Stop implementing the "no lending" regulation in Circular 06
The State Bank of Vietnam (SBV) issued Circular No. 10/2023/TT-NHNN dated August 23, suspending the implementation of Clauses 8, 9 and 10, Article 8 of Circular No. 39/2016/TT-NHNN (supplemented by Clause 2, Article 1 of Circular No. 06/2023/TT-NHNN). The suspension period is from September 1 until the effective date of the new legal document regulating these issues.
Circular No. 10 was issued immediately after Prime Minister Pham Minh Chinh signed Document No. 756 on August 23 requesting the State Bank of Vietnam to urgently review and amend Circular No. 06 to suspend the implementation of regulations causing difficulties, to be completed by August 25 to create favorable conditions for businesses and people to access credit capital. (See more)
Proposal for banks to buy corporate bonds to roll over debt
After the State Bank of Vietnam stopped implementing the "loan ban" regulation to improve access to credit for businesses, the Ho Chi Minh City Real Estate Association (HoREA) continued to recommend allowing credit institutions to buy corporate bonds issued for the purpose of debt restructuring.
HoREA also proposed that the State Bank postpone the time to tighten the use of short-term capital for medium and long-term loans to 30% to October 1, 2024.
Minister of Industry and Trade: No energy shortage in any situation
At the working session on the afternoon of August 25, the Ministry of Industry and Trade forecasted: In the coming time, the world market for raw materials, primary fuels, and inputs for production still has potential risks of instability, while the demand for energy is forecasted to continue to increase according to the development of the world and domestic economy;...
In that context, the Minister of Industry and Trade requested that units must not let there be a shortage of electricity, coal, gasoline and gas for the economy in any situation.
Proposal to pilot investment support in high-tech sector
The Ministry of Planning and Investment (MPI) has just sent a document requesting the Ministry of Justice's opinion on the dossier for drafting a Resolution on piloting investment support policies in the high-tech sector.
The Ministry of Planning and Investment proposes to pilot the investment support policy in the high-tech sector when applying the global minimum tax as a deduction from the tax obligations of enterprises or paid directly from the state budget. (See more)
Ministry of Finance warns players not to buy lottery tickets over the Internet
In a press release issued on the evening of August 25 regarding lottery business activities, the Ministry of Finance requested organizations and individuals distributing lottery tickets over the Internet to immediately stop business activities that are not in accordance with the law.
For customers buying lottery tickets, please note that you should only buy lottery tickets from companies or from authorized dealers and must keep the lottery tickets to receive the prize when you win. Do not buy lottery tickets over the Internet because this is an activity that is not permitted under the provisions of the lottery business law and does not guarantee the rights of customers. (See more)
Real estate transactions are not required to go through the floor.
On the afternoon of August 24, continuing the 25th session, the National Assembly Standing Committee gave opinions on explaining, accepting and revising the draft Law on Real Estate Business (amended). According to the Standing Committee of the Economic Committee, the requirement to transact through real estate trading floors is not consistent with the current legal system.
Chairman of the Economic Committee Vu Hong Thanh said many opinions suggested not making it mandatory but only encouraging real estate transactions through real estate trading floors.
EVN assigned to develop plan to adjust electricity price
The Deputy Prime Minister assigned the Ministry of Industry and Trade to urgently complete the revision and supplementation of Decision No. 24/2017/QD-TTg regulating the mechanism for adjusting average retail electricity prices, and report to the Prime Minister this August. At the same time, the Ministry of Industry and Trade needs to revise Decision No. 28/2014/QD-TTg regulating the structure of retail electricity prices, and report to the Prime Minister in September.
The Deputy Prime Minister also noted that Vietnam Electricity Group (EVN) needs to develop a plan to adjust electricity prices and propose an appropriate adjustment time to limit the impact on economic recovery and development. (See more)
EVN agrees to adjust electricity prices once every 3 months
EVN has just commented on the draft decision to replace Decision 24 of the Prime Minister, regulating the mechanism for adjusting average retail electricity prices.
Accordingly, EVN agrees to the plan of adjusting electricity prices once every 3 months. The minimum time for adjusting the average electricity price is 3 months from the last electricity price adjustment. (See more)
Ministry of Industry and Trade wants to transfer 11 businesses
The Ministry of Industry and Trade proposed transferring 11 enterprises under its management to the State Capital Management Committee at Enterprises and SCIC, including the "big guys" that are doing well.
The above content was proposed by the Ministry of Industry and Trade in a report sent to the Government Office on monitoring the implementation of converting 100% state-owned enterprises into joint stock companies. (See more)
Deputy Governor reminds bank presidents 'don't let businesses have to appear on TV to borrow'
Speaking at a workshop on enhancing access to and absorption of capital for businesses, organized by the State Bank of Vietnam on August 22, Permanent Deputy Governor of the State Bank of Vietnam Dao Minh Tu said that in addition to lowering interest rates, the State Bank of Vietnam requires banks to cut fees.
"Last night I texted the presidents of two large commercial banks, they kept saying that if you want to borrow at low interest rates, you should go on TV and borrow." After receiving the text messages overnight, the two bank presidents promised to review them - the Deputy Governor said. (See more)
In the next two years, the Government plans to borrow about 1.25 million billion VND.
The Ministry of Finance has just sent to ministries, branches and localities for comments on the draft mid-term assessment report of the 5-year public debt borrowing and repayment plan for the 2021-2025 period.
According to the draft, of the total VND 1.25 trillion needed to borrow in the two years 2024-2025, VND 750 trillion will be borrowed to offset the central budget deficit, while the remaining VND 465.8 trillion will be borrowed to repay the principal debt due from the central budget. (See more)
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