Adjusting electricity prices every 3 months; No shortage of pork during Tet

- Ministry of Industry and Trade wants to adjust electricity prices every 3 months

The Ministry of Industry and Trade has just submitted a document to the Prime Minister on the draft amendment to Decision 24 of the Prime Minister regulating the mechanism for adjusting the average retail electricity price. The Ministry of Industry and Trade maintains its viewpoint of proposing to adjust the electricity price every 3 months. The authority to adjust the price will basically remain the same. Specifically, EVN will decide for itself (when adjusting down or up below 5%); the Ministry of Industry and Trade will issue a written approval for EVN to implement (increase from 5% to less than 10%); the Prime Minister will have an opinion (increase from 10% or more or affect the macro economy) (according to Tuoi Tre).

- Deputy Minister Phung Duc Tien: There is no shortage of pork and chicken during Tet, but prices will definitely increase.

According to the report of the Department of Livestock Production (Ministry of Agriculture and Rural Development) at the Conference on prevention and control of livestock and poultry diseases in the last months of 2023 and early 2024, held on November 3, in the first 10 months of 2023, the livestock herd developed stably with a growth rate of 3-4% in terms of the number of heads and output compared to the same period in 2022. However, recently, the complicated developments of livestock and poultry diseases have affected the selling price and the speed of herd restoration. With the current total herd, Deputy Minister Phung Duc Tien affirmed that the supply of pork and chicken for Tet will be sufficient, there is no shortage. However, the prices of these items will certainly increase. (See more)

pork 991.jpg — There will be no shortage of pork and poultry during Tet, but prices of these items are expected to increase (Photo: Nhat Sinh)

- Google, Facebook, Apple... have paid more than 11,000 billion VND in taxes

According to the General Department of Taxation, by the end of October 2023, 74 foreign suppliers had registered to declare and pay taxes through the General Department of Taxation's Electronic Information Portal for foreign suppliers. The total amount of tax declared and paid by foreign suppliers was VND 11,498 billion, of which VND 3,478 billion in 2022; VND 8,020 billion in 2023. Some of the largest tax-paying suppliers are Meta (Facebook); Google; Apple; Microsoft... Also according to the General Department of Taxation, as of October 18, 2023, there were 375 e-commerce trading floors providing information (according to VTV).

- The recovery trend is increasingly clear in all three driving forces of the economy.

Reporting at the regular Government meeting in October 2023 held on the morning of November 4, Minister of Planning and Investment Nguyen Chi Dung said that the macro economy in October and the first 10 months was basically stable, with the recovery trend becoming increasingly clear in all three drivers of investment, domestic consumption and export. The economy is gradually regaining growth momentum, with each quarter growing faster than the previous quarter, and each month being more positive than the previous month (according to the Government Newspaper).

- Deputy Minister of Finance: Thanh Buoi Company has signs of tax evasion

Deputy Minister of Finance Nguyen Duc Chi said that the Ho Chi Minh City Tax Department, through inspection, discovered that Thanh Buoi Company had signs of tax evasion, reducing the amount of tax payable. This information was stated by Mr. Nguyen Duc Chi, Deputy Minister of Finance, at the Government press conference on the afternoon of November 4. Mr. Chi said that Thanh Buoi Company declared and paid taxes using the deduction method at the Ho Chi Minh City Tax Department, and declared value-added tax (VAT) and personal income tax at the Lam Dong Tax Department. This enterprise also registered to use electronic invoices from July 15, 2022 (according to VnExpress).

- Vietnamese rice price is the most expensive in history, earning 4 billion USD

The global rice crisis is back. Retail prices, export prices and export value of this commodity of our country have all broken previous records, reaching the highest level in history. Vietnam's rice export turnover officially set a record of 4 billion USD in just 10 months of 2023. (See more)

- Money poured in, paying interest of hundreds of thousands of billions of dong

Deposit interest rates have dropped to their lowest level in the past three years, but bank deposits have still reached record highs. According to the third quarter financial reports recently released by 27 listed banks, 26 banks have recorded positive growth in customer deposits. Notably, a series of banks have sharply increased their spending on deposit interest payments, with an increase of over 150%. (See more)

- Lobster price drops sharply but still unsold

From 2.2-2.4 million VND/kg in August, for more than a month now, the price of lobster in the South Central provinces has dropped to only 1.1 million VND/kg for type 1, and type 2 is at 1 million VND and some types are only 750,000 VND/kg. Meanwhile, the price of young shrimp is high, the loss rate is high, so the price of 1kg of lobster must reach 1.4 million VND/kg for fishermen to make a profit. However, not all fishermen can sell lobsters, while traders limit their purchases, and if they can sell, a lot of lobsters are discarded to type 2 and type 3 (according to VTV).

Gold prices today on the world market turned down after a sharp increase in the context of the US job market slowing down. SJC gold bar prices continued to decrease by another 50,000 VND/tael.

Oil prices on the world market today suddenly plummeted after increasing in the previous two sessions. Brent crude oil prices lost the $85/barrel mark, while WTI crude oil prices fell to $80/barrel. Oil prices fell as supply concerns caused by tensions in the Middle East eased, while US employment data raised expectations that the US Federal Reserve may have completed its interest rate hike.

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