Bank deposits reach record highs; retail electricity pricing finalized.

- People's deposits into banks reach a new record.

According to the latest figures released by the State Bank of Vietnam, by the end of August, the amount of deposits from individuals in the banking system continued to reach its highest level ever. In August, people deposited approximately 43,723 billion VND into the banking system. This increase is significantly higher than the 6,700 billion VND in July, the 35,300 billion VND in June, and the 14,700 billion VND in May. Overall, in the first eight months of this year, individual deposits in the banking system reached over 6.43 million billion VND, an increase of approximately 9.68% compared to the beginning of the year, also the highest level ever recorded (according to Dan Tri newspaper).

- The government is urging the Ministry of Industry and Trade to finalize the mechanism for adjusting retail electricity prices.

The Government Office has just issued a document announcing the opinion of Deputy Prime Minister Le Minh Khai on the mechanism for adjusting the average retail electricity price. Deputy Prime Minister Le Minh Khai requested the Ministry of Industry and Trade to take the lead and closely coordinate with relevant ministries and agencies to urgently finalize the draft decision to replace Decision No. 24/2017. The content should be reported to the Prime Minister before November 15, 2023 (according to Thanh Nien newspaper).

- Thirteen associations want insurance contribution rates to return to 2009 levels.

In their comments on the draft revised Social Insurance Law, 13 associations assessed that the social insurance contribution rate in Vietnam is very high, much higher than many countries in the region and the world . The associations recommended bringing this rate back to the level of 2009, meaning employees contribute 5% and employers contribute 15%, totaling 20%. (See more)

- State Audit Office: Lending interest rates have not decreased but have actually increased.

The State Audit Office assessed that in 2022, the State Bank of Vietnam implemented measures to reduce lending interest rates of credit institutions. However, lending interest rates did not decrease but actually increased (according to Tuoi Tre newspaper).

- Prime Minister approves investment plan for 500kV power line to 'rescue' the North.

The Prime Minister has just approved the investment policy and the investor for the 500kV transmission line project from Nam Dinh I Thermal Power Plant to Thanh Hoa, aiming to supplement power supply for the North. The project's goal is to reduce the load and avoid overloading existing 500kV lines, especially when high transmission capacity is required along the North-Central interface at times when hydropower plants in the North are operating at low levels. (See more)

20181122 082118 1 424.jpg — The 500kV power line project connecting Nam Dinh I Thermal Power Plant to Thanh Hoa has a total length of approximately 74.4km (Illustrative image: Luong Bang).

- The Ministry of Agriculture has approved the conversion of 658 hectares of forest land for 23 projects.

Recently, the Ministry of Agriculture and Rural Development approved the conversion of approximately 658 hectares of forest land to other uses to implement 23 projects serving socio-economic development, national defense, and security. (See more)

- Fruit and vegetable exports reached nearly 5 billion USD.

Fruits and vegetables continue to be a sector with impressive growth among Vietnam's "billion-dollar" export items. By the end of October, Vietnam's fruit and vegetable exports were estimated at over 4.9 billion USD, an increase of over 78% compared to the same period last year (according to VTV).

- Following the audit, tech unicorn VNG reports an additional loss of 250 billion VND.

After numerous delays, VNG Corporation has just released its audited semi-annual financial report for 2023. Notably, after deductions, VNG's audited after-tax profit showed a loss of VND 293.3 billion, significantly higher than the VND 40 billion loss reported in the unaudited report. In the same period last year, VNG's loss was over VND 509 billion. (See more)

Today, global oil prices continued their downward trend from the previous session. Brent crude fell to $89 per barrel, while WTI crude dropped to $85 per barrel.

On October 26th, the stock market saw the VN-Index plummet, falling by 46.21 points to 1,055.45 points. Notably, many investors "bought at the bottom" during this session, causing the trading volume on the HoSE exchange to surge to over 22,000 billion VND, compared to less than 10,000 billion VND in the previous session.

The central exchange rate decreased by 8 dong on October 26th. The USD price at commercial banks increased slightly today. The global USD price also rose.

Domestic gold prices rose sharply today. The price of gold rings surpassed 59 million VND/ounce, reaching a historical peak. The price of gold bars also increased significantly. On the international market, gold prices rebounded strongly today despite the negative impact of a strengthening US dollar.

Today's bank interest rates show another bank reducing its rates. According to statistics from the beginning of October, 24 banks have lowered savings interest rates, but three banks still maintain deposit interest rates of 6% per year or higher, even for deposits with a 6-month term.

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