Who is the sudden increase in demand for gold? Surely not ordinary people?

The "dancing" gold price situation continues to be of concern to delegates in the National Assembly's agenda on May 23.

“What many people are wondering is who is actually causing the sudden increase in domestic gold holding demand and why?”, delegate Ha Sy Dong (Quang Tri delegation) asked, stating that it certainly does not come from the majority of ordinary people.

“Is this mainly due to a group of interests with illegal acts such as asset dispersal and speculation causing market disruption?”, Mr. Dong continued to question and suggested that if that is true, there must be a fundamental solution. (See details)

Mr. Dang Tat Thang is wanted by the police: Slander cases targeting Sacombank boss

On May 22, the Ministry of Public Security's Security Investigation Agency issued a search decision for Mr. Dang Tat Thang to check and verify Sacombank's report on signs of crime caused by "Dang Tat Thang abusing freedom and democracy to infringe upon the legitimate rights and interests of organizations and individuals".

Mr. Thang was the former General Director of Bamboo Airways and Chairman of the Board of Directors of FLC Group. After leaving Bamboo Airways, Mr. Thang made inappropriate statements on his personal Facebook account named “Thang Dang”.

Mr. Thang has recently shared on his personal Facebook page pictures of his current life in Australia. Dang Thang's Facebook page has been locked. (See details)

Bank sells assets related to Beer Street tycoon, owner of Hanoi gold-plated hotel

Indovina Bank Limited (IVB) has just announced the sale of secured debts, including debts related to businessman Nguyen Huu Duong (commonly known by the nickname "beer" Duong), the owner of a gold-plated hotel in Hanoi.

The debts that IVB is selling are secured by real estate in Hoi An City (Quang Nam Province), real estate in Hanoi and other provinces; in addition, there are stocks. (See details)

Trung Nam Group Chairman's departure from the country delayed due to 21 billion debt

Khanh Hoa Provincial Customs Department recently sent a notice to the Immigration Department (Ministry of Public Security) requesting a temporary suspension of exit for Mr. Nguyen Tam Thinh, Chairman of the Board of Directors of Trung Nam Construction Investment Joint Stock Company (Trung Nam Group) due to failure to fulfill tax obligations. According to Khanh Hoa Customs Department, Trung Nam has overdue debt of more than 21 billion VND.

Over the past 2 years, Trung Nam Group companies have repeatedly requested extensions and delayed payments on bonds related to renewable energy projects. Profits have dropped sharply after 1 year while bond debt remains in the thousands of billions of dong. (See details)

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Mr. Nguyen Tam Thinh - Chairman of Trung Nam Group. Photo: TNG

Debt relief for more than 700,000 taxpayers under Resolution 94

On November 26, 2019, the National Assembly issued Resolution No. 94/2019/QH14 on tax debt relief, late payment penalty debt relief, and late payment interest for taxpayers who are no longer able to pay to the State budget.

After 3 years of implementing Resolution No. 94 on tax debt forgiveness and late payment debt forgiveness, the tax authority has forgiven 704,431 taxpayers with a total tax debt forgiveness of VND 28,380 billion. (See details)

State Bank 'denies' rumors about changing exchange rate management measures

Recently, there have been some rumors in the market about the State Bank's (SBV) expected change in exchange rate management measures.

On May 24, Mr. Pham Chi Quang, Director of the Monetary Policy Department of the State Bank of Vietnam, denied the above false rumor.

“Some recent information about changes in the State Bank’s exchange rate management is inaccurate and inconsistent with the Government’s goals of stabilizing the market and the macro economy, creating an unstable psychology in the market. Therefore, businesses and people need to be cautious,” Mr. Pham Chi Quang affirmed. (See details)

Announcement of decision to inspect 4 'big guys' in the gold industry and 2 banks

On May 23, the State Bank of Vietnam announced its decision to inspect compliance with policies and laws in gold trading activities.

Accordingly, the inspection subjects include 4 "big guys" in the gold industry, including: Saigon Jewelry Company Limited (SJC), Doji Jewelry Group Joint Stock Company, Phu Nhuan Jewelry Company Joint Stock Company, Bao Tin Minh Chau Company Limited. Along with that are Tien Phong Commercial Joint Stock Bank and Vietnam Export Import Commercial Joint Stock Bank. (See details)

Official Cryptocurrency Regulations Take Effect from July 1, 2024

On May 15, the Government issued Decree No. 52/2024/ND-CP (Decree 52) regulating non-cash payments (effective from July 1), replacing Decree No. 101 of 2012 (amended and supplemented).

Decree 52 has supplemented a number of regulations on cryptocurrencies; including defining and clarifying the nature of cryptocurrencies; specifying the forms of expression of cryptocurrencies used in payment activities including e-wallets, prepaid cards; subjects providing cryptocurrencies... (See details)

Electricity is stuck in many ways, 3 big projects have not found investors yet

According to Power Plan VIII, the total capacity of gas-fired power plant projects invested in construction and put into operation by 2030 is 30,424 MW (23 projects).

However, according to Mr. To Xuan Bao - Director of the Department of Electricity and Renewable Energy - up to now, most of the gas-fired power projects in the investment preparation process have not made much progress. In particular, 3 projects, Ca Na, Nghi Son, Quynh Lap with a total capacity of 4,500 MW, have not yet selected investors. (See details)

EVN denies calling on businesses to reduce electricity usage by 30%, Ministry of Industry and Trade issues official dispatch

Recently, there has been some information that "Vietnamese authorities have called on some businesses in the North to voluntarily reduce their electricity usage by 30%. On May 22, Vietnam Electricity Group (EVN) confirmed that this information is incorrect.

Regarding this, on May 22, Minister of Industry and Trade Nguyen Hong Dien signed a telegram to the State Capital Management Committee at Enterprises and EVN on continuing to resolutely, synchronously and effectively implement solutions to ensure electricity supply during peak periods in 2024 and the following years. (See details)

Trucks and barges from Cambodia carrying products from areas with mad cow disease into Vietnam

Many products from ruminants in Europe, where mad cow disease is present, are being transported through Cambodia by truck or barge into Vietnam. The Ministry of Agriculture and Rural Development has “ordered” 6 southern provinces to prevent and handle the situation immediately.

Mad cow disease spread rapidly in the UK and some European countries in the 1990s. Mad cow disease can be transmitted to humans. (See details)

Be named and shamed if selling online violates consumer rights

Decree No. 55/2024/ND-CP detailing a number of articles of the Law on Consumer Protection has just been issued by the Government, including the content of publicizing and removing consumer warning information in transactions on cyberspace and the responsibilities of multi-level marketing organizations and individuals.

The Decree clearly states that the list of organizations and individuals doing business in cyberspace that violate the law on consumer rights protection will be publicly announced in the media, posted at headquarters, and posted on the electronic information portals of ministries, ministerial-level agencies, and provincial People's Committees.