The new economic policies will take effect from September 2024.

Workers from Power Transmission Company 1 inspect equipment at Xuan Mai 220 kV substation.

Guide to the method for determining the average electricity selling price.

The Ministry of Industry and Trade has issued Circular No. 09/2024/TT-BCT dated July 30, 2024, regulating the calculation of the average electricity selling price.

Circular 09/2024/TT-BCT guides the Vietnam Electricity Group (EVN) in calculating the average electricity selling price according to the provisions of Article 4 of Decision No. 05/2024/QD-TTg dated March 26, 2024, of the Prime Minister , which stipulates the mechanism for adjusting the average retail electricity price.

The Circular consists of 3 chapters and 15 articles, applicable to EVN and its member units, as well as related organizations and individuals. Specifically, the Circular provides detailed guidance on the method for determining the average annual electricity selling price and the calculation formula for the final electricity price.

Accordingly, the average annual and intra-year electricity selling price is calculated based on the costs of electricity generation, auxiliary power system services, costs of purchasing electricity transmission, distribution and retail services, power system dispatch and electricity market transaction management, and industry operation and management costs, all included in the average annual/intra-year electricity selling price.

To provide a basis for calculation, the Circular also specifically guides the method for calculating the total cost of each stage: power generation; transmission; auxiliary services of the power system; electricity distribution and retail services; power system dispatching services and electricity market transaction management; industry operating and management costs and standard profit...

The Electricity Regulatory Authority is responsible for leading and coordinating with relevant agencies to report to the Minister of Industry and Trade on the inspection, review, and monitoring of the average electricity selling price plan developed and adjusted by Vietnam Electricity Group in accordance with Decision No. 05/2024/QD-TTg.

Vietnam Electricity Corporation is responsible for implementing the regulations in Decision No. 05/2024/QD-TTg and the regulations in this Circular.

The circular officially takes effect from September 14, 2024.

Guidelines for managing environmental restoration deposits in mineral mining.

The Ministry of Finance has just issued Circular No. 57/2024/TT-BTC dated August 1, 2024, guiding the management and use of environmental remediation and restoration deposit funds in mineral mining and waste landfill activities at the Environmental Protection Fund.

According to the Circular, the depositor is an organization or individual engaged in mineral exploitation or waste disposal activities as stipulated in the Law on Environmental Protection and related guiding documents.

The recipient of the deposit is the Environmental Protection Fund.

The deposit is the amount of money the depositor sends to the deposit recipient to guarantee the responsibility for carrying out environmental remediation and restoration projects and addressing environmental pollution risks arising from mineral mining and waste disposal activities, as stipulated by law and this Circular.

The deposit recipient must deposit the entire deposit amount into a separate escrow account opened at a commercial bank. This escrow account is independent of other accounts at the commercial bank held by the deposit recipient and must meticulously track the deposit amount and any interest accrued on the deposit for each project, organization, or individual making the deposit.

Funds from the escrow account may only be disbursed when all conditions stipulated in Article 37 and Article 76 of Decree No. 08/2022/ND-CP, any replacement or amendment documents to Decree No. 08/2022/ND-CP (if any), and the internal regulations on the management and use of escrow funds of the escrow recipient are met.

The deposit and interest earned on the deposit are held by the deposit recipient in commercial banks.

Interest on the deposit must be paid by the depositor to the depositor.

Interest on deposits payable to the depositor for mineral exploitation activities shall be in accordance with the provisions of point d, clause 5, Article 37 of Decree No. 08/2022/ND-CP and any replacing or amending legal documents (if any).

Interest on deposits payable to the depositor for waste landfill activities shall be in accordance with the provisions of point e, clause 2, Article 76 of Decree No. 08/2022/ND-CP and any replacing or amending legal documents (if any).

Every six months (before July 31st of the reporting year and March 31st of the year following the reporting year), the depositor must send a notification of the deposit balance and interest payable to the depositor as of June 30th and December 31st of the reporting year, in accordance with Appendix 3 of this Circular, and publicly disclose it on its website or at the depositor's headquarters. For the annual report, the depositor must include the audited financial statements.

The management and use of the deposit funds must be explained in detail, including increases and decreases, in the annual financial statements of the deposit recipient. The deposit recipient must have their annual financial statements audited in accordance with the law.

Auditing, inspection, and supervision of the management and use of deposit funds by the deposit recipient shall be carried out in accordance with the provisions of the law.

This Circular shall take effect from September 14, 2024.

Amend regulations on the buying and selling of foreign currency between official foreign exchange reserves and the state budget.

The State Bank of Vietnam (SBV) has issued Circular 43/2024/TT-NHNN dated August 9, 2024, amending and supplementing a number of articles of Circular 01/2014/TT-NHNN dated December 10, 2014, guiding the organization and implementation of state foreign exchange reserve management activities.

Circular 43/2024/TT-NHNN amends and supplements Article 9 of Circular 01/2014/TT-NHNN on the purchase and sale of foreign currency between official foreign exchange reserves and the state budget as follows:

1. Purchasing foreign currency from the state budget:

Based on the annual foreign exchange sales plan of the state budget and the foreign exchange sales request from the Ministry of Finance and/or directives from the Prime Minister, the State Foreign Exchange Reserve Management Department shall purchase additional foreign currency from the state budget at the prescribed exchange rate.

2. Selling foreign currency to the state budget:

Based on the Ministry of Finance's request to purchase foreign currency to meet the state budget's foreign currency needs, the State Foreign Exchange Reserve Management Department, in coordination with the Monetary Policy Department, will develop a plan for balancing the sale of foreign currency to the state budget, submit it to the Governor of the State Bank of Vietnam for approval, and notify the Ministry of Finance.

Based on the foreign exchange sales balance plan approved by the Governor of the State Bank of Vietnam, the State Foreign Exchange Management Department sells foreign currency to the state budget at the prescribed exchange rate.

3. Foreign exchange buying and selling rates of the State Bank of Vietnam:

In the case of buying and selling US dollars, the buying and selling rates of foreign currency shall be equal to the spot buying and selling rates specified in the intervention plan; if at the time of implementation there is no intervention plan or the intervention plan does not contain provisions on spot exchange rates, then the buying and selling rates of foreign currency shall be equal to the central exchange rate announced by the State Bank of Vietnam applicable on the day of the transaction (*).

In the case of buying or selling foreign currencies other than the US dollar, the buying and selling exchange rates applied are based on the cross-exchange rate of the rate determined in point (*) above and the average exchange rate of the buying and selling prices between the foreign currency being bought or sold and the US dollar, as listed on the international foreign exchange market through the Refinitiv or Bloomberg information network systems before 10:00 AM on the trading day.

This circular takes effect from September 23, 2024.

Source: https://baohaiduong.vn/nhung-chinh-sach-kinh-te-moi-co-hieu-luc-tu-thang-9-2024-391364.html