From the SCB case, we must clearly identify which "boss" or "madam" is behind the bank's control.
National Assembly delegates said that to combat cross-ownership, manipulation, and domination in the banking system like the SCB case, the top factor is to identify which individual or organization, also known by nice names like "boss" or "madam", is the real owner of the bank.
On the afternoon of November 23, the National Assembly discussed in the hall the draft Law on Credit Institutions. National Assembly Delegate Pham Van Hoa - Member of the National Assembly's Law Committee - said that the Government and the National Assembly Standing Committee agreed on regulations to limit manipulation and control of credit institutions.
In particular, adjusting related persons to be suitable for types of credit institutions and adjusting personal share ownership to 3% instead of 5% and regulating the gradual reduction of credit granting roadmap to 10% of equity for some customers and related persons. Mr. Pham Van Hoa said, "this is a big problem".
According to the delegate, the most important thing now is that banks must control and pay more attention to cases where the "owner" of the bank is a business behind it. Controlling banks is necessary to ensure that the phenomenon of SCB cannot happen again. The source of loans to bank shareholders as it is now must be strongly monitored. See more...
Gold prices increase dramatically, gold shops have gloomy business in the middle of wedding season
Despite entering the biggest consumption season of the year, the gold jewelry market this year is still gloomy due to weak purchasing power and continuously increasing gold prices. One of the indispensable products in the traditional wedding ceremony of Vietnamese people, wedding jewelry, is not selling as well as in previous years, even though this is the peak wedding season. Video: Khanh Linh - Anh Tu
By the end of the third quarter of 2023, 4 units will have negative balance in the Petroleum Price Stabilization Fund.
According to information from the Ministry of Finance, by the end of the third quarter of 2023, the balance of the Petroleum Price Stabilization Fund is 7,058.55 billion VND.
On the afternoon of November 23, the Ministry of Finance announced that in the third quarter of 2023 (from July 1 to September 30), the total amount of deductions from the Price Stabilization Fund was VND 13.92 billion; the total amount of fund use was VND 387.94 billion.
In addition, interest arising on the positive balance of the Price Stabilization Fund in the third quarter was VND 3,558 billion; interest arising on the negative balance of the Price Stabilization Fund was VND 0,311 billion.
Specifically, the detailed statistics table of provisions and expenditures of key traders shows that the Vietnam National Petroleum Group (Petrolimex) is the enterprise with the highest balance of the Price Stabilization Fund at the end of the period as of June 30, 2023, with more than VND 3,000 billion, accounting for more than 40% of the total fund balance. See more...
Gasoline price decreased by more than 500 VND/liter
From 3:00 p.m. on November 23, the Ministry of Industry and Trade - Ministry of Finance adjusted gasoline prices. Accordingly, E5 RON 92 and RON 95 gasoline prices both decreased.
During this adjustment period, gasoline prices decreased across the board. Specifically, the new price of RON 95-III gasoline is VND23,024 (down VND506), and E5 RON 92 gasoline is VND21,690 per liter (down VND584).
Prices of petroleum products also decreased simultaneously. Specifically, the price of diesel is 20,283 VND per liter (down 605 VND/liter); kerosene has a new price of 20,944 VND (down 568 VND/liter); fuel oil increased by 15 VND, with a new price of 15,623 VND/kg.
In this adjustment period, the regulatory agency will not set aside the Petroleum Price Stabilization Fund (BOG) for all petroleum products, nor will it use the BOG Fund for petroleum products. See more...
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