Interest rate support package 'stuck'; gasoline imports increase

- Interest rate support package disbursed at 1.7% after nearly a year and a half

The Government's report presented by Minister of Planning and Investment Nguyen Chi Dung stated that by the end of July 2023, the amount of interest rate support for loans of enterprises, cooperatives, and business households reached about 681 billion VND, equivalent to 1.7% of the resources allocated to implement the policy (40,000 billion VND). The Government pointed out many reasons leading to the 2% interest rate support package being blocked, delayed, and entangled, including the fear of inspection and examination (according to Tuoi Tre).

- Vietnam's petroleum imports increase sharply

In the first 9 months of this year, Vietnam imported more than 8 million m3 of gasoline and oil, equivalent to 6.65 billion USD, up 23.1% in volume but down 2.4% in value compared to the same period in 2022. South Korea, Singapore and Malaysia are the 3 main suppliers of gasoline and oil to Vietnam, accounting for more than 81% of Vietnam's total gasoline and oil imports (according to Dan Tri).

- More than hundreds of thousands of billions of VND mobilized through corporate bonds

According to VNDirect Securities Company's bond report, in the third quarter of 2023, there were 88 corporate bond issuances with a total issuance value of VND100,163 billion, 2.6 times higher than in the second quarter of 2023 and an increase of 50% over the same period last year. In the first 9 months of this year, the total value of corporate bond issuance reached VND167,983 billion, down 33% over the same period last year (according to Thanh Nien).

- The whole country has 31,700 cooperatives but there are no preferential interest rate loan packages.

Our country has about 31,700 cooperatives, capital for production investment has become an issue of concern for many cooperatives. Commercial banks mainly have loan packages for businesses with very low interest rates, but there is no loan package for cooperatives. (See more)

- The National Assembly's monitoring delegation pointed out many problems in the development of wind power and solar power.

The decisions on feed-in tariff (FIT) have created a breakthrough in the development of solar and wind power in Vietnam, but they do not aim at a solution for electricity purchase and sale prices after the expiration of the FIT, causing a gap in policy. That is one of the contents pointed out by the Supervisory Delegation in the report recently sent to the National Assembly Standing Committee on "Implementation of policies and laws on energy development in the period 2016-2021". (See more)

- People holding positions at the State Bank are not allowed to manage related enterprises after retirement.

People with positions and powers are not allowed to establish, hold titles, management positions, or operate enterprises, cooperatives, or credit institutions in the areas they were previously responsible for managing under the State Bank of Vietnam (SBV) after they have ceased to hold such positions for a certain period of time. This is a notable content in the draft circular that SBV is seeking comments on. (See more)

- Deputy Prime Minister: Removing difficulties for cooperatives, not shirking responsibility

Deputy Prime Minister Le Minh Khai emphasized that ministries, branches and localities need to focus on resolving difficulties and obstacles raised by representatives of cooperatives, and not shirk responsibility for issues related to mechanisms and policies. (See more)

- VinFast's capitalization increased to nearly 18 billion USD

VinFast shares recovered for the second consecutive session after three weeks of sharp decline. VFS's capitalization as of 20:35 on October 11 (Vietnam time) was 17.7 billion USD. Billionaire Pham Nhat Vuong's car company announced new ambitions despite facing a competitive global electric vehicle market. (See more)

- Owning a series of golden lands, Bong Sen owes 4,800 billion VND in bonds

Bong Sen Corporation (Bong Sen Corp) owns a series of prime hotel land but is late in paying interest and principal on bonds worth VND4,800 billion in bond principal and more than VND668 billion in interest. This enterprise suffered heavy losses and is on the list of companies related to Van Thinh Phat. (See more)

- Revised Fire Prevention and Fighting Standards will be issued in October.

The Ministry of Construction has just issued a document responding to Thai Nguyen voters regarding regulations related to fire prevention and fighting. According to the Ministry of Construction, the revised Fire Prevention and Fighting Standards for Houses and Constructions have completed all steps, have been assessed by specialized agencies, and are expected to be issued in October 2023. (See more)

- A country spends 53 times more money to buy Vietnamese rice, becoming the biggest customer

In just one month, Indonesia spent 101.4 million USD to buy more than 166 thousand tons of Vietnamese rice, 53 times more than the same period last year. This country unexpectedly became the largest customer of Vietnamese rice in September. (See more)

- Train tickets for Tet 2024 increase in price, highest is nearly 3 million VND

According to Saigon Railway Transport Joint Stock Company, train ticket prices for the 2024 Lunar New Year will increase by 1-4% depending on the seat and train type, with the highest price being nearly 3 million VND/ticket (according to VTC News).

Oil prices on the world market today fell due to easing supply concerns, tensions may not escalate widely. Meanwhile, domestic oil prices have dropped sharply since yesterday afternoon.

The central exchange rate increased by 2 VND today. The USD price at commercial banks fluctuated little. The USD price on the free market turned to decrease rapidly after a sharp increase yesterday. The world USD price cooled down.

On the stock market , on October 12, VN-Index increased for the fifth consecutive session. The VN-Index increased by 0.8 points to 1,151.61 points. The focus of the session was on real estate stocks with green being the dominant color, especially in stocks with above average capitalization.

Gold prices today on the international market skyrocketed, pushing SJC gold prices in the morning officially above the threshold of 70 million VND/tael.

Bank interest rates have dropped to a record low according to the banks' listings, with a common rate of 5.5-6.5%/year. Today's market recorded some banks with special policies to attract money, even up to 11%/year in some places.

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