Continuing resolution march 23

The draft Law on Electronic Transactions (revised) has seven chapters and 54 articles. Compared to the current version, the bill has 31 new and nine amended articles, while erasing a number of regulations in five and eliminating three articles. During the morning discussion, N.A. deputies decide the investment policy for the project to construct road from National Highway 27C to Road 656 in Khanh Hoa province which links to Lam Dong and Ninh Thuan provinces, as well as the adjustment of the investment policy for Ka Pet reservoir in Ham Thuan Nam district of Binh Thuan province. In the afternoon, they are scheduled to listen to a proposal and a verification report on a draft revised resolution on the conduct of confident votes for people holding positions elected or appointed by the N.A. and people’s councils. They will discuss in group on the issue. The afternoon agenda also includes a draft resolution on the piloting of seven groups of special mechanisms and policies with 44 … [Read more...] about N.A. deputies continue to discuss draft laws, resolutions on May 30

The National Assembly (NA) will discuss the VAT reduction from the existing 10 per cent rate to 8 per cent on June 1 before receiving an approval from NA deputies in a resolution slated for June 24, the last day of the ongoing fifth session. The VAT cut proposed by the government is set to be applied from July 1 to the end of 2023 for all types of goods and services currently subject to a 10 per cent VAT rate. The initiative is part of Resolution No.43/2022/QH15 released early last year on fiscal and monetary policies supporting the Programme on Socioeconomic Recovery and Development. Consumers of many types can benefit from VAT cuts, photo Le Toan Under Resolution 43, the 2 per cent cut was applied last year for goods and services subject to a 10 per cent rate, except for various goods and services such as telecommunications, IT, financial and banking activities, securities and insurance, trading of real estate, metal and precast metal products, mining products … [Read more...] about Support to continue in form of VAT cut

Factors potentially triggering the turmoil include monetary tightening, weak economic conditions, mismanagement, loss of confidence, maturity and currency mismatches, as well as instances of outright fraud and criminal activities. Most banks are resilient and avoid such difficulties -- but not all. Consequently, financial authorities must maintain preparedness to intervene whenever necessary, all while avoiding unintended consequences that could potentially sow the seeds of future banking crises. Global banking stress The current banking turmoil is largely due to the cycle of monetary tightening. Since early 2022, central banks have been quick to increase interest rates to bring inflation under control. In the United States, the effective Fed Funds rate increased by 500 basis points in just 14 months, a speed never observed since 1988. The European Central Bank has raised its policy rates by 400 basis points since mid-2022 and indicated that more rate hikes are forthcoming. … [Read more...] about Preparedness crucial in safeguarding banking sector

Legislators looked into the mobilization, management and use of resources for COVID-19 prevention and control; and the implementation of policies and laws on grassroots health and preventive medicine. They shared the view that the work has received the attention of the Party, the State, localities and the entire society, and reaped significant outcomes, contributing to completing the dual goals of pandemic prevention and control, and socio-economic recovery and development. The lawmakers, however, pointed to limitations in both law making and enforcement, as well as their causes, and stressed the need to take measures to fix them in the time ahead. Besides, they agreed with the issuance of the N.A.’s resolution on the matters, and many gave opinions to specific contents of the document. At the end of the discussion, Minister of Home Affairs Pham Thi Thanh Tra, Minister of Finance Ho Duc Phoc, and Minister of Health Dao Hong Lan further clarified some issues of deputies’ … [Read more...] about Seventh working day of 15th N.A.’s fifth session

The ministry’s proposal to extend the special consumption tax (SCT) payment period is expected to give a boost to the vehicle market, and create better conditions for cars manufacturers across the country. Currently, there are 12 vehicle manufacturing and assembling enterprises that could benefit from the extension (see box). Thanks to the support from the government policies, the domestic auto industry has recovered markedly from the pandemic and other pressures, with growth and sales in 2022 much higher than in 2019. However, output and sales of domestically manufactured cars are decreasing. In October 2022, the output was 25,571 vehicles and the corresponding SCT was $169 million. In November, the output decreased to 23,658 vehicles, and the corresponding SCT was $148 million. In December 2022, the amount of SCT incurred was $140 million; in January 2023, the amount was only $63 million. The Ministry of Finance (MoF) has yet to announce SCT collected in recent months. … [Read more...] about Carmakers keen on extension of SCT pay

Vietnam was the 8th largest trade partner and the largest ASEAN exporter of the US in 2022. (Photo: VNA) Hanoi (VNA) – The current trends in economic and trade cooperation between Vietnam and the US guarantee big growth in two-way trade and investment in next 10 years and warrant upgrading the partnership to a strategic level, said Ted Osius , President and CEO of the US - ASEAN Business Council ( USABC ). In an interview granted to the Vietnam News Agency ahead of the 10th anniversary of the two countries’ comprehensive partnership (July 2013 - 2023), the former US Ambassador to Vietnam said trade and investment play a big role in this relationship. The US is Vietnam’s second largest trading partner and biggest export destination. In 2022, bilateral trade reached a record high of 138.9 billion USD. Vietnam was the 8th largest trade partner and the largest ASEAN exporter of the US. The US was the biggest export market of Vietnam last year. Vietnam’s annual export to … [Read more...] about Current trends guarantee big growth in Vietnam – US trade, investment: USABC leader

The government last week reported that under its latest calculations, the state budget revenue last year hit about VND1.815 quadrillion ($78.93 billion), which is VND201.4 trillion ($8.75 billion) or 12.5 per cent higher than a previously reported figure. “The revenue has sufficiently met all tasks on expenditures for development investment, social security, salary reform, and other necessary tasks,” the government stated. Budget estimate shortcomings require modern fix Such a revenue increase was thanks to a rise in many items, with enterprises performing relatively well despite massive difficulties. For example, the economy’s most updated export turnover last year reached $371.3 billion, higher than the $368 billion earlier reported to the National Assembly – with the exact trade surplus of more than $12.4 billion, far higher than the only $1 billion earlier reported to the legislative body. However, the National Assembly Economic Committee (NAEC) found that the … [Read more...] about Budget estimate shortcomings require modern fix

The plant, which is the largest solar power facility in the Central region of Vietnam, began construction on May 29, 2020, with a capacity of 330 MW and a total investment exceeding VND6.5 trillion ($277 million). On December 31, 2020, the Phu My Solar Power Plant started its commercial operation with an initial grid connection of 216 MW. The plant enjoyed a favourable power purchase price of 7.09 US cents/kWh over a 20-year period. After a two-year wait, the remaining 114 MW of the plant received official recognition for commercial operation on May 30 this year, making it the first successful renewable energy transitional project to achieve COD recognition. Bamboo Capital's completion of Phase 1 and Phase 3 of the power plant showcases its comprehensive approach and adherence to legal requirements. This accomplishment reinforces investor confidence and demonstrates the company's commitment to sustainable energy. With the entire 330 MW capacity of the Phu My Plant contributing to … [Read more...] about Phu My Solar Plant receives earliest COD