Interest rate from 4%; debt of 2,100 SJC gold bars is unsold

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

Credit growth in the first 10 months of the year only reached 7.39%, while the target for the whole year is 14-15%. The sprint in less than 2 months at the end of the year will be a difficult problem that the banking system must find a solution to, when the demand of the economy is weak. Slow credit growth has pushed the banking system to "sprint" in less than 2 months at the end of the year, even ready to support interest rates of only 4-6%/year for market stabilization activities during Tet. (See more)

- Debt of more than 2,100 taels of SJC gold that no one wants to buy

On the morning of November 17, Van Thanh An Joint Stock Auction Company and Agribank Debt Management & Asset Exploitation Company Limited (Agribank AMC LTD) held an auction of all of Ms. DTN's debt at Agribank's Ho Chi Minh City branch. This debt is more than 2,100 SJC gold bars (about 210 taels of gold), equivalent to more than 14.31 billion VND. However, no one participated in the auction. Therefore, this debt has not been processed yet (according to Nguoi Lao Dong).

- Gasoline price is adjusted every 7 days

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 period for managing petroleum prices has been reduced from 10 days to 7 days, and the period for managing petroleum prices is implemented every Thursday. The Decree supplements regulations and measures for stricter management and supervision of the Petroleum Price Stabilization Fund. (See more)

- A series of gas stations may close if regulations on electronic invoices are immediately applied.

That is the view of the Ministry of Industry and Trade when sending to the Prime Minister on the regulations on implementing electronic invoices and connecting electronic invoices with tax authorities as proposed in the draft amendments to Decree 95 and 83 on petroleum business. According to the Ministry of Industry and Trade, immediately applying the regulations on electronic invoices and connecting electronic invoices with tax authorities will cause difficulties for businesses, cut off supply, and negatively affect the market (according to Tuoi Tre).

- Prime Minister: "Developing healthy competitive electricity, fighting monopoly"

Electricity trading activities need to be studied and developed in the direction of a transparent, fair, and effective competitive market and electricity prices following the market mechanism. This viewpoint was expressed by Prime Minister Pham Minh Chinh when chairing the Government's special meeting on law making in November, which took place on the morning of November 17 (according to Dan Tri).

- 'Big guys' in the stock market race to increase capital by thousands of billions, welcoming the opportunity for a booming market

Many securities companies are racing to increase their capital size to compensate for asset risks and potential losses, while at the same time, taking advantage of the market's potential boom with large cash flows into Vietnamese stocks. Over the past two years, securities companies have been rushing to increase their charter capital, increasing their total size by 2.5 times. (See more)

ctck2023loinhuan9thang 1351.gif — Most securities companies are on track to achieve their profit targets for 2023. (Source: VISRating)

- Revenue from lottery business increased sharply

According to information from the Ministry of Finance, total revenue from lottery business activities in the first 9 months of 2023 is estimated at 34,546 billion VND, reaching 92% of the plan, while in the same period it reached more than 28,000 billion VND (according to Nguoi Lao Dong).

- Many real estate businesses stopped operating because... they ran out of money.

Many real estate and construction businesses have had to temporarily suspend operations due to extremely difficult financial resources, with no source of income to pay salaries to staff. The temporary suspension is a time to consider finding solutions and directions for the company to have the finances to resume operations (according to Tien Phong).

- Owners of a series of houses in Hoi An's ancient townhouses are being sold by the bank

Agribank has just announced the auction of 11 houses in the center of Hoi An ancient town (Quang Nam province), including adjacent ancient houses in the core heritage area of Hoi An ancient town. Tycoon Nguyen Lam Huy is the owner behind a series of houses in Hoi An ancient town that are being auctioned by the bank. (See more)

The stock market in the trading session on November 17 was in red with strong selling pressure. Pillar stocks, including real estate, banking, securities... were sold heavily, causing the VN-Index to drop 24 points, down to 1,101.19 points. The negative information negatively affected investor sentiment. However, billions of USD were spent buying stocks.

The central exchange rate on November 17 decreased by 1 VND. The USD price at commercial banks today decreased. The world USD price also decreased slightly.

Oil prices on the world market today extended the decline from the previous two sessions due to higher-than-expected US crude oil inventories and concerns about weak demand in China. Brent crude oil prices have reached the $80/barrel mark.

Gold prices today on the world market increased sharply in the context of easing inflationary pressure in the US. Domestic gold bar prices continued to rise. SJC gold bar prices increased by 200,000 VND/tael in both directions. Gold ring prices increased sharply, surpassing 60 million VND/tael, reaching an all-time high.

Bank interest rates on November 17 recorded that Vietnam International Commercial Joint Stock Bank (VIB) increased deposit interest rates for terms from 2-5 months. Although only adjusting for some short terms, VIB is one of three banks that have increased interest rates since the beginning of November, after OCB and BIDV (lowering interest rates then increasing again after 10 days).

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