A series of major banks misused trillions of dong in bonds.

The Government Inspectorate has just concluded its inspection regarding compliance with policies and laws on corporate bond issuance by the issuing organizations: Military Commercial Bank (MB); Asia Commercial Bank (ACB); Vietnam International Commercial Bank (VIB); and Orient Commercial Bank (OCB)...

Accordingly, these banks used trillions of dong obtained from the issuance of corporate bonds for purposes other than those stated in the issuance plan.

Why can't the State Bank of Vietnam remove credit limits yet?

According to the State Bank of Vietnam's report on the implementation of Resolution No. 62/2022/QH15 on questioning activities at the 3rd Session of the 15th National Assembly , it has not yet been possible to completely end the practice of assigning credit growth targets.

The State Bank of Vietnam points out that, given the burden of supplying capital to the economy still primarily falls on the banking credit channel, failure to control credit growth could lead to a repeat of the negative consequences seen before 2011, causing macroeconomic instability, increased inflation risks, and a rise in bad debt risks, threatening the safety of the banking system.

The USD exchange rate in the 'black market' fluctuates, prompting new actions from the State Bank of Vietnam.

On October 24th, the State Bank of Vietnam (SBV) sent a document to the Ministry of Public Security, the Ministry of Industry and Trade, and the Government Inspectorate regarding coordination in managing foreign exchange market activities.

The State Bank of Vietnam (SBV) requests the Ministry of Public Security, the Ministry of Industry and Trade, and the Government Inspectorate to direct their functional units to conduct inspections, examinations, supervision, and management of foreign exchange activities of organizations and individuals; promptly detect violations, especially illegal foreign currency trading and activities of the unofficial foreign exchange market; and strictly handle violations (if any).

Proposals suggest that people installing rooftop solar panels must notify authorities.

The Ministry of Industry and Trade has proposed amending and supplementing several articles in Decree No. 58 to simplify the procedures for notifying the development of self-producing and self-consuming rooftop solar power sources.

According to the draft, organizations and individuals installing rooftop solar power systems for self-production and self-consumption, without connecting to the national power grid, only need to notify the People's Committee of the commune where the power source is installed, instead of having to apply for multiple permits as before. This is also to facilitate the procedures for organizations and individuals.

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The Ministry of Industry and Trade has proposed several new mechanisms to encourage the development of rooftop solar power. Photo: Phuong Anh

Betting limits for horse racing and football can be up to 10 times higher, with a maximum of 100 million VND per day.

Regarding the draft Decree replacing Decree No. 06/2017 on the business of betting on horse racing, dog racing, and international football, the Vietnam Chamber of Commerce and Industry (VCCI) has just submitted its comments to the Ministry of Finance based on recommendations from businesses and investors.

According to VCCI, businesses have proposed considering raising the maximum betting limit to 100 million VND per person per day, or at least allowing businesses to apply a limit of 10 million VND per day for each betting product.

Stocks plunged nearly 95 points; what 'put the brakes' on the market?

On October 20th, the Vietnamese stock market experienced an unprecedented sharp decline. At the close of trading, the VN-Index lost nearly 95 points, while the VN30 index plummeted by over 106 points.

This drop is sharper than the shock of nearly 88 points falling earlier this April when US President Donald Trump announced plans to impose retaliatory tariffs on most countries around the world.

So what halted the growth of the $300 billion market? And what are the future prospects for this channel of capital mobilization for the economy?

'Exhausted' by cash flow bottlenecks, businesses propose an automatic tax refund mechanism.

The Vietnam Chamber of Commerce and Industry (VCCI) has recently sent a document to the Prime Minister proposing solutions to address obstacles related to value-added tax (VAT) policies.

According to the Vietnam Chamber of Commerce and Industry (VCCI), the current VAT refund procedure is still complicated and carries many legal risks. Many businesses have reported that refunds are delayed for months, or even rejected for reasons beyond their control. Therefore, VCCI proposes the development of an automatic refund mechanism for valid applications.

Businesses linked to Ms. Truong My Lan have missed the deadline to repay over 2.4 trillion VND in bonds.

Owning a series of hotels on prime real estate in Ho Chi Minh City and Hanoi, the company associated with Ms. Truong My Lan has missed the deadline to repay trillions of dong in bonds due to this reason.

Specifically, Bong Sen Corporation (Bong Sen Corp) is one of 762 businesses related to Van Thinh Phat Group and Ms. Truong My Lan.

Bong Sen Corp currently holds bonds worth VND 4,800 billion with an interest rate of 15.75% per year. According to the schedule, the company is required to pay approximately VND 2,426.5 billion in interest by October 15th. However, due to a frozen account, Bong Sen Corp has been unable to fulfill its payment obligation.

Many households in Thanh Hoa are paying up to one million dong a month for water, ten times the normal amount.

Many households in Nam Sam Son ward (Thanh Hoa province) were astonished when their October water bills increased unusually high, reaching millions of dong, several times higher than in previous months.

Following VietNamNet's report on water bills in Sam Son (Thanh Hoa province) increasing tenfold compared to normal, the Provincial Department of Construction has requested an investigation to clarify the cause.

A new scam tactic: Businesses in Ho Chi Minh City are receiving tax payment notices directly to their homes.

Businesses in Ho Chi Minh City have received invitations from the tax authorities. However, this is a forged document. If not read carefully, taxpayers may be deceived.

Previously, the Tax Department also warned of instances where individuals impersonated tax authorities, requesting organizations, businesses, and household businesses to update their information according to the two-tiered local government model.

Source: https://vietnamnet.vn/lap-dien-mat-troi-mai-nha-can-thong-bao-thu-doan-lua-dao-moi-ho-kinh-doanh-2456412.html