Banks are allowed to suspend transactions on accounts receiving suspicious funds.
The State Bank of Vietnam has just sent an official dispatch to banks and foreign bank branches regarding strengthening risk management measures in opening and using payment accounts.
Accordingly, for payment accounts suspected of illegal money transfers, credit institutions need to ask customers to go to the transaction counter to verify customer information, stop providing services on Mobile banking or request authentication of electronic channel payment transactions using biometric factors or using digital signatures, stop transactions if there is sufficient basis, etc.
People's money deposited in banks increased to a record level despite falling interest rates
According to statistics from the State Bank, as of the end of April 2023, total deposits of residents in the banking system reached 6.33 million billion VND, an increase of more than 467,000 billion VND (equivalent to 7.96%) compared to the end of 2022.
This is the highest level ever. Since the beginning of the year, the amount of deposits from residents has always been higher than the amount of deposits from economic organizations. (See more)
Expected new household electricity price list: 5 levels left, highest 3,457 VND/kWh
The Ministry of Industry and Trade is seeking public opinions on the draft Decision of the Prime Minister regulating the structure of retail electricity prices. Accordingly, the retail electricity price for the group of customers using electricity for daily life will be shortened from 6 to 5 levels, with the price gradually increasing to encourage the use of electricity economically and efficiently.
The lowest level is calculated for households using from 0-100 kWh (the current lowest level is 0-50 kWh), the highest level is from 700 kWh or more.
The electricity price for steps 1 to 5 is calculated at 90-180% of the average retail price of 1,920.37 VND per kWh. Thus, step 1 has the lowest price of about 1,728 VND per kWh and the highest (step 5) is 3,457 VND per kWh. This price does not include VAT. (See more)
Prime Minister requests banking sector to continue lowering interest rates and loosening lending conditions
At the working session of the Government Standing Committee with the Executive Board of the Vietnam Association of Small and Medium Enterprises (SME) on the operation of the Association, the SME business community and solutions to remove difficulties for businesses taking place on the afternoon of July 6,
Prime Minister Pham Minh Chinh suggested that the banking sector should continue to research and adjust lending conditions to be more favorable, and reduce costs to lower lending interest rates, especially for small and medium-sized enterprises. The Prime Minister assigned the State Bank to research and implement credit packages to stimulate consumer demand. (See more)
Ship carrying 800 billion VND worth of liquid gas needs a warehouse 'as complex as a nuclear power plant' to arrive in Vietnam
The Maran Gas Achilles (Greek nationality) ship carries nearly 70,000 tons of LNG (worth about 35 million USD, equivalent to 830 billion VND) from an Indonesian port to Vietnam. The technology to build an LNG warehouse is as complex as a nuclear power plant.
On July 10, the Maran Gas Achilles ship will arrive at the LNG Thi Vai Terminal (Ba Ria-Vung Tau). This is considered a historic moment for the Vietnamese energy industry. (See more)
Lam Dong requested to stop buying electricity, dismantle thousands of illegally installed solar panels
Lam Dong Provincial People's Committee has just issued an official dispatch to handle the issue of businesses installing, cooperating, leasing, and selling solar power in industrial parks in the province.
In addition to requiring the electricity industry to temporarily stop purchasing electricity, Lam Dong authorities forced businesses to dismantle illegal solar power systems. (See more)
Deputy Minister of Industry and Trade: From now until the end of the year, there will be basically no power shortage.
On the evening of July 4, at the regular Government press conference, Deputy Minister of Industry and Trade Do Thang Hai informed about the scenario of ensuring electricity supply to overcome the power shortage.
Mr. Hai said that the electricity production and import in June is estimated at more than 25.3 billion kWh, 3.4% higher than the same period in 2022. In the first 6 months of the year, the amount of electricity production and import reached more than 136 billion kWh, an increase of 2.2% over the same period last year.
The Deputy Minister of Industry and Trade affirmed that from now until the end of 2023, there will basically be no shortage of electricity to serve production and daily life of the whole country. (See more)
Prime Minister requests to promote rice production and export
Prime Minister Pham Minh Chinh has just signed and issued an Official Dispatch on strengthening the implementation of tasks and solutions to promote rice production and export.
Fears of El Nino have caused many countries to increase rice purchases for reserves. Vietnamese rice prices have skyrocketed, pushing rice export turnover to $2.3 billion. Our country also had a bumper crop, with rice productivity setting a record. (See more)
Tighten management of insurance businesses
The Ministry of Finance has just announced the conclusion of the inspection of the sale of insurance products through credit institutions and foreign bank branches at 4 life insurance companies. The Ministry of Finance affirmed that the sale of insurance through banks has many violations and distortions.
Statistics show that the cancellation rate of insurance contracts sold through banks after one year at some insurance companies is up to 73%, meaning that out of every 100 people who buy insurance, up to 73 people cancel the contract after the first year. Canceling the contract after only one year means that the customer loses all the money they paid. (See more)
Modify online auction rules
The Government has just issued Decree 47/2023/ND-CP amending and supplementing a number of articles of Decree No. 62/2017/ND-CP dated May 16, 2017 of the Government detailing a number of articles and measures to implement the Law on Property Auction.
In particular, Decree 47/2023/ND-CP amends and supplements regulations on the order of organizing auctions in the form of online auctions.
Import tax on gasoline and oil reduced from the beginning of the third quarter
The Ministry of Finance has just sent an official dispatch to the Ministry of Industry and Trade regarding the average import tax applied in the formula for calculating the base price of gasoline and oil. Accordingly, the import tax on gasoline will be reduced from 10% to 5.62%, on diesel to 0.58%, and on fuel oil to 1.38%. Kerosene will not be adjusted.
This is a quarterly adjustment based on the actual business performance of the enterprise. The new tax rate will be applied from the beginning of this third quarter.
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