State Bank issues new regulations on organization and management of gold bar production

The Governor of the State Bank of Vietnam (SBV) has just issued Decision 02 amending and supplementing Decision 1623/QD-NHNN dated August 23, 2012 on the organization and management of gold bar production by the SBV. Decision 02 takes effect from January 2.

Decision 02 amends and supplements a number of regulations related to the composition of the Gold Bar Processing Supervision Team and adds the responsibilities of a number of units under the State Bank in the organization and management of gold bar production by the State Bank.

State Bank of Vietnam assigned all credit growth targets from the beginning of the year

The State Bank of Vietnam has just sent a document to credit institutions on the credit growth plan for 2024 with a credit growth target of about 15% and flexible adjustments in accordance with actual developments. The State Bank of Vietnam requires credit institutions to control credit growth in 2024.

Unlike previous years, for the first time, the State Bank has assigned the entire credit growth target of 15% from the beginning of 2024. This is a somewhat bold decision by the State Bank in providing capital to serve the economy. By assigning the entire credit growth target of 15% from the beginning of the year, the message of the State Bank is that commercial banks must be more decisive, stronger, and more responsible. (See more)

Ministry of Finance proposes amendments to the Law on Value Added Tax

The Ministry of Finance is seeking comments on the draft Law on Value Added Tax (amended) to remove inadequacies and overlaps in the value added tax legal system.

The basic content of the draft is basically inherited from the current law but has been adjusted and supplemented to suit the policy content.

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Ministry of Finance proposes amendments to the Law on Value Added Tax (Photo: Hoang Ha)

Cases requiring biometric authentication when transferring money from 10 million or more

According to Decision No. 2345/QD-NHNN dated December 18, 2023, from July 1, 2024, all money transfer transactions with a value of VND 10 million or more must go through a biometric authentication step for the sender. Clarifying this regulation, Mr. Pham Anh Tuan - Director of the Payment Department, State Bank of Vietnam - said that the regulation only applies to regular money transfer transactions, not to payment transactions where the recipient is the clear destination.

For transactions under VND10 million/transaction, Decision 2345 also clearly states that the total value of transactions in a day under VND20 million will not require biometric authentication. If the total value of transactions in a day exceeds VND20 million, the next transaction will require the money transferer to authenticate biometrically, but only one biometric authentication is required when exceeding VND20 million. (See more)

Tolls on 4 expressways will increase from February 1, 2024

From February 1, 4 expressways managed and operated by Vietnam Expressway Corporation (VEC) will officially increase service fees.

Accordingly, the three routes Cau Gie - Ninh Binh, Noi Bai - Lao Cai, Da Nang - Quang Ngai will increase by an average of 12% compared to the current road service fee. The Ho Chi Minh City - Long Thanh - Dau Giay expressway will increase by 5%. (See more)

Strictly punish securities companies that violate corporate bond offerings

The State Securities Commission continues to issue documents reminding securities companies in consulting and soliciting corporate bonds.

Accordingly, securities companies, employees, and securities practitioners are not allowed to provide advice, solicit, or sell individual corporate bonds to subjects that are not in accordance with regulations... Violations will be strictly handled according to regulations.

Proposing the Central Inspection Committee to handle officials related to petroleum violations

The Government Inspectorate has just announced the conclusion of the inspection on compliance with policies and laws in state management of petroleum.

Accordingly, the Government Inspectorate will transfer the inspection conclusion on petroleum to the Central Inspection Committee for consideration and handling according to its authority with respect to officials under the management of the Politburo and the Secretariat, related to the shortcomings and violations mentioned in the inspection conclusion. (See more)

The North is worried about power shortage, the Ministry of Industry and Trade is calculating response plans.

The Ministry of Industry and Trade has just approved the Power Supply Plan for the peak dry season months of 2024 from April to July.

Accordingly, the Plan was approved at the request of Vietnam Electricity Group (EVN) to reserve for operation to ensure electricity supply for the national power system with the total electricity produced by power plants (at the generator terminal) and imported nationwide during the peak dry season months in 2024 being 109.183 billion kWh. (See more)

Ensure adequate supply of gasoline for production and business

The Ministry of Industry and Trade requires ensuring adequate supply of gasoline for production, business and consumption of people and businesses.

This is one of the instructions of the Minister of Industry and Trade to the units under this ministry to ensure the supply of gasoline in the coming time. In the directive, the Minister of Industry and Trade requested the Domestic Market Department to closely monitor the implementation of the minimum total gasoline source in 2024 of the main gasoline traders. (See more)