Cross-subsidization of electricity prices; 27 localities propose to repay loans

- Ministry of Industry and Trade : There is cross-subsidy when the electricity price for production is lower than the cost.

The inadequacies in electricity prices were mentioned by Minister of Industry and Trade Nguyen Hong Dien in a report recently sent to the National Assembly , providing additional explanations and questions at the request of the Secretary General of the National Assembly. The Ministry said that recently, due to changes in the structure of electricity use, the selling price for customer groups does not promptly reflect production costs. For example, the selling price for production customers is lower than the cost, affecting the goal of using electricity effectively and economically. This reality shows that cross-subsidization still exists between groups of customers using electricity at different levels (according to Tuoi Tre).

27 localities propose to return borrowed capital

The Department of Debt Management and External Finance ( Ministry of Finance ) said that as of August 31, 27 localities had proposed to reduce the 2023 re-borrowed capital budget with a total proposed reduction of more than VND 5,565 billion. The reason for the proposed reduction in the re-borrowed capital plan is that many projects have not completed investment procedures such as not signing loan agreements, agreements not yet in effect or are adjusting investment policies. In addition, projects facing difficulties such as site clearance, bidding... so they cannot fully disburse the capital plan have also been proposed by many localities to reduce the re-borrowed capital (according to Tuoi Tre).

- Ministry of Finance urges quick disbursement of investment capital in some provinces

Working Group No. 5, headed by the Minister of Finance, has just inspected, urged, removed difficulties and obstacles, and promoted the disbursement of public investment capital in the three provinces of Gia Lai, Kon Tum, and Dong Nai. The report shows that, by the end of September 2023, the disbursement rate of all three localities above was lower than the national average (by the end of September 2023, the whole country had disbursed 51.38% of the plan assigned by the Prime Minister). Therefore, the Minister of Finance has asked localities to assess and consider the possibility of disbursement in the fourth quarter of 2023 to have plans to remove difficulties, speed up the disbursement progress, and ensure the completion of the proposed capital disbursement plan (according to Tin Tuc Newspaper).

- Bankruptcy proceedings opened, mountain town tycoon still lends trillions

While being ordered by the court to open bankruptcy proceedings, the mountain town tycoon Duc Long Gia Lai still recorded a loan of up to thousands of billions of VND. According to the financial report for the third quarter of 2023, Duc Long Gia Lai Group Joint Stock Company (code DLG) recorded 289 billion VND in net revenue and 15.7 billion VND in profit after tax. The mountain town tycoon has a short-term loan receivable of up to 1,025 billion VND, including a short-term loan receivable of 145 billion VND for Mr. Huynh Quoc Binh. The long-term loan receivable is 1,298 billion VND. (See more)

- Dang Khac Vy - the secretive owner of a Vietnamese bank that is among the most profitable

dangkhachvy dviet 17.jpg — Mr. Dang Khac Vy, Chairman of VIB. (Photo: DV)

Many Vietnamese tycoons who started their businesses in Eastern Europe returned to do business in Vietnam and became billionaires, constantly appearing in the media. Others are also very rich and discreet. Mr. Dang Khac Vy is one such person. He currently holds more than 4.9% of the capital of Vietnam International Commercial Joint Stock Bank (VIB), while his wife holds more than 4.9%. (See more)

- Vietnamese rice prices hit historic peak, profits of 'big guys' still plummet

Vietnam's 5% broken rice export price skyrocketed to 653 USD/ton, reaching a historic peak. However, during the rice price fever, major export enterprises in the industry simultaneously reported a sharp decrease in profits. By the end of September, Loc Troi Group Joint Stock Company (LTG) had a profit of only 20 billion VND, down 91% compared to the same period last year. Similarly, in the first 9 months of 2023, Trung An High-Tech Agriculture Joint Stock Company (TAR) recorded net revenue of 3,479 billion VND, up 57% over the same period, but profit was only 12.8 billion VND, down 75% over the same period. (See more)

- Ministry of Industry and Trade is about to receive 4,900 billion VND from the "golden goose" enterprise

Vietnam Engine and Agricultural Machinery Corporation - JSC (VEAM) has just announced a resolution to pay dividends for 2022 at a rate of 41.869% (each share will receive 4,186.9 VND). According to the list of shareholders, the Ministry of Industry and Trade is holding 1.175 billion VEAM shares, accounting for 88.47%. Thus, the Ministry of Industry and Trade will receive more than 4,900 billion VND in dividends from VEAM. (See more)

- The US is more dovish, exchange rates cool down, Vietnamese stocks benefit

The Vietnamese stock market stopped falling and had a breakout session after the US adopted a more dovish monetary policy. The world financial market also stabilized. The USD fell rapidly and the USD/VND exchange rate cooled down. (See more)

- HoSE's big boss suddenly quits his job to study abroad

The Ho Chi Minh City Stock Exchange (HoSE) has just announced Decision No. 66/QD-CT on Mr. Nguyen Vu Quang Trung's resignation from the position of Deputy General Director of HoSE to study abroad for a limited period. The decision takes effect from November 4. With Mr. Trung's absence, the largest stock exchange in the country (HoSE) now has only two members in the executive board, Ms. Tran Anh Dao and Ms. Ngo Viet Hoang Giao. (See more)

Gold prices rose today on the world market amid soaring demand for safe havens. Conflict in the Middle East could push gold prices to an all-time high.

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