Cancel the 2% interest support package if it is not fully disbursed this year.
The government has proposed extending the 2% interest rate package under the economic recovery program until the end of this year, or the budget will be canceled if it is not fully disbursed. According to VnExpress, this information was explained by Minister of Planning and Investment Nguyen Chi Dung at the National Assembly on the afternoon of November 1, in response to concerns from National Assembly deputies that the 2% interest rate support package was too slow.
According to Minister Dung, about VND176,000 billion (equivalent to 50% of the resources) of the economic recovery program under Resolution 43 of the National Assembly is invested in key and strategic infrastructure projects. However, some policies under the recovery program, such as the 2% interest rate support package of the banking sector, have low disbursement.
Many provinces and cities propose to 'loosen room' for renewable energy
On October 31, Deputy Prime Minister Tran Hong Ha chaired an in-person and online meeting with ministries, branches and localities to contribute and complete the draft Plan to implement the National Power Development Plan for the 2021-2030 period, with a vision to 2050 (Power Plan VIII).
According to Tien Phong, at the meeting, leaders of Da Nang City and the provinces of Quang Nam, Nghe An, Ha Tinh... requested to "loosen the room" for renewable energy sources (rooftop solar power, biomass power, electricity produced from waste) to meet the huge demand of industrial park enterprises, as well as projects registered by enterprises for investment in the area.
Increasing electricity prices, EVN still suffers heavy losses
In the structure of electricity production costs, the cost of electricity generation currently accounts for 82.8% of the cost, so fluctuations in the cost of electricity generation greatly affect the cost of electricity production.
The estimated cost of electricity production in 2023 is about VND2,098/kWh, about VND178/kWh higher than the average retail electricity price. Therefore, EVN continues to suffer heavy losses despite the increase in retail electricity prices since May 4. (See more)
Borrowers 'skip' debt en masse, some finance companies' bad debt jumps to 20%
The situation of customers deliberately not paying debts, the previous person advising the next person not to pay debts,... makes the bad debt of financial companies up to 8-10%, with some units reaching up to 20%. The above information was given by Mr. Nguyen Quoc Hung, General Secretary of the Banking Association, at the Workshop "Resolving difficulties in consumer lending - pushing back black credit" held on the morning of October 31 in Hanoi.
Mr. Hung said that the increasing bad debt of financial companies is a warning bell about the situation of borrowers not being serious about repaying their loans. (See more)
Proposal for solar power from factory and industrial park roofs to be sold directly
The Ministry of Industry and Trade has just reported to Deputy Prime Minister Tran Hong Ha on the development of rooftop solar power installed in homes and offices in Vietnam.
The Ministry of Industry and Trade proposes that the subjects of application are rooftop solar power installed in homes and offices for self-use, not selling electricity to other organizations or individuals, with a total development scale of about 2,600 MW by 2030 or striving to have 50% of office buildings and 50% of homes using rooftop solar power, whichever comes first.
Notably, the Ministry of Industry and Trade recommends that other entities such as self-produced and self-consumed solar power, solar power on factory roofs and industrial parks follow other mechanisms and policies, such as direct electricity trading. (See more)
The Government submitted to the National Assembly a proposal to further reduce VAT by 2% until mid-2024.
The Government resolved to approve the proposal to draft a National Assembly Resolution on reducing value-added tax (VAT) as proposed by the Ministry of Finance.
According to the Government, the solution to reduce VAT along with other tax, fee and charge solutions is creating great conditions to help businesses reduce production costs, increase profits, promote production and business development, create more jobs for workers, contributing to economic growth. The Government proposes to reduce VAT by 2% for some groups of goods and services currently subject to a VAT rate of 10%. (See more)
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 Prime Minister's Decision 24 regulating the mechanism for adjusting average retail electricity prices. According to Tuoi Tre, the Ministry of Industry and Trade maintains the proposal to adjust electricity prices every 3 months.
The authority to adjust prices 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 give his opinion (increase from 10% or more or affect the macro economy).
Tuition fees, rice prices push CPI up slightly
Data released by the General Statistics Office on October 29 showed that the CPI in October increased by 0.08% compared to the previous month. Compared to December 2022, the CPI in October increased by 3.2% and compared to the same period last year, it increased by 3.59%. Core inflation in October increased by 0.09% compared to the previous month and by 3.43% compared to the same period last year.
According to the General Statistics Office, the reason for the CPI increase in October was due to the increase in education costs and rice prices. On average, core inflation increased by 4.38% in the first 10 months of 2023 compared to the same period in 2022, higher than the average CPI increase (up 3.2%). (See more)
Petrochemical complex worth over 5 billion USD is about to start trial operation
On the morning of October 30, Long Son Petrochemical Company Limited (LSP) - the investor of the Long Son Petrochemical Complex project - said that starting from November 2023, the entire complex will be put into trial operation. It is expected to be put into commercial operation in early 2024.
According to Tuoi Tre, the Long Son Petrochemical Complex has a total investment of 5.1 billion USD. When operational, the complex will produce about 1.4 million tons of plastic pellets per year. This is the input material for the production of many plastic products used in daily life.
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