Proposal to subsidize 3% interest rate when lending to supporting industries
This is a notable content in the draft Decree amending and supplementing a number of articles of Decree 111/2015 on policies for supporting industrial enterprises that has just been submitted by the Ministry of Industry and Trade to Deputy Prime Minister Tran Hong Ha.
Accordingly, investment projects of supporting industry enterprises in the textile, footwear, electronics, automobile manufacturing and assembly, mechanical engineering, new materials, microchips, etc. sectors can enjoy interest rate differential subsidies from the central budget through commercial banks. The subsidized interest rate is 3% per year. The local budget supports interest on medium and long-term loans for this investment project.
Budget revenue increased by nearly 10,000 billion VND after inspection
According to information from the Ministry of Finance, in the first 7 months of the year, the Inspectorate of the Ministry of Finance and specialized inspection units under the Ministry conducted 39,511 inspections and examinations; recommended financial handling of VND 49,478.8 billion; of which, recommended recovery of VND 13,088.8 billion; recommended other financial handling of VND 33,349.9 billion; and administrative sanctions of VND 3,040 billion. The amount collected and paid to the state budget during the period was VND 9,754.7 billion.
The amount of money proposed for handling through inspection and examination is 43,349 billion VND; of which, the amount of money collected and refunded is 7,335 billion VND; loss reduction and deduction reduction is 33,084 billion VND; and administrative fines total 2,930 billion VND.
The North will still lack electricity during the peak summer season for the next 2 years.
At the recently held Electricity Saving Conference in the hot season, a representative of Vietnam Electricity Group (EVN) said: The demand for electricity continues to increase, forecast to increase by an average of 9% per year, corresponding to an increase in capacity of 4,000-4,500 MW per year.
Meanwhile, the power source expected to be put into operation in 2024 is 1,950MW and in 2025 is 3,770MW, mainly concentrated in the Central and Southern regions.
The reserve capacity of the Northern power system is low, while the demand for electricity in the North is growing by 10% per year. Therefore, the North is likely to face a shortage of peak capacity during some hot periods in June-July 2024 (shortage of 420-1,770MW).
The Government notes that the State Bank should increase credit and lower interest rates.
In Notice No. 332/TB-VPCP dated August 17, 2023 issued by the Government Office, the Government Standing Committee noted that the State Bank should urgently take timely and effective solutions to promote credit growth, enhance access to credit capital for businesses and people; continue to direct commercial banks to reduce costs, promote digital transformation, ... strive to continue to lower lending interest rates.
Credit growth has been quite slow since the beginning of the year. According to a report by the Ministry of Planning and Investment, as of August 9, credit growth had only reached 4.3%, while the target for the whole year was around 14-15%.
Banks must reduce lending rates by at least 1.5-2%
The State Bank of Vietnam has just sent an official dispatch to credit institutions and foreign bank branches requesting a reduction in lending interest rates.
In this document, the State Bank of Vietnam requests credit institutions to continue implementing solutions to reduce interest rates, especially reducing lending rates for existing outstanding loans and new loans. Strive to reduce interest rates by at least 1.5-2%/year according to the direction of the Government and the Prime Minister to support businesses and people to recover and develop production and business. (See more)
Prime Minister requests to amend Circular 06 on business lending
The Government Office has just sent an urgent dispatch to the Governor of the State Bank of Vietnam, the Minister of Justice, the Minister of Finance and the Deputy Governors of the State Bank of Vietnam requesting a meeting to discuss solutions to improve businesses' access to credit.
The Prime Minister's directive took place in the context that Mr. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association (HoREA), had previously informed the HoREA Executive Board, members and the business community of the "good news" that the Governor of the State Bank of Vietnam Nguyen Thi Hong had sent information to the association's leaders with the content that investors are still allowed to borrow, including projects that are not yet qualified for business and projects that are qualified for business. (See more)
Will deal with speculation and hoarding of rice to increase prices
This is the task set by the market management force to implement the directive of the Ministry of Industry and Trade, ensuring stable rice prices in the face of new developments in the world rice market.
To ensure national food security in all situations, advantages in rice production and opportunities in Vietnam's rice export market, the Prime Minister also issued Directive 24 on firmly ensuring national food security and promoting sustainable rice production and export in the current period.
Enterprises compensate 225 million VND/ha of papaya because they cannot purchase it
In recent days, dozens of hectares of papaya trees have reached harvest time, with ripe fruits falling all over the trees in Thai Hoa town (Nghe An), but Nafoods Passion Fruit Joint Stock Company has not come to purchase them as per the signed contract. The estimated output of papaya is nearly 2,000 tons, and the fruits are falling every day. Meanwhile, people are not allowed to sell for fear of violating the contract signed with the company.
The company has agreed to compensate and support the people with 225 million VND/ha. If calculated according to the previously signed contract, the company must compensate the people with nearly 500 million VND/ha. (See more)
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