Business News

Accordingly, the discount rate has been reduced from 4.5 per cent per year to 3.5 per cent per year while overnight electronic interbank rate and interest rate for loans to offset capital shortages in clearance between the central bank and commercial banks have been also decreased from 7 per cent per year to 6 per cent per year.

The current laws and regulations stated that only corrupt assets can be confiscated, so during legal procedures, the authorised agencies will need to prove that the assets in question are indeed illegally obtained, Bình noted, and the asset recovery rate can be improved once the authorities’ capabilities in proving the assets’ legal/illegal nature are enhanced.

Under the current regulations, official land prices are only amended every five years by the city government, and so the coefficient – (the K coefficient) or the number of times by which land prices are multiplied to match market prices – is adjusted every year.

During the week of March 13, 36 businesses investing in wind energy and transitional solar power – projects that failed to reach commercial viability on schedule to receive set discounted rates for 20 years – submitted a proposal to Prime Minister Pham Minh Chinh to improve the power generation pricing structure.

Specifically, the annual rediscount rate shall be lowered to 3.5 percent from 4.5 percent while the annual interest rate for loans to offset capital shortages in clearance between the central bank and domestic banks shall be revised down to 6 percent from 7 percent.

Viet Nam’s GDP growth is expected to grow by 6.3 percent in 2023, the World Bank (WB) said in its taking stock report themed “Harnessing the potential of the service sector for growth” released on March 13.

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At the meeting between City Leaders and the Leaders of Foreign Business Associations on 22 February 2023, the Department of Labor - Invalids and Social Affairs acknowledged the contributing opinions in connection with the issuance of work permits to foreigners working in Vietnam.