New regulations on selling insurance through banks; oil and gas make big profits

- New regulations on selling insurance through banks

A representative of the Department of Insurance Management and Supervision (Ministry of Finance) said that the Ministry of Finance has just issued a new circular regulating the sale of insurance through banks.

Circular 67 has many new additions, especially the improvement of regulations on insurance agents, which is expected to support the healthy and right-oriented development of the bancassurance channel. This new circular will tighten the consultation and sale of insurance through banks, making this activity healthier (according to Lao Dong).

- 5 oil and gas giants make big profits

Five oil and gas giants made huge profits and most of them exceeded their annual profit plans. The multi-billion dollar gas-power mega project Lo B-O Mon has made new progress and is expected to be a strong support factor for the oil and gas industry. (See more)

- US determines Vietnam is not manipulating currency

The State Bank 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)

- Propose to soon amend Decree 132 on tax management for related-party transactions

In Resolution 105/NQ-CP dated July 15, 2023 on tasks and solutions to remove difficulties for production and business, continue to promote administrative procedure reform, tighten discipline and order, the Government assigned the Ministry of Finance to preside over and coordinate with ministries and agencies to research and propose amendments to Decree No. 132 to remove difficulties for manufacturing enterprises related to tax management regulations for related transactions, and report to the Prime Minister in the fourth quarter of 2023.

According to businesses, amending Decree 132 is an extremely urgent task, of vital importance to thousands of businesses. (See more)

real estate 559.jpg — Many businesses are thirsty for capital. (Photo: Nam Khanh)

- 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 on the proposal. China is the largest market for Vietnamese lobsters. As of the end of August this year, Vietnam's lobster exports to China reached 76 million USD, down 42% compared to the same period in 2022. (See more)

- China dominates the world gold market, prices expected to increase sharply

China is dominating the gold market, with strong buying activity, and central bank net gold purchases are expected to hit a new record in 2023, according to the World Gold Council. (See more)

- The bank with the most real estate loans

12 banks publicly disclosed outstanding real estate loans in the first 9 months of the year with a total outstanding loan balance of VND430,000 billion, an increase of VND144,000 billion compared to the end of last year. Of which, Techcombank alone lent VND160,000 billion, equal to 10 banks combined. (See more)

- Mr. Nguyen Do Lang's wife sold nearly 1 million more shares

After more than 4 months of being prosecuted, Ms. Huynh Thi Mai Dung, wife of Mr. Nguyen Do Lang, has sold nearly 1 million shares. Ms. Dung is a major shareholder at Cotana. (See more)

- With over 100 billion VND in tax debt, Bamboo Airways has 3 bank accounts frozen

Bamboo Airways was forced to pay taxes by the Binh Dinh Provincial Tax Department by withdrawing money from its account and freezing its accounts at 3 banks. The reason for the enforcement was that Bamboo Airways Joint Stock Company had tax arrears that were over 90 days past the deadline for tax payment as prescribed. The amount of money being enforced was 102.5 billion VND (according to Tien Phong).

- Farmers earn tens of thousands of billions from durian

Durian is sold at sky-high prices, helping farmers earn tens of thousands of billions of dong. By 2025, the Chinese durian market is estimated to reach 20 billion USD - a great opportunity for the "king of Vietnamese fruits", but product quality must be ensured. (See more)

Today's world oil prices continued to decline from the previous session. Oil prices fell due to weak demand.

The stock market on November 8 recorded a 33-point jump in the VN-Index. Liquidity also improved significantly. Dozens of securities and real estate stocks hit the ceiling. Other sectors also traded very well.

The central exchange rate on November 8 decreased by 29 VND. The USD price at commercial banks today increased slightly, reaching 24,500 VND/USD for sale. The world USD price increased.

Gold prices today on the international market recovered slightly despite the USD also increasing quite strongly in the world. The price of SJC gold bars, after remaining unchanged in the morning, increased by 400,000 VND/tael in the afternoon.

Bank interest rates on November 8 recorded that ACB brought all deposit terms below 5%/year, lower than the Big 4 group. However, ACB and some banks still apply special interest rates.

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