree 70/2023/ND-CP dated September 18, 2023 amending and supplementing a number of articles of Decree 152/2020/ND-CP dated December 30, 2020 of the Government on foreign workers working in Vietnam and recruitment and management of Vietnamese workers working for foreign organizations and individuals in Vietnam, officially applied from January 1, 2024.

Accordingly, employers can only recruit foreigners if they cannot recruit Vietnamese workers.

Biometric authentication required for first transaction using Mobile Banking

From July 1, 2024, biometric authentication is required when making the first banking transaction using Mobile Banking. This is the regulation in Decision No. 2345/QD-NHΝΝ on implementing safety and security solutions in online payments and bank card payments, issued by the Governor of the State Bank of Vietnam on December 18, 2023.

Accordingly, credit institutions, foreign bank branches, and payment intermediary service providers shall, based on the transaction classification specified in this decision, implement authentication measures in online payments on the Internet (Internet Banking, Mobile Banking). (See more)

Global minimum tax from fiscal year 2024

The National Assembly passed Resolution No. 107/2023/QH15 on applying additional corporate income tax under the provisions against global tax base erosion (also known as global minimum tax).

The resolution states that the global minimum taxpayer is a constituent unit of a multinational corporation whose revenue in the consolidated financial statements of the ultimate parent company for at least 2 of the 4 consecutive years preceding the fiscal year is equivalent to 750 million euros or more.

Prohibiting securities companies from raising capital from investors

The State Securities Commission has just sent a document requesting securities companies to rectify their operations after inspection.

The State Securities Commission requires securities companies to stop "mobilizing capital" from investors and to close all transactions that have occurred before June 30, 2024. Securities companies are not allowed to pay interest on the remaining balance in securities accounts because it is similar to the capital mobilization function of banks.

Bankruptcy decision of Shipbuilding Industry Corporation

The Government has just passed a resolution to approve the Plan to implement the policy of handling the Shipbuilding Industry Corporation (SBIC).

According to this plan, the parent company SBIC and 7 subsidiaries are required to urgently review and complete documents and procedures according to legal regulations to file a request to open bankruptcy proceedings. The expected implementation time is from the first quarter of 2024. (See more)

Urgently inspect credit growth management

In the telegram on strengthening management and improving the efficiency of credit growth management to serve economic growth, the Prime Minister signed and assigned the Government Inspectorate to coordinate with the State Bank and relevant agencies to urgently carry out the task of inspecting credit growth management.

The Prime Minister assigned the Ministry of Public Security, according to its assigned functions, tasks and authority, to coordinate with relevant agencies to grasp the situation, deploy working measures, and strictly handle according to legal regulations organizations and individuals who violate the law related to the issuance of corporate bonds, credit growth and granting credit limits contrary to regulations, lacking transparency, publicity, and having negative effects, especially the "asking - giving" in granting credit limits and negative effects in insurance brokerage and consulting at credit institutions. (See more)