EVN not assigned to build offshore wind power; bus fares increase

- Ministry of Industry and Trade : Not enough legal documents to assign EVN to do offshore wind power

In the latest report on the Plan for implementing the 8th Power Master Plan sent to the Government leaders, the Ministry of Industry and Trade said that the specific identification of projects and domestic enterprises implementing pilot offshore wind power projects encountered difficulties. The study of the pilot assignment of the Electricity Corporation (EVN) and domestic enterprises to implement offshore wind power is not legally clear. "Therefore, there is no legal basis to assign EVN and domestic enterprises to implement offshore wind power projects," the Ministry of Industry and Trade reported to the Government. (See more)

- Ho Chi Minh City proposes to soon have a mechanism to buy and sell rooftop solar power

Vice Chairman of the Ho Chi Minh City People's Committee Vo Van Hoan has just concluded on the implementation of a special mechanism for the city according to Resolution 98, using rooftops as public assets to install solar power. In addition to developing a project to use rooftops - public assets to install solar power systems, the Ho Chi Minh City People's Committee also proposed that the Prime Minister soon issue a mechanism to buy and sell unused electricity output from this rooftop solar power source (according to Thanh Nien).

- From April 1, 2024, opening and using bank accounts must be in the owner's name.

At the Ho Chi Minh City Digital Transformation Week that opened on the morning of October 17, Mr. Pham Anh Tuan - Director of the Payment Department of the State Bank of Vietnam (SBV) - said that the SBV is currently resolutely requiring credit institutions and payment intermediaries to coordinate with agencies of the Ministry of Public Security to review and clean up data. According to Mr. Tuan, this is to achieve the goal that the SBV is aiming for: from April 1, 2024, opening accounts must be under the owner's name and using banking services must be under the owner's name (according to Tuoi Tre).

- Hanoi Department of Transport proposes to increase bus fares

The Hanoi Department of Transport has proposed to increase bus fares from January 1, 2024, with the highest proposed fare being VND20,000 for distances over 40 km. Explaining the proposed fare increase, the Hanoi Department of Transport said that since 2014, the city has not adjusted fares, so fares are very low compared to people's income levels (according to Nguoi Lao Dong).

- Submit to the National Assembly to allocate an additional 2,508 billion to ministries, branches and localities

The Government has just submitted to the National Assembly a supplementary estimate of regular expenditures from the state budget in 2023 for ministries, branches and localities of about VND 2,508 billion (equivalent to 3.5% of the total unallocated amount). (See more)

- Abandoning the project due to land regulations: Worried that housing projects will become scarce

Investors are encouraged to negotiate for clean land for commercial housing projects, but the regulation that the project must have residential land and non-agricultural land with one-time land rent payment in the draft Land Law (amended) will make housing projects more scarce. (See more)

Vinfast stock 1572.png — VinFast's assets are ranked 24th in the list of major car manufacturers in the world.

- VinFast shares fall, Mr. Pham Nhat Vuong's electric taxi has a competitor in Laos

VinFast shares fell on the US stock exchange on October 16. VinFast Auto's current capitalization is at $17.02 billion. Pham Nhat Vuong's electric taxi can compete with a big rival when entering the Lao market. (See more)

- Vietnam Railway Corporation has a new CEO

The Board of Members of Vietnam Railways Corporation (VNR) has just decided to appoint Mr. Hoang Gia Khanh (48 years old), Deputy General Director in charge of VNR Executive Board, to hold the position of General Director of VNR from October 13, for a term of 5 years (according to Dan Tri).

- Rising from timber trading, mountain town tycoon seriously declines, huge debt

All of them rose from the timber trade and had a period of brilliant development, but the three giants of Gia Lai mountain town, Hoang Anh Gia Lai (HAG), Quoc Cuong Gia Lai (QCG) and Duc Long Gia Lai (DLG), are facing a series of difficulties and debts. (See more)

Today's world oil prices continued to decline from the previous session due to investors' cautious sentiment regarding developments in the Israel-Hamas conflict. Brent oil prices fell below the $90/barrel mark.

The central exchange rate today increased by 4 VND. The USD price at commercial banks increased slightly. The world USD price recovered.

The stock market recorded a strong sell-off at the end of the day on October 17. The VN-Index fell 19.77 points to 1,121.65 points. Selling pressure increased in most pillar stocks, including real estate stocks such as Vinhomes, Vingroup and many banking stocks.

Gold prices on the world market today decreased due to the increase in US Treasury bond yields. The market witnessed strong buying by investors. Domestic gold prices decreased by 300,000 VND/tael both this morning and this afternoon.

Today's bank interest rates recorded adjustments by SCB and VietBank. SCB brought deposit interest rates for all terms below the threshold of 6%/year. Meanwhile, in the "Big 4" group, all attention is still waiting for Agribank's move.

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