Many businesses have a 'mountain' of cash; EVN still suffers heavy losses

- 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 cost of electricity production in 2023 is estimated at about VND 2,098/kWh, higher than the average retail electricity price of about VND 178/kWh. Therefore, EVN continues to suffer heavy losses despite the increase in retail electricity prices since May 4. (See more)

- Generating electricity from waste: Little planning, difficult for localities

In the submission to the Government requesting the issuance of the Plan to implement the VIII Power Plan, the Ministry of Industry and Trade proposed the scale of electricity production capacity from waste by 2030 in the North to be 493 MW, the North Central region to be 122 MW, the Central Central region to be 60 MW, the South to be 448 MW... The total capacity of waste-to-energy electricity in the regions is 1,212 MW. According to environmental experts, this capacity is very small compared to the actual demand and potential of waste-to-energy projects in Vietnam. (See more)

Soc Son waste-to-energy plant.

- Check and manage donation money nationwide

The Ministry of Finance has just sent an official dispatch to the People's Committees of provinces and centrally run cities to guide the implementation of inspections of the management of donations and sponsorships at historical and cultural relics, and report to this agency before March 31, 2024. The inspection period is in 2023. (See more)

- Proposal to reduce VAT for real estate sector

It is assessed that businesses in Ho Chi Minh City are currently facing many difficulties due to weak purchasing power, inflation, debt burden... Ho Chi Minh City Business Association (HUBA) has proposed a series of solutions to support businesses, including reducing VAT for real estate and reducing corporate income tax. The biggest difficulty for businesses today is the decrease in orders, the difficult consumer market has contributed to increasing inventory, affecting business plans, while real estate is also heavily indebted (according to Tuoi Tre).

- National Assembly delegates propose that all real estate transactions must go through banks.

National Assembly deputies proposed to add a regulation that all real estate transactions must go through banks to combat corruption and tax evasion. This proposal was made by National Assembly deputies when discussing a number of controversial articles in the draft Law on Real Estate Business (amended) on the morning of October 31. Current regulations do not require real estate transactions to be paid through banks. This, according to deputies, leads to tax evasion, negativity, and corruption in transactions (according to VnExpress).

- Proposal to reduce working hours in the private sector from 48 to 44 hours per week

At the socio-economic discussion session on the afternoon of October 31, delegate Pham Trong Nghia (Lang Son delegation) proposed that the Government consider submitting to the National Assembly a proposal to reduce normal working hours for private sector workers from 48 hours/week to 44 hours/week, moving towards 40 hours/week as in the public sector (according to Tien Phong).

- 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 announced 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 current situation of bad debt of financial companies is increasing, which is a warning bell about the situation of borrowers not being really serious about paying their debts. (See more)

- Revealing businesses that own 'mountains' of cash

As of September 30, many companies still had a "mountain" of cash such as Binh Son Refining and Petrochemical with nearly 36,500 billion VND, Mobile World with more than 23,250 billion VND, Sabeco with 22,388 billion VND, Hoa Phat Group with nearly 29,700 billion VND... While some businesses saw a sharp increase in revenue, many others suffered a deep loss in both revenue and profit (according to Tien Phong).

The stock market session on October 31 recorded the VN-Index falling 14.21 points to 1,028.19 points. Liquidity increased significantly in the session on October 31, showing that there was a new force of investors participating in "bottom fishing".

The central exchange rate on October 31 decreased by 10 VND. The USD price at commercial banks decreased slightly today. The world USD price continued to decrease.

Today's world oil prices continued to decline from the previous session. Oil prices fell due to investors' cautious sentiment.

Gold prices on the international market today decreased due to the stronger USD and the increase in US Treasury bond yields. In contrast, domestic gold prices still increased by VND150,000/tael in both directions.

Today's bank interest rates continue to record more banks reducing deposit interest rates, but surprisingly, one bank sharply increased deposit interest rates for some long terms. Vietnam Maritime Commercial Joint Stock Bank (MSB) adjusted deposit interest rates for terms from 15-36 months up from 5.5%/year to 6.2%/year.

Source: https://vietnamnet.vn/ban-tin-kinh-te-31-10-nhieu-doanh-nghiep-co-ca-nui-tien-mat-evn-van-lo-nang-2209368.html