Prime Minister approves investment policy for 500kV power line to 'save electricity' for the North
The Prime Minister has just decided to approve the investment policy and accept the investor of the 500kV transmission line project of Nam Dinh I - Thanh Hoa Thermal Power Plant.
The project investor is the National Power Transmission Corporation (EVNNPT) - a member unit of Vietnam Electricity Group (EVN). The project's objective is to reduce and avoid overloading the existing 500kV lines, especially when the transmission capacity is high along the North-Central interface at a time when the hydropower plants in the North are low in generation. (See more)
Dozens of projects want to sell electricity directly, without going through EVN
The Ministry of Industry and Trade has just continued to report to the Prime Minister and Deputy Prime Minister Tran Hong Ha on the study and development of a direct electricity purchase and sale mechanism between renewable energy power generation units (DPPA).
According to the Ministry of Industry and Trade, a survey of 95 renewable energy projects in May 2022 by a consulting unit showed that 24/95 projects want to buy and sell "clean" electricity without going through EVN. In addition, 17 renewable energy power generation projects are considering the conditions for participating in this mechanism as well as the ability to find and sign contracts with customers. (See more)
Capital Management Committee proposes to discipline EVN leaders for power shortage
The State Capital Management Committee at Enterprises proposed a disciplinary reprimand for a number of leaders of EVN and the National Power System Dispatch Center (A0) for causing power supply disruptions.
Accordingly, the Committee has proposed to issue disciplinary reprimands to EVN leaders, including: Mr. Duong Quang Thanh - former Chairman of the Board of Members; Mr. Tran Dinh Nhan - member of the Board of Members and General Director, Mr. Ngo Son Hai - Deputy General Director and Director, Deputy Director of the National Power System Dispatch Center. The Committee is continuing to coordinate with the Party Committee of the Central Enterprises Bloc to direct EVN to issue decisions on disciplining officials and disciplining party members. (See more)
Finance Minister: Salary reform and pension increase from July 1, 2024
On the afternoon of October 23, Minister of Finance Ho Duc Phoc, authorized by the Prime Minister, reported to the National Assembly on the implementation of the state budget in 2023, the state budget estimate, and the central budget allocation plan for 2024.
According to Minister Ho Duc Phoc, with the central budget allocated to implement salary reform of about 132 trillion VND and the accumulated source of local budgets of about 430 trillion VND, it is enough to synchronously reform salary policy from July 1, 2024. (See more)
VCCI proposes to reduce VAT for all goods and services
The Vietnam Federation of Commerce and Industry (VCCI) has just sent a document to the Ministry of Finance responding to the proposal to reduce value-added tax (VAT) for the first 6 months of 2024. VCCI recommends that the Ministry of Finance consider a plan to reduce value-added tax (VAT) for all types of goods and services from 10% to 8%.
Previously, the Ministry of Finance sent a document asking for opinions on continuing to reduce value added tax in the first 6 months of 2024. The Ministry of Finance proposed a 2% reduction in value added tax rates, 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. (See more)
Proposing banks to "find ways" to further reduce interest rates for new loans and old debt
On October 27, the State Bank of Vietnam (SBV) held a conference to implement the Prime Minister's Official Dispatch No. 990 on solutions to increase access to credit capital for production and business activities, as well as promote the implementation of the interest rate support program according to Decree 31 of the Government. Dan Tri newspaper reported that in order to increase access to credit capital for people and businesses, the SBV requested credit institutions to reduce costs in order to continue to reduce lending interest rates for both new loans and existing loans.
According to the State Bank of Vietnam, as of October 24, credit to the new economy increased by 6.81% compared to the end of 2022. The reason for the slow credit growth compared to the same period in previous years is mainly due to low credit demand.
People's deposits in banks set new record
According to the latest figures just released by the State Bank of Vietnam, by the end of August, the amount of money people deposited in the banking system continued to reach its highest level ever. In August, people deposited about 43,723 billion VND into the banking system. This increase was a sharp increase compared to the 6,700 billion VND in the previous July or the 35,300 billion VND in June and the 14,700 billion VND in May.
In the first 8 months of this year, total deposits from the population in the banking system reached more than 6.43 million billion VND, an increase of about 9.68% compared to the beginning of the year, also the highest level ever.
Prime Minister directs series of drastic solutions to develop real estate market
In the dispatch issued on October 24, Prime Minister Pham Minh Chinh requested the Governor of the State Bank of Vietnam to direct commercial banks to continue promoting credit lending to the real estate sector, have appropriate solutions to reduce costs to reduce interest rates; have special credit promotion policies for feasible real estate projects with fast implementation progress, creating momentum for growth and promoting the real estate market.
In addition, the State Bank of Vietnam will preside over and closely coordinate with the Ministry of Construction to carefully review favorable and open lending procedures and conditions, control and accelerate the implementation of the VND120,000 billion credit package. (See more)
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