Prime Minister requests not to let domestic gold price differ too much from international price

Prime Minister Pham Minh Chinh has just issued a telegram directing solutions to manage the gold market. The Prime Minister requested the State Bank of Vietnam (SBV) to manage gold bar prices according to market principles, not allowing a large difference with international gold prices.

The Prime Minister noted that the economy must not be "goldenized" and must not have negative impacts on exchange rates, interest rates, the money and foreign exchange markets, and national financial and monetary security and safety. (See more)

State Bank explains the reason for the sharp increase in SJC gold price, ready to intervene

Before the developments in international and domestic gold prices in recent days, the State Bank has just officially spoken out about the gold market situation.

The State Bank of Vietnam said that the sharp increase in domestic SJC gold bar prices was mainly due to psychological factors due to the continuous increase in international gold prices, which often increased faster than world gold prices. Therefore, the agency advised people to be cautious when trading gold. (See more)

State Bank ready to increase SJC gold supply to the market

Speaking to the press on December 29, Mr. Dao Xuan Tuan - Director of the Foreign Exchange Management Department, State Bank of Vietnam - affirmed that the State Bank of Vietnam always closely monitors developments in the gold market and is ready to intervene, such as increasing the supply of SJC gold to stabilize the market, in order to limit the impact of gold price fluctuations on exchange rates, inflation and macroeconomic stability.

In the coming time, the State Bank will continue to coordinate with the Ministry of Public Security and relevant ministries and branches to strengthen inspection and examination of gold trading activities. (See more)

Gold transactions of 400 million VND or more must be reported.

The State Bank of Vietnam has just issued a document on compliance with the law on preventing and combating money laundering and terrorist financing. The State Bank of Vietnam requires banks, gold and gemstone trading units and payment intermediary companies to enhance customer identification in accordance with regulations on preventing and combating money laundering.

These units must report to the State Bank's Anti-Money Laundering Department on large-value transactions as well as large-value electronic money transfers (from VND 400 million).

Continue to reduce VAT to 8% in the first 6 months of 2024

On December 28, the Government issued a Decree stipulating the policy of reducing value added tax according to Resolution 110/2023/QH15 of the National Assembly.

Accordingly, groups of goods and services currently subject to a tax rate of 10% will have their value-added tax rate reduced by 2% from January 1, 2024 to June 30, 2024. (See more)

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Value added tax continues to decrease to 8%

Extending the period of reducing environmental protection tax on gasoline

From January 1 to December 31, 2024, the environmental protection tax on gasoline (except ethanol) will continue to be VND2,000/liter. Aviation fuel, diesel, fuel oil, and lubricants will be VND1,000/liter. The environmental protection tax on kerosene will be VND600/liter.

This rate is applied from April 2022 to present. (See more)

Prime Minister assigns management of gasoline prices in line with world developments

On December 30, the Prime Minister issued an Official Dispatch on focusing on implementing solutions to ensure adequate supply of gasoline for production, business and consumption of people and enterprises. The Prime Minister assigned the Ministry of Industry and Trade to preside over and closely coordinate with the Ministry of Finance to announce and manage gasoline prices closely following the developments in world gasoline prices, in accordance with the developments in domestic gasoline supply and demand.

The Prime Minister requested serious, drastic, timely and effective implementation of assigned tasks and solutions to ensure petroleum supply, especially during the New Year and Lunar New Year in 2024 and the coming time. (See more)

Prime Minister requests banks to provide enough cash to meet capital needs

The Prime Minister requested the banking industry to meet the needs of transactions, payments and legal payments of people and businesses in the last days of 2023 and the New Year and Lunar New Year holidays in 2024.

That is the content of the telegram that the Prime Minister signed on December 29 and sent to the Governor of the State Bank of Vietnam on ensuring payment activities of the credit institution system.

Absolutely no power shortage in 2024

Prime Minister Pham Minh Chinh has just issued an official dispatch directing to focus on drastic and effective implementation of solutions to ensure electricity supply in 2024 and the following years.

The Prime Minister assigned the Minister of Industry and Trade to resolutely direct the implementation of tasks and solutions to ensure electricity supply according to the approved National Power Supply and System Operation Plan for 2024, especially the preparation for electricity production during the peak period at the end of the dry season. (See more)

Fresh coconuts will soon have a 'visa' to export to China

The leader of the Plant Protection Department - Ministry of Agriculture and Rural Development - told Tien Phong that they are negotiating with China to promote opening the market for fresh coconuts, frozen durians and some citrus fruits. The opening signal in 2024 is very positive.

Along with frozen durian, if other items such as fresh coconut, avocado, grapefruit, etc. are signed, it will also help the fruit and vegetable industry increase by at least 1 billion USD.

Ministry of Finance does not agree to increase the revenue limit for lottery ticket issuance

On December 28, the Ministry of Finance sent a document to the Southern Lottery Council, responding to the proposal to increase the traditional lottery sales limit and increase the sales of 4 ticket sales for the Spring of Giap Thin in 2024.

The Ministry of Finance will consider this after the situation of cutting commissions for street vendors and not allowing street vendors to return unsold lottery tickets is resolved.

Ministry of Finance wants to establish General Department of Taxation Inspectorate

The Ministry of Finance is seeking comments on the draft Decision of the Prime Minister stipulating the functions, tasks, powers and organizational structure of the General Department of Taxation under the Ministry of Finance.

One of the highlights is that the Ministry of Finance wants to convert the Tax Inspection - Examination Department model into the General Department of Taxation Inspectorate. (See more)