Former US President's Group Wants to Pour $1.5 Billion into Hung Yen

Kinh Bac Urban Development Corporation (KBC) announced on October 8 that The Trump Organization - the corporation of former US President Donald Trump - will develop a hotel, golf course and residential project through a cooperation agreement with Hung Yen Hotel Services JSC - a subsidiary of KBC.

According to KBC's introduction, the complex is large-scale, meeting the highest international standards with a total investment of about 1.5 billion USD. (See details)

Truong Thanh Wood of tycoon Mai Huu Tin has his account frozen

On October 8, the Ho Chi Minh City Stock Exchange (HoSE) reminded Truong Thanh Wood Industry Corporation (TTF) to delay in disclosing information according to regulations. The information that Truong Thanh Wood must disclose according to regulations is that its account is frozen.

Mr. Mai Huu Tin has quite a big ambition, planning the next 10 years as a decade of leapfrogging, making Truong Thanh Wood become the leading wood enterprise in ASEAN in terms of technology, output, revenue, especially in the wooden furniture market. (See details)

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Truong Thanh Wood is still in a challenging phase. Photo: TTF

Revealing 2 banks about to be forced to transfer

At the regular Government meeting on October 7, Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong said that SBV has directed credit institutions to actively review their financial situation and prepare documents to organize the transfer ceremony of 2 zero-dong banks. (See details)

Electricity price increased by 4.8%, to more than 2,100 VND/kWh

Vietnam Electricity Group (EVN) has decided to increase the average retail electricity price by 4.8% from October 11. With this decision, the electricity price will increase from VND 2,006.79/kWh to VND 2,103.11/kWh (excluding VAT). (See details)

Accordingly, tens of millions of customers will be affected and the group of production units will have to pay the most when electricity prices increase. (See details)

State-owned enterprises lost 115,270 billion VND, 2 'big guys' have negative equity

The Government has just sent the National Assembly a report on investment, management and use of state capital in enterprises nationwide in 2023.

The report shows that out of 671 state-owned enterprises (SOEs), hundreds of them are still making losses. This group of enterprises is also carrying a debt of more than VND2 million billion. There are 134/671 (accounting for 20% of the total number of SOEs) still having accumulated losses, with a total accumulated loss of VND115,270 billion. (See details)

Strictly inspecting the gold market, severely punishing violations, including criminal penalties

The State Bank of Vietnam has just issued a document responding to the petition of voters of Thai Nguyen province after the 7th Session of the 15th National Assembly on strengthening measures to manage and develop a safe, healthy, effective and sustainable gold market.

Completing the inspection of 2 banks and 4 gold trading enterprises, the State Bank inspection team said it will resolutely fight, handle and propose strict handling of violations, including criminal violations. (See details)

SJC Gold issued a new announcement about 3 branches suddenly closing in Da Nang

On the afternoon of October 11, the official Fanpage of Saigon Jewelry Company Limited (SJC) informed that SJC gold stores at the Central Branch - Da Nang will reopen from October 14, after a period of temporary closure and suspension of transactions.

Specifically, 3 SJC branch stores at the addresses: 185 Nguyen Van Linh, 193 Hung Vuong and Handicraft store No. 8 Bach Dang (all in Hai Chau district, Da Nang city) will resume trading early next week. (See details)

Tricks to get a license to trade in gold and jewelry

Currently in Ho Chi Minh City, there are a number of individuals claiming to be representatives of law firms and consulting companies approaching gold and silver businesses, asking for support in applying for certificates of eligibility to produce gold jewelry and fine arts.

These entities require businesses to pay a large "brokerage" fee for the procedures. Meanwhile, the procedures for applying for a certificate of eligibility to produce gold jewelry and fine arts are administrative procedures that are carried out publicly and completely free of charge. (See details)

Fit24 gym chain temporarily suspends operations, customers who buy fitness packages are 'sitting on fire'

Fit24 gym chain - one of the big names in the fitness industry in Vietnam, surprised many people when it announced it would temporarily suspend operations from October 5, 2024. (See details)

Fit24 has temporarily suspended operations after "baiting" members to pay for long-term training packages, causing hundreds of people to panic and be angry because of the risk of losing their training package subscription money. Not only did they lose their training packages worth hundreds of millions, but many people were also unable to retrieve their expensive personal belongings from their gym lockers. (See details)

Tax debt levels will be determined for each subject whose exit is temporarily suspended.

In response to concerns about the regulation on "temporary suspension of exit" from a number of businesses and taxpayers, the General Department of Taxation has just released information to clarify this issue.

The General Department of Taxation said it will study and report to competent authorities on the appropriate tax debt threshold for each tax debtor in applying the measure of temporary suspension of exit. (See details)