Proposal to increase and decrease family deductions; fine horse racing track owners

- Proposal to increase family deduction for personal income tax

The Ministry of Finance has just issued an official dispatch in response to the voters of Thai Binh province's proposal to study the plan to adjust and increase the family deduction for personal income tax. According to the Ministry of Finance, with a deduction for taxpayers of 1.1 million VND/month and each dependent of 4.4 million VND/month, people with income from salaries and wages of up to 17 million VND/month (if there is one dependent) or 22 million VND/month (if there are two dependents), after deducting social insurance, health insurance, unemployment insurance... do not have to pay personal income tax (according to VTV).

- The 2023 budget deficit is estimated at about 4% of GDP.

The Ministry of Finance said this year's budget deficit is estimated at 4% of GDP, lower than the previous estimate of 4.42%, but marking a return to growth after the Covid-19 pandemic.
Accordingly, the estimated budget revenue is more than 1.62 million billion VND. In addition to the deficit, public debt safety indicators ensure the threshold decided by the National Assembly (according to VTV).

- Binh Dinh converts 0.7 hectares of forest land to build a luxury resort

According to the decision on changing the purpose of forest use to other purposes to implement the Ban Mai high-class resort and eco-tourism project of the People's Committee of Binh Dinh province, 0.7ha of forest in plot 4, sub-area 247, Cat Hai commune, Phu Cat district is planned as a protective forest. The project is invested by BRC Vietnam Resort Co., Ltd. (Tay Ho district, Hanoi). The project implementing unit is Ban Mai Co., Ltd. (headquartered in Phu Cat district, Binh Dinh). (See more)

- Car loan customers know the results within 5 minutes at the dealership

Car loan customers can know the bank approval results after 5 minutes right at the car dealership. Online loan approval and disbursement are applied by many banks. (See more)

- VinFast's capitalization drops to 18 billion USD

vfs2023oct06 78usd 1615.jpg — VinFast stock price continues to fall to its lowest level since listing.

VinFast shares fell sharply after billionaire Pham Nhat Vuong's car company reported its business situation, although there were also positive signs about its plan to expand to the international market. Opening the official trading session on October 6 on the US Nasdaq stock exchange, VinFast Auto shares (VFS) fell sharply to the threshold of 8 USD after a previous recovery session. At this price, VinFast Auto's capitalization is 18.5 billion USD and much lower than the initial valuation (23 billion USD). (See more)

- The horse racing track in Lam Dong was forced to be dismantled due to misuse of 6,400 square meters of land.

On October 5, the People's Committee of Da Huoai district (Lam Dong) decided to impose an administrative fine of VND80 million for land violations against Thien Ma - Madagui Horse Racing Joint Stock Company in village 4, Da Oai commune, owned by Mr. Nguyen Ngoc My. Accordingly, Thien Ma - Madagui Company was fined for arbitrarily converting over 6,400 square meters of agricultural land to other purposes in violation of regulations. In addition to being fined, the company must also restore the land to its original condition. (See more)

- Thousands of workers continue to strike

Thousands of workers at Viet Glory Company Ltd. in Dien Truong Commune, Dien Chau District, have stopped working collectively and have been on strike since October 2nd, but have not returned to work, even though the company has responded to a number of proposals regarding rights and obligations. A leader of Dien Chau District said that if the workers still do not return to work, they will face many disadvantages and risk losing their jobs. (See more)

- Pig prices fell sharply again

Livestock farmers had expected that milestones such as the end of the vegetarian month (lunar 7th month) and the Mid-Autumn Festival would improve the market, but in reality, the price of live pigs has dropped sharply. Currently, the price of live pigs nationwide is around 50,000-53,000 VND/kg, down 1,000-2,000 VND compared to the beginning of the week and down 5,000 VND/kg compared to the average of last month (according to Nguoi Lao Dong).

Oil prices on the world market today tend to recover. However, oil prices are heading for the sharpest weekly decline since March 2023.

Gold prices on the world market today increased sharply, even when the US employment report continued to be better. Domestic SJC gold price increased to more than 69.3 million VND/tael.

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