- Continue to reduce VAT to 8% in the first 6 months of 2024

On December 28, the Government issued a Decree regulating the policy of reducing value added tax according to Resolution 110/2023/QH15 of the National Assembly . Accordingly, groups of goods and services currently applying a tax rate of 10% will have their value added tax rate reduced by 2% from January 1, 2024 to June 30, 2024. (See more)

- Gold transactions of 400 million VND or more must be reported.

The State Bank of Vietnam (SBV) has just issued a document on compliance with the law on preventing and combating money laundering and terrorist financing. SBV requires banks, gold and precious stone trading units and payment intermediary companies to enhance customer identification according to regulations on preventing and combating money laundering. These units must report to the SBV's Anti-Money Laundering Department on large-value transactions as well as large-value electronic money transfers (from 400 million VND).

- The Ministry of Finance wants to establish the General Department of Taxation Inspectorate.

The Ministry of Finance is seeking comments on the draft Decision of the Prime Minister regulating the functions, tasks, powers and organizational structure of the General Department of Taxation under the Ministry of Finance. One of the highlights is that the Ministry of Finance wants to convert the model of the Tax Inspection and Examination Department into the General Department of Taxation Inspectorate. (See more)

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The number of civil servants doing tax inspection and examination work in the tax system is nearly 10,000 officers and civil servants.

- Extend the period of environmental protection tax reduction on gasoline

From January 1 to December 31, 2024, the environmental protection tax on gasoline (except ethanol) will continue to be VND2,000/liter. Jet fuel, diesel, fuel oil, and lubricants will be VND1,000/liter. This rate will be applied from April 2022 to present. (See more)

- Prime Minister requests to ensure cash withdrawal needs through ATM system

On December 29, the Government Office informed that the Prime Minister has just signed an Official Dispatch to the Governor of the State Bank of Vietnam on ensuring payment operations of the credit institution system. The Prime Minister requested to serve well the payment needs and cash withdrawal needs through the ATM system before and during the New Year and Lunar New Year of Giap Thin in 2024 (according to the Government website).

- International arrivals to Vietnam far exceed target, but only 70% of pre-pandemic numbers

According to the General Statistics Office, international visitors to Vietnam in December 2023 reached nearly 1.4 million, an increase of 11.2% compared to the previous month and an increase of 93.9% compared to the same period last year. In the whole year of 2023, Vietnam tourism welcomed 12.6 million international visitors. This number is 3.4 times higher than in 2022, far exceeding the target of 8 million visitors. However, the General Statistics Office estimates that this number is only 70% of 2019 - the year before the Covid-19 epidemic (See more).

- GDP in 2023 is estimated to increase by 5.05%, among the highest in the region and the world.

The 5.05% growth rate in 2023, although not reaching the set target, is still a positive figure in the context of general difficulties of the global economy. Vietnam is still a bright spot in terms of growth in the region and the world. (See more)

- 'Blowing the whistle' on Circular 06 of the State Bank because of illegal content

The Department of Inspection of Legal Normative Documents (Ministry of Justice) concluded that the inspection of Circular 06/2023/TT-NHNN (Circular 06) of the State Bank had illegal content. At the end of August, the State Bank suspended the enforcement of Clauses 8, 9 and 10, Article 8 of Circular No. 39/2016 (supplemented by Clause 2, Article 1 of Circular 06, effective from September 1) (according to Tien Phong).

- HoREA recommends that commercial banks and treasuries work on December 30 and 31.

The Ho Chi Minh City Real Estate Association (HoREA) has just sent a document requesting the Prime Minister and the State Bank to direct commercial banks and the State Treasury to continue working on December 30 and 31. (See more)

- Punish Mr. Huynh Uy Dung's business

The State Securities Commission has decided to impose an administrative penalty on Dai Nam Joint Stock Company, with Mr. Huynh Uy Dung (commonly known as Dung Lo Voi) as Chairman of the Board of Directors and General Director. Dai Nam Company was fined 85 million VND for failing to disclose information that must be disclosed according to the law. (See more)

The price of gold bars today continuously reversed, adjusting by millions of dong each time, closing at 76 million dong/tael. The world gold price continued to increase in the context of the USD falling very quickly.

The stock market on December 29 recorded the VN-Index increasing by 1 point, to 1,129.93 points. Order matching liquidity was at a relatively low level, reaching 13,092 billion VND.

Oil prices on December 29 continued to decline from the previous two sessions. Analysts said that oil prices plummeted due to oversupply and weak demand.

The central exchange rate on December 29 was 23,866 VND/USD, down 38 VND compared to the previous session. The USD price at commercial banks on December 29 decreased slightly, listed at the end of the session at 24,050 VND/USD (buy) and 24,420 VND/USD (sell).

Bank interest rates on December 29 saw further reductions by banks. Among them, the "zero dong" bank OceanBank reduced its interest rate for the first time since the beginning of the month.