EFFECTIVE IMPLEMENTATION OF PRIORITY PUBLIC INVESTMENTS: KEY TO SUPPORT GROWTH
The global landscape for 2022 was volatile and uncertain, weighed down by slowing growth and falling demand, persistent inflationary pressures and more aggressive monetary tightening, as well as heightened geopolitical tensions. This continues to be a double risk to global macroeconomic performance in 2023, as well as to Vietnam as a highly open economy.
CLEARING THE WAY FOR REAL ESTATE MARKET
The resolution clearly states that the real estate market plays an important role in the economy and affects many other industries and fields. However, in 2022 especially in the second half of 2022, the real estate market faced many difficulties.
LAW CHANGES NEEDED TO IMPROVE ASSET RECOVERY RATES IN CORRUPTION CASES: CHIEF JUSTICE
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.
INTEREST RATES REDUCE IN ALL MARKETS IN WAKE OF CENTRAL BANK’S POLICY RATE CUT
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.
NEW FORCE FORMED TO FIGHT SMUGGLING BY AIR
Minister of Finance Ho Duc Phoc, deputy head of the National Steering Committee for Prevention of Smuggling, Counterfeit Goods and Trade Fraud (National Steering Committee 389), has signed a decision setting up an interdisciplinary team for combating the smuggling of goods by air.
REAL ESTATE FIRMS RESUME ISSUING BONDS
Some articles of Decree 65/2020 were suspended until December 31 this year. These provisions require professional individual investors to hold a bond portfolio totaling at least VND2 billion for 180 days or longer, and debt-issuing organizations to report their credit ratings and sell their bonds within 30 days.
VIET NAM’S ECONOMY FORECAST TO GROW BY 6.3% IN 2023: WB
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.
CENTRAL BANK CUTS RATES FOR FIRST TIME IN TWO YEARS
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.
34 INVESTORS IN WIND AND SOLAR ENERGY FACE INSOLVENCY
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.