Adjusting gasoline prices every 7 days; proposing to collect fees on Hanoi's Ring Road 4

Adjusting gasoline prices every 7 days, strictly managing the stabilization fund

On November 17, the Government issued Decree No. 80/2023/ND-CP amending and supplementing a number of articles of Decrees 83 and 95 on petroleum trading.

Accordingly, the time for managing gasoline prices will be reduced from 10 days to 7 days, and gasoline price management will be carried out every Thursday.

The Decree also adds regulations and measures for stricter management and supervision of the Petroleum Price Stabilization Fund. (See more)

Proposal to collect a fee of 1,900 VND per km on Hanoi's Ring Road 4

The Hanoi People's Committee has proposed that the Ministry of Transport and the two provinces of Bac Ninh and Hung Yen agree on the price and schedule for increasing the service fee for using the expressway for component project 3 under the public-private partnership model. According to the proposal of Hanoi, group 1 (including vehicles under 12 seats, trucks under 2 tons) has the lowest fee per km of 1,900 VND, the highest is group 5 (trucks from 18 tons and above, 40-foot containers) of 7,220 VND.

Thus, the estimated fee for cars traveling on the entire 113km long Ring Road 4 is about 214,000 VND, and for group 5 cars about 815,000 VND. The fee for each type of vehicle will be increased every 3 years until the project recovers its capital.

Regulations on invoices and documents cause businesses to increase costs

The Vietnam Federation of Commerce and Industry (VCCI) believes that the regulation of issuing invoices for each purchase instead of at the end of the day causes retail and service businesses to incur higher costs. This is a notable content in the document that VCCI has just sent to the Ministry of Finance regarding comments on the Draft Decree related to regulations on invoices and documents.

In this written comment, VCCI also pointed out many points that are disadvantageous to businesses. (See more)

Proposal to protect investors buying equitized capital

VCCI has just sent comments on the proposal to develop a Law on Management and Use of State Capital Invested in Enterprises. In particular, VCCI said that investors are very hesitant to buy State capital in equitized enterprises due to the huge legal risks.

Therefore, VCCI proposes to study and supplement regulations to protect the property rights of the buyer when participating in purchasing State capital in enterprises.

State Bank meets with banks on real estate lending

On the morning of November 13, the State Bank of Vietnam (SBV) and the Ministry of Construction held a conference with banks lending over VND20,000 billion to real estate. SBV said that outstanding credit for the real estate sector as of September 30 reached VND2.74 million billion, up 6.04% compared to December 31, 2022, accounting for 21.46% of total outstanding loans to the economy.
Many opinions at the conference said that it is necessary to implement comprehensive solutions with the coordination of many ministries, branches and localities to continue handling and resolving legal procedural problems in the real estate sector; develop the medium and long-term capital market... (See more)

Proposal to expand the subjects eligible for loans from the 120,000 billion VND credit package

The Ho Chi Minh City Real Estate Association (HoREA) has just issued a document to the Prime Minister and the State Bank of Vietnam, stating eight major problems of the real estate market and proposing a number of credit solutions.

HoREA recommends that the State Bank of Vietnam request commercial banks to speed up the implementation of the VND120,000 billion preferential credit program for developing social housing, worker housing, and renovating and rebuilding old apartments; at the same time, consider expanding the subjects eligible for the VND120,000 billion credit package, including investors and home buyers of commercial housing projects with selling prices not exceeding VND3 billion/unit and giving priority to first-time home buyers. (See more)

real estate 713.jpg — HoREA proposes many credit solutions for real estate. (Photo: Hoang Ha).

Prime Minister asks to find solutions to the problem of Vietnamese tourism

On the morning of November 15, in Hanoi, Prime Minister Pham Minh Chinh chaired the Conference on rapid and sustainable development of Vietnam tourism.

In 2023, Vietnam's tourism will record growth but still recover slowly compared to the period before the Covid-19 pandemic. Therefore, the Prime Minister requested drastic solutions to solve short-term and long-term problems to develop tourism quickly and sustainably. (See more)

Banks spend trillions to stimulate demand during Tet with loan interest rates from only 4%

"With market stabilization lending activities, we are participating in disbursing loans with very low interest rates of only about 4-6%/year," said Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Ho Chi Minh City Branch, at the workshop "Unclogging the credit valve - unblocking growth" on November 17.

The total disbursement for this market stabilization activity is about 9,000 billion VND, lending to enterprises directly producing consumer goods and services for Tet, as well as enterprises participating in the distribution channel of goods to people. (See more)

Clearing up the hidden corners of gasoline retail: Attaching responsibility to tax department leaders

The General Department of Taxation has just requested tax departments to urgently strengthen management, inspection and supervision, and promote the issuance of electronic invoices for each sale of gasoline and oil retail activities.

The General Department of Taxation assigns specific tasks and targets to each tax department leader to strongly encourage businesses and gas stations to issue electronic invoices after each sale. This is part of the effort to eliminate the hidden corners of gas and oil. (See more)

First export of bird's nest products to China

The Ministry of Agriculture and Rural Development said that the General Administration of Customs of China has officially approved a Vietnamese enterprise to officially export bird's nest to this market. According to the Department of Animal Health, as of November 8, 2023, 45 enterprises have registered to export bird's nest to China and have been instructed by the Department of Animal Health to conduct disease safety and food safety monitoring according to China's requirements in the Protocol; of which, 9 enterprises have completed the export registration dossier and submitted it to the General Administration of Customs of China for consideration.

On the afternoon of November 16, at Huu Nghi International Border Gate, the Ministry of Agriculture and Rural Development coordinated with the People's Committee of Lang Son province to organize the announcement of the export of the first batch of Vietnamese bird's nest products to the Chinese market according to the signed protocol.

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