Get a refund if your flight is delayed by 5 hours, or use one bank to pay off another loan.

Passengers are entitled to a refund if their flight is delayed by 5 hours.

From September 1st onwards, if a flight is delayed by 15 minutes or more, passengers will be provided with meals and accommodation by the airline. If the delay is 2 hours or more, passengers have the right to request a free change of flight. In the case of a delay of 5 hours or more, the airline must refund the ticket price to the passenger.

These are the key points in Circular No. 19/2023 amending, supplementing, and repealing some articles of circulars regulating air transport, recently issued by the Ministry of Transport . (See more)

Passengers are entitled to a refund if their flight is delayed by 5 hours (Photo: Hoang Ha)

Allowing homebuyers to borrow from one bank to refinance a loan from another bank.

From September 1st, lending to repay existing loans at other banks will no longer be limited to business loans but will also apply to those borrowing for personal use. Accordingly, customers can easily and more advantageously transfer their home loan from one bank to another (with lower interest rates and more favorable terms).

That is the notable content in Circular 06 recently issued by the State Bank of Vietnam (SBV).

The Ministry of Industry and Trade discusses the mechanism for rooftop solar power.

The Ministry of Industry and Trade has submitted a report to the Prime Minister on developing mechanisms to encourage the development of rooftop solar power installations in homes and public offices in Vietnam.

The Ministry of Industry and Trade believes that the approved Power Development Plan VIII sets a target of increasing the capacity of rooftop solar power (regardless of type) and self-produced/self-consumed solar power by approximately 2,600 MW by 2030. With this scale, there is no need to issue incentive mechanisms for installing rooftop solar power. (See more)

Electricity and food prices 'drag' up the CPI.

According to data released by the General Statistics Office, the consumer price index (CPI) in July 2023 increased by 0.45% compared to the previous month. The average CPI increase for the first seven months of this year was 3.12%.

According to the General Statistics Office, the increase in food prices and household electricity prices were the main reasons for the rise in the Consumer Price Index (CPI) in July 2023.

In July, the economy showed several positive signs, such as a slight increase in the industrial production index and disbursement of public investment capital reaching approximately VND 58,500 billion, a significant increase of 28.4% compared to the same period last year. (See more)

Bank deposits continue to increase despite rapidly falling interest rates.

As of the end of May 2023, deposits from individuals at credit institutions reached a record high of 6,347 trillion VND, an increase of over 677,000 billion VND compared to the end of last year. Meanwhile, deposits from economic organizations reached 5.74 trillion VND, a decrease of 3.45% compared to the end of last year.

Notably, resident deposits continue to break records amidst a downward trend in market interest rates since the beginning of the year. (See more)

Bank deposits have increased sharply. (Photo: Hoang Ha)

Vietnamese people import and consume over 46,000 tons of pig trotters, ears, tongues, etc.

According to a report by the Department of Animal Husbandry, in the first six months of 2023, pork imports reached over 41,483 tons, a decrease of 8% in volume compared to the same period in 2022.

Notably, imports of edible pork by-products reached 46,070 tons, a sharp increase of 78% compared to the same period in 2022. These by-products, such as pig trotters, ears, noses, and tongues, were imported to meet domestic consumption needs. (See more)

The number of international visitors to Vietnam in July was the highest since the pandemic.

According to the Vietnam National Tourism Administration, in July 2023, Vietnam welcomed 1,038.6 million international visitors, an increase of 6.5% compared to the previous month and a 194.6% increase compared to the same period in 2022.

This is the first month since the beginning of 2023 and after the Covid-19 pandemic that the tourism industry has welcomed over 1 million international visitors. (See more)

EVN proposes an early adjustment of electricity prices.

Considering the possibility of not having enough funds to pay for electricity purchased from power generation units in the near future, Vietnam Electricity Group (EVN) proposes that the Government and relevant ministries and agencies allow for an early adjustment of retail electricity prices.

Previously, on May 4th, the average retail electricity price was adjusted upwards by 3% (from 1,864.44 VND to 1,920.3732 VND/kWh). (See more)

EVN needs to ensure sufficient electricity supply for next year and accelerate power generation and transmission projects.

Reporting at a working session with the National Assembly Standing Committee's supervisory delegation on the afternoon of July 26th, Mr. Dang Hoang An, the new Chairman of the EVN Board of Directors, stated that the total installed power capacity nationwide currently stands at 79,364 MW.

Deputy Speaker of the National Assembly Nguyen Duc Hai requested EVN to find solutions to overcome existing limitations and shortcomings; and at the same time, focus on solutions to ensure sufficient electricity supply in 2024-2025. (See more)

The Prime Minister has ordered an investigation into the sale of insurance through banks.

Prime Minister Pham Minh Chinh has just signed a document outlining solutions to improve businesses' access to credit.

Notably, the Prime Minister requested the Ministry of Finance to take the lead, in coordination with the State Bank of Vietnam and relevant agencies, in urgently inspecting, examining, and supervising the provision of insurance services, the sale of insurance through banks (bancassurance), and the operations of insurance companies. (See more)

Bank profits fell sharply in the second quarter, while risk provisions surged.

Many banks have released their Q2 2023 financial reports, showing less favorable business results compared to the same period last year.

In particular, most banks recorded a sharp decline in profits and a surge in risk provisions. (See more)

Global minimum tax rate: Vietnam wants to implement it from 2024.

Vietnam supports and proactively applies the global minimum tax rule from 2024, creating a favorable mechanism to encourage businesses to pay additional taxes in Vietnam.

The Ministry of Finance has submitted a proposal to the Ministry of Justice seeking its assessment of a draft resolution by the National Assembly on the application of supplementary corporate income tax under global anti-base erosion measures.

The Ministry of Planning and Investment has also submitted a document to the Ministry of Justice seeking its assessment on a proposal to pilot a policy supporting investment when applying the global minimum tax rate, either by offsetting it against the tax obligations of businesses or by directly paying it from the state budget. (See more)

Concerns arise over the risk of being scammed when exporting pepper to the Middle East, the Ministry of Industry and Trade warns.

The Ministry of Industry and Trade has sent a diplomatic note to the UAE Embassy in Hanoi requesting the Embassy to inform relevant authorities to consider and handle the suspected fraudulent export of cashew nuts, cinnamon, and pepper by Vietnamese businesses.

According to a report from the Vietnam Trade Office in the UAE, the Office has received official letters from several Vietnamese businesses with the same content, all accusing a UAE importer and a Dubai-based bank of fraudulently signing contracts to purchase cinnamon, pepper, and cashew nuts. (See more)

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