Proposal to continue reducing VAT for the first 6 months of 2024
The Ministry of Finance proposes to reduce the value added tax rate by 2%, applicable to groups of goods and services currently subject to a tax rate of 10% (to 8%), except for the following groups of goods and services: telecommunications, information technology, financial activities, banking, securities, insurance, real estate business, metal production and production of prefabricated metal products, mining industry (excluding coal mining), coke production, refined petroleum, production of chemicals and chemical products, goods and services subject to special consumption tax.
The expected application period is from January 1, 2024 to June 30, 2024. The National Assembly Standing Committee will consider and decide on continuing to reduce VAT after June 30, 2024 if the economic situation and businesses and people are still facing difficulties, and report to the National Assembly at the nearest session. (See more)
Consulting on continuing to reduce environmental protection tax on gasoline
The Ministry of Finance has just sent an official dispatch to ministries, branches, People's Committees of provinces and cities and the Vietnam Federation of Commerce and Industry (VCCI) asking for opinions on the draft resolution on environmental protection tax rates for gasoline, oil, and grease to be applied in 2024. Specifically, the Ministry of Finance proposes to apply the tax reduction as prescribed in Resolution No. 30 of 2022 of the National Assembly Standing Committee.
Accordingly, the environmental protection tax on gasoline (except ethanol) is reduced by VND2,000/liter; jet fuel, diesel, fuel oil, and lubricants by VND1,000/liter; grease by VND1,000/kg; and kerosene by VND600/liter. To ensure continuity and timeliness, the Ministry of Finance proposes that the resolution take effect from January 1, 2024.
Hanoi Department of Transport proposes to increase bus fares
The Hanoi Department of Transport has proposed that from January 1, 2024, bus fares will increase by VND1,000-11,000 compared to current levels, depending on distance, ticket type and priority. For single-trip fares, the highest increase for distances over 40km is from VND9,000 to VND20,000. Monthly fares will increase by an average of 40%.
Explaining the above proposal, the Department of Transport said that since 2014 until now, the city has not adjusted the ticket price, so it is very low compared to the average income of the people.
The Department also cited other reasons such as the cost of public transport operations has increased by nearly 50% compared to 2014. Increasing bus fares helps increase revenue, reduce subsidies, and ensure the city's budget balance.
Ministry of Industry and Trade reports to the Prime Minister on shortening the electricity price management cycle
The Ministry of Industry and Trade has just sent a report to the Prime Minister with additional information on the proposal to adjust electricity prices every three months.
According to the Ministry of Industry and Trade, adjusting electricity prices every three months will help update costs more fully.
"The proposal to shorten the minimum price adjustment period from 6 months to 3 months is appropriate. This ensures that costs do not accumulate too much, affecting EVN's financial balance and gradually adapts electricity prices to fluctuations in input parameters according to the market," the Ministry of Industry and Trade argued, adding that "ministries and sectors did not object when asked for opinions." (See more)
Ministry of Industry and Trade: Not enough legal documents to assign EVN to do offshore wind power
In the latest report on the Implementation Plan for Power Plan VIII sent to the Government leaders, the Ministry of Industry and Trade said that identifying specific projects and domestic enterprises to implement pilot offshore wind power projects encountered difficulties.
That is, the legal corridor for offshore wind power development is still unclear (the National Marine Spatial Planning has not been approved, there is no basis to determine the scope of marine management); the investment law has not yet stipulated the competent authority to decide on the policy of offshore wind power investment.
"Therefore, there is no legal basis to assign the Electricity Corporation (EVN) and domestic enterprises to implement offshore wind power projects," the Ministry of Industry and Trade reported to the Government. (See more)
Government 'urges' Ministry of Industry and Trade to perfect direct electricity trading mechanism
The Government Office has just announced the conclusion of Deputy Prime Minister Tran Hong Ha at a meeting on the direct electricity trading mechanism between renewable energy generators and large electricity users.
According to the Deputy Prime Minister, the issuance of mechanisms and policies on direct electricity purchase and sale is very important and urgent to effectively implement investment in power source development and ensure national energy security. However, up to now, these mechanisms and policies have been slow to be issued and have not met requirements. The Deputy Prime Minister requested the Minister of Industry and Trade to direct relevant units to seriously learn from experience, make efforts to speed up progress and complete the task soon.
Ho Chi Minh City proposes to soon have a mechanism to buy and sell rooftop solar power
Vice Chairman of Ho Chi Minh City People's Committee Vo Van Hoan has just concluded on implementing a special mechanism for the city according to Resolution 98, using rooftops as public assets to install solar power.
According to Thanh Nien Newspaper, 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.
Deputy Governor: 'Accept exchange rate fluctuations'
Deputy Governor Dao Minh Tu of the State Bank of Vietnam (SBV) said: “Some opinions say that the exchange rate is fluctuating, but the market must accept ups and downs. If it is left to stand still, it is no longer a market economy. There cannot be constancy in the exchange rate.”
The above message was shared by Mr. Tu at the Conference "Connecting Banks - Enterprises in the Central Highlands region" organized by the State Bank on the afternoon of October 20 in Dak Lak.
Reaffirming the role of the State Bank of Vietnam in preventing inflation and stabilizing the exchange rate, the Deputy Governor said that some countries have very high inflation, and if we fall into that situation, people's lives will be extremely difficult. (See more)
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