Ministry of Finance prohibits banks from selling investment-linked insurance to borrowers
In order to limit the situation of forcing customers to borrow money from banks to buy insurance with their loans, the Ministry of Finance prohibits banks from selling investment-linked insurance to customers 60 days before and after disbursement.
That is the notable content in Circular 67/2023/TT-BTC guiding the Law on Insurance Business, which has just been issued by the Ministry of Finance. (See more)
Banks are not allowed to lend money to buy certificates of deposit.
The State Bank of Vietnam (SBV) has just issued a document explaining some additional regulations in Circular 06/2023 amending and supplementing a number of articles of Circular 39/2026 regulating lending activities of credit institutions and foreign bank branches (hereinafter referred to as banks) to customers.
The State Bank of Vietnam said that according to Circular 06, banks are not allowed to lend capital for the purpose of depositing money.
The Law on Credit Institutions stipulates that receiving deposits is the activity of receiving money from organizations and individuals in the form of demand deposits, term deposits, savings deposits, issuance of deposit certificates, promissory notes, treasury bills and other forms of receiving deposits on the principle of fully repaying principal and interest to depositors according to the agreement.
Therefore, banks are not allowed to lend for capital needs with the purpose of purchasing certificates of deposit issued by the lending bank itself or by another bank.
Electricity price increased by 4.5%, to 2,006 VND/kWh
On the afternoon of November 9, Vietnam Electricity Group (EVN) announced an adjustment to retail electricity prices. Specifically, the electricity price was adjusted up by 4.5%. Thus, the electricity price increased from VND 1,920.3 to VND 2,006.79/kWh (excluding value added tax - VAT). This is the second time the electricity price has increased in 2023.
EVN representative said that this electricity price increase will help EVN increase revenue in 2023 by an additional 3,200 billion VND. (See more)
Proposal to continue tax reduction, gasoline price pressure is reduced
From January 1, 2024, the environmental protection tax on gasoline, oil, and grease will increase again. The Ministry of Finance believes that solutions are needed to help stabilize gasoline prices and stabilize the macro economy.
Therefore, the Ministry of Finance has just sent the Ministry of Justice for appraisal of the Draft Resolution of the National Assembly Standing Committee on environmental protection tax rates for gasoline, oil and grease in 2024. (See more)
Ministry of Finance refuses to take responsibility for electricity price management
The Ministry of Finance emphasized its viewpoint of only coordinating the appraisal of retail electricity prices in case of unusual price fluctuations, while the main responsibility for managing electricity prices lies with the Ministry of Industry and Trade - the specialized management agency for electricity products and electricity prices.
This view was expressed by the leader of the Ministry of Finance when giving comments on the Draft replacing Decision 24/2017 on the mechanism for adjusting average retail electricity prices. (See more)
National Assembly "finalizes" 2024 growth target from 6-6.5%
On the afternoon of November 9, with 90.49% of delegates in favor, the National Assembly voted to pass the draft Resolution on the Socio-Economic Development Plan for 2024.
Notably, the National Assembly agreed to set the target of gross domestic product (GDP) growth rate from 6-6.5%; GDP per capita reaching about 4,700-4,730 USD; average consumer price index (CPI) growth rate of 4-4.5%...
National Assembly finalizes salary reform, pension increase from July 1, 2024
On the morning of November 10, the National Assembly voted to approve the 2024 State budget estimate. According to the resolution, from July 1, 2024, a comprehensive reform of the wage policy will be implemented according to Resolution No. 27 dated May 21, 2018 of the 12th Central Committee.
Along with salary reform, the National Assembly resolution clearly states that pensions, social insurance benefits, monthly allowances, preferential allowances for meritorious people and a number of social security policies are currently linked to the basic salary. (See more)
US determines Vietnam is not manipulating currency
The State Bank of Vietnam said that on November 7, the US Treasury Department issued a report on “Macroeconomic and foreign exchange policies of major US trading partners”, continuing to determine that Vietnam does not manipulate currency, and at the same time gave positive comments on the results of Vietnam's monetary and exchange rate policy management.
In recent bilateral meetings, the US Treasury Department has highly appreciated Vietnam's monetary and exchange rate policy management for demonstrating seriousness in addressing US concerns and maintaining stability in the financial, monetary, and macroeconomic markets amid many difficulties and challenges. (See more)
Lobster exports to China temporarily suspended for unknown reasons
Regarding the temporary suspension of lobster exports, the Ministry of Agriculture and Rural Development has sent a document to the Chinese customs for clarification. However, this agency has not yet arranged to work as requested.
China is the largest market for Vietnamese lobsters. As of the end of August, Vietnam's lobster exports to China reached 76 million USD, down 42% compared to the same period in 2022. (See more)
In one month, nearly 380 thousand securities accounts were closed.
According to data from the Vietnam Securities Depository (VSD), 378,137 domestic securities trading accounts were closed in October. This is an unprecedented phenomenon in the Vietnamese stock market in its 23 years of operation.
The number of domestic securities accounts dropped sharply in October amid the Ministry of Public Security's conclusion on the Trinh Van Quyet case and its proposal to strengthen supervision of the stock market. (See more)
Refuting rumors of temporary suspension of SJC gold bar trading
The price of SJC gold bars on the morning of November 6 decreased by nearly 2 million VND/tael due to rumors of a temporary suspension of gold trading. According to Thanh Nien Newspaper, this rumor is related to Circular 12/2023 of the State Bank of Vietnam, which has just been issued, amending and supplementing a number of articles of legal documents regulating the implementation of the task of managing State foreign exchange reserves, effective from November 27.
SJC Company has denied this rumor. SJC Company affirmed that people can still buy and sell SJC gold bars normally at credit institutions and businesses licensed by the State Bank to buy and sell gold bars.
Source
![[Photo] Prime Minister Pham Minh Chinh chairs Government Conference with localities on economic growth](https://vstatic.vietnam.vn/vietnam/resource/IMAGE/2025/2/21/f34583484f2643a2a2b72168a0d64baa)
Comment (0)