Proposal to buy and sell electricity without going through EVN, changing the authority to adjust electricity prices

Ministry of Industry and Trade proposes direct electricity trading, changes authority to adjust electricity prices

The Ministry of Industry and Trade has just reported to the Prime Minister on the study and development of a mechanism for direct electricity trading between renewable energy generators and large electricity users, including the option of using a separate line not managed by EVN. (See more)

In addition, the Ministry of Industry and Trade also proposed to issue a mechanism for adjusting the average retail electricity price in the Electricity Law in the direction of assigning the Government to regulate instead of the Prime Minister stipulating the adjustment mechanism as at present. The above viewpoint was presented by the Ministry of Industry and Trade in the Proposal to amend the Electricity Law sent to the Prime Minister. (See more)

Ministry of Industry and Trade proposes direct electricity trading (Photo: Luong Bang)

Proposal to give electric car buyers a $1,000 subsidy

The Ministry of Transport has just reported to Deputy Prime Minister Tran Hong Ha proposing a policy to support the conversion to electric cars.

This agency proposed to subsidize people when buying electric cars to shift consumer behavior from gasoline and diesel cars to electric cars, about 1,000 USD/car.

Regarding registration fees, the Ministry of Transport proposed to exempt registration fees for electric cars for the first 5 years from March 1, 2022. In the next 2 years, the first registration fee is equal to 50% of the fee for gasoline and diesel cars with the same number of seats. At the same time, license plate fees will be exempted for the first 3 years and the license plate fee for electric cars will be reduced by 50% for the next 2 years.

Hoa Phat officially exports the first container products

On August 4, Hoa Phat Container Manufacturing Joint Stock Company held a handover ceremony of a shipment of 100 20-foot containers with New Way Lines Company Limited.

This is the first batch of goods that Hoa Phat has exported to the market after 2 years of investing in the Container Shell Manufacturing Factory project at the Phu My II Expanded Industrial Park (Phu My town, Ba Ria - Vung Tau province).

Online money transfers of 500 million VND or more must be reported

From December 1, domestic cryptocurrency transactions of VND500 million or more and international cryptocurrency transfers of USD1,000 or more must be reported to the anti-money laundering agency of the State Bank.

This is one of the notable contents in Circular 09/2023/TT-NHNN guiding the implementation of a number of articles of the Law on Anti-Money Laundering, which has just been issued by the State Bank. (See more)

Enterprises buy back more than 135,000 billion VND of bonds before maturity

The Ministry of Finance's report on August 3 on the corporate bond market situation showed that from the beginning of the year to July 28, 36 enterprises issued private bonds with a volume of VND 62,300 billion (down 77.8% compared to the same period in 2022).

Enterprises increase the purchase of corporate bonds before maturity. (Photo: Hoang Ha)

According to the Ministry of Finance, in the context of market fluctuations, many enterprises have proactively repurchased bonds before maturity to restructure capital sources, the volume of early repurchases was VND 135,300 billion (up 56.3% over the same period in 2022). (See more)

Continue to review real estate lending, restructure segments accordingly

On the afternoon of August 3, Prime Minister Pham Minh Chinh chaired an online conference to evaluate the implementation results of Resolution No. 33/NQ-CP dated March 11 of the Government and propose solutions to remove difficulties and obstacles for the real estate market.

Prime Minister Pham Minh Chinh requested to restructure real estate segments appropriately, paying attention to social housing, worker housing, and housing for middle-income people. (See more)

Deputy Minister of Industry and Trade explains the reason for adjusting electricity prices every 3 months

On the afternoon of August 5, at the regular Government press conference, Deputy Minister of Industry and Trade Do Thang Hai answered questions from the press about the proposal to shorten the time to adjust electricity prices from 6 months to 3 months when amending Decision 24/2017.

According to the Deputy Minister of Industry and Trade, shortening the electricity price adjustment cycle to at least once every three months is to implement the Government's direction on adjusting prices according to a roadmap, avoiding jerkiness.

Shortening the price adjustment cycle to once every 3 months will promptly reflect the fluctuations of input parameters to the cost of electricity production and business, avoiding the case of leaving unpaid actual costs, leading to a sudden price increase during an adjustment. This regulation is also consistent with the current regulation that EVN must report on quarterly electricity price updates. (See more)

Ministry of Finance proposes two scenarios to control inflation

The Ministry of Finance has just released two inflation scenarios for the third quarter of 2023 and the remaining months of the year. The first scenario assumes that in the last 5 months of 2023 compared to the same period last year: food and food prices increase by 3%; rental housing prices increase by 8%, housing maintenance materials prices increase by 3%, medical service prices increase by 4%; gasoline prices decrease by 10%, gas prices decrease by 10%. The average CPI in 2023 is forecast to increase by about 3.2% compared to 2022.

In the second scenario, in case gasoline prices decrease lower (5%), food prices increase higher (5%), and medical service prices increase by 6%, the average CPI in 2023 is forecast to increase by about 3.7% compared to 2022.

According to Vietnam Electricity Group (EVN), as of August 4, there are still 6 transitional renewable energy projects with a total capacity of 284.7 MW that have not yet submitted negotiation documents.

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