VEAM General Director prosecuted

On June 11, Vietnam Engine and Agricultural Machinery Corporation - JSC (VEAM) - announced that Mr. Phan Pham Ha, general director, had been arrested.

Previously, on June 10, VEAM received a notice from the investigation police agency - Hanoi City Police about a party member violating the law related to the Decision to prosecute and issue a temporary detention order against Mr. Phan Pham Ha, General Director, for the crime of abusing his position and power while performing official duties.

Every year, VEAM receives thousands of billions of dong in profits from joint venture partners Honda, Toyota... but three generations of VEAM leaders have been in trouble with the law. The arrest of Mr. Phan Pham Ha has extended the sad history of the giant in the industry and trade sector. (See details)

Thousands of cars of Vietnamese tycoons exposed to the sun and rain in Thanh Hoa

For many years, the campus of VEAM Automobile Factory in Bac Son Ward, Bim Son Town, Thanh Hoa (belonging to Vietnam Engine and Agricultural Machinery Corporation) has devoted a vast area of ​​land to storing thousands of trucks that have been in stock for a long time. The trucks have been put up for sale many times but have yet to find a new owner.

There are a total of 2,622 VEAM brand vehicles in stock, with a cost price of more than VND 966 billion. Of which, there are 2,221 vehicles in stock from 2017 or earlier with a cost price of VND 878 billion. The most recent auction announcement on May 13, 2024, the starting price for the batch of vehicles (more than 2,100 vehicles) was only VND 503 billion but still could not be sold. (See details)

Proposal to tax gold purchases

At the meeting on June 9 between the State Bank and economic experts to discuss policies on gold market management and to discuss amendments to Decree No. 24/2012, experts proposed solutions to manage gold trading activities: the State can also use taxes to regulate, not only income but also consumer behavior.

To overcome the signs of instability in the current gold market, one of the solutions mentioned by experts is to consider taxing gold transactions. (See details)

Gold has two prices, the price of SJC gold bars between banks has a big difference

The difference in selling price of SJC gold bars at commercial banks and Big 4 banks is up to several million VND, one bank even sells SJC gold bars at a price 5.02 million VND higher per tael than Big 4.

A media representative of a bank explained that the gold price at commercial banks is higher because the State Bank of Vietnam (SBV) only intervenes to sell gold directly to 4 state-owned commercial banks and SJC Company. Meanwhile, commercial banks are not subject to this category.

gold 20 1329 1377 30.jpg
The difference in gold bar prices sold at commercial banks is much higher than that at state-owned commercial banks. Photo: Minh Hien.

In the 6 recent successful gold bar auctions organized by the State Bank, in addition to gold trading enterprises, the above credit institutions also regularly participated. (See details)

People can register to buy SJC gold bars online.

Faced with the situation where many people have to queue up to buy SJC gold bars, banks have begun to deploy the utility of registering to buy SJC gold online.

Vietcombank has been implementing online gold purchases since June 12 right on the website. Customers can register to buy SJC gold bars at their desired location and receive appointment confirmation with information about the location, time of payment and delivery of SJC gold bars without having to come directly to queue and get a transaction number.

The remaining banks are also preparing to deploy online registration to buy SJC gold bars. (See details)

Regarding the situation of hiring people to buy gold to increase the price, the State Bank of Vietnam has just sent urgent dispatch No. 4810 requesting the Ministry of Public Security to direct relevant units to promptly coordinate to verify and strictly handle acts of spreading false information, speculating, profiteering, and manipulating the gold market. (See details)

Pests attack agricultural crops, 11 provinces receive urgent instructions

The Ministry of Agriculture and Rural Development has just urgently directed 11 provinces with locust pests to take urgent measures to prevent and control the epidemic.

This Ministry stated that the yellow-backed bamboo locust (and several other bamboo-damaging locust species belonging to the group of swarm locusts) when mature can gather into large swarms and migrate to find food sources and places to lay eggs.

Recently, the yellow-backed bamboo locust has emerged and caused quite serious damage to both agricultural and forestry crops in China, Laos and Vietnam. (See details)

Information about coffee and pepper embezzlement at Cat Lai port

On the afternoon of June 11, the Vietnam Pepper and Spice Association reported that a number of businesses had reported the "stolen" of a series of coffee and pepper shipments, suspected to have occurred at Cat Lai port, District 2. The volume of lost goods accounted for 7-28% of the total export volume, depending on the market.

On the evening of June 11, Saigon Newport Corporation officially responded, stating that the corporation's functional departments are working with competent authorities and agencies to verify the information about the shortage of goods provided by the Association.

However, the association's information that goods were suspected of being "withdrawn" at Cat Lai port is unfounded. (See details)

EU lifts controls on instant noodles, increases frequency of inspection of Vietnamese dragon fruit

The Vietnam Trade Office in Belgium and the EU said that on June 12, the European Commission published an Official Gazette on reviewing and applying additional inspection measures and emergency measures to manage the import of agricultural products and food from third countries into the EU market.

Accordingly, from July 2, Vietnamese instant noodles exported to the EU market will be removed from food safety control because they meet regulations.

However, the EU has increased the frequency of border inspections for dragon fruit from 20% to 30%, and each shipment must be accompanied by a Food Safety Certificate and test results for pesticide residues in the product. (See details)