New regulations on selling insurance through banks; oil and gas make big profits

- New regulations on selling insurance through banks

A representative from the Insurance Supervision and Management Department ( Ministry of Finance ) stated that the Ministry of Finance has recently issued a new circular regulating the sale of insurance through banks.

Circular 67 includes many new points, especially the improvement of regulations on insurance agents, which is expected to support the healthy and properly directed development of the bancassurance channel. This new circular will tighten regulations on advising and selling insurance through banks, making this activity healthier (according to Lao Dong newspaper).

- 5 major oil and gas companies reap huge profits.

The five major oil and gas companies reported huge profits, with most exceeding their annual profit targets. The multi-billion dollar gas-electricity and power project Block B-O Mon is making new progress and is expected to be a strong supporting factor for the oil and gas industry. (See more)

- The US has determined that Vietnam does not manipulate its currency.

The State Bank of Vietnam announced that on November 7th, the US Treasury Department issued a report on " Macroeconomic and Foreign Exchange Policies of Major US Trading Partners," which reiterated that Vietnam does not manipulate its currency and offered positive comments on Vietnam's monetary and exchange rate policy management.

In recent bilateral meetings, the US Treasury Department has highly praised Vietnam's management of monetary and exchange rate policies, noting its seriousness in addressing US concerns and maintaining stability in the financial, monetary, and macroeconomic markets amidst numerous difficulties and challenges. (See more)

- Proposal to amend Decree 132 on tax management for related-party transactions as soon as possible.

In Resolution 105/NQ-CP dated July 15, 2023, on tasks and solutions to overcome difficulties in production and business, continue to promote administrative procedure reform, and tighten discipline and order, the Government assigned the Ministry of Finance to lead and coordinate with ministries and agencies to research and propose amendments to Decree No. 132 to remove obstacles for manufacturing enterprises related to tax management regulations on related-party transactions, and report to the Prime Minister in the fourth quarter of 2023.

According to feedback from businesses, amending Decree 132 is an extremely urgent task, of vital importance to thousands of enterprises. (See more)

real estate 559.jpg — Many businesses are in dire need of capital. (Photo: Nam Khanh)

- Lobster exports to China have been temporarily suspended for unknown reasons.

Regarding the temporary suspension of spiny lobster exports, the Ministry of Agriculture and Rural Development has sent a document to the Chinese customs authorities for clarification. However, the agency has not yet arranged a meeting as requested. China is the largest market for Vietnamese lobsters. As of the end of August this year, Vietnam's lobster exports to China reached US$76 million, a decrease of 42% compared to the same period in 2022. (See more)

- China dominates the global gold market, prices forecast to rise sharply.

According to the World Gold Council, China is dominating the gold market with very strong buying activity. The net gold purchases by central banks worldwide are expected to reach a new record high in 2023. (See more)

- The bank that provides the most real estate loans

Twelve banks publicly disclosed their outstanding real estate loans for the first nine months of the year, totaling VND 430 trillion, an increase of VND 144 trillion compared to the end of last year. Of this, Techcombank alone lent VND 160 trillion, equaling the combined total of 10 other banks. (See more)

- Mr. Nguyen Do Lang's wife sold nearly 1 million more shares.

After more than four months since being prosecuted, Ms. Huynh Thi Mai Dung, wife of Mr. Nguyen Do Lang, has sold nearly 1 million shares. Ms. Dung is a major shareholder in Cotana. (See more)

- With tax debts exceeding 100 billion VND, Bamboo Airways has had 3 bank accounts frozen.

Bamboo Airways is being subjected to tax enforcement by the Binh Dinh Provincial Tax Department, which is seizing funds from its accounts and ordering the freezing of accounts at three banks. The reason for this enforcement is that Bamboo Airways Joint Stock Company has outstanding tax debts exceeding 90 days from the deadline for payment as stipulated by regulations. The amount subject to enforcement is 102.5 billion VND (according to Tien Phong newspaper).

Farmers earn tens of trillions of dong from durian fruit.

Durian, sold at exorbitant prices, has brought farmers tens of trillions of dong in revenue. By 2025, the Chinese durian market is estimated to reach $20 billion USD – a huge opportunity for Vietnam's "king of fruits," but ensuring product quality is crucial. (See more)

Today, global oil prices continued their downward trend from the previous session. Oil prices fell due to weakening demand.

On November 8th, the stock market saw the VN-Index surge by 33 points. Liquidity also improved significantly. Dozens of securities and real estate stocks hit their upper limit. Other sectors also performed very well.

The central exchange rate decreased by 29 dong on November 8th. The USD price at commercial banks increased slightly today, reaching 24,500 dong/USD for the selling rate. The global USD price is rising.

Today, gold prices on the international market recovered slightly, despite the US dollar also rising quite strongly globally. The price of SJC gold bars, after remaining unchanged in the morning, increased by 400,000 VND/ounce in the afternoon.

On November 8th, bank interest rates showed that ACB lowered all deposit terms to below 5% per year, even lower than the Big 4 banks. However, ACB and some other banks are still applying special interest rates.

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