The regulatory framework for adjusting average retail electricity prices has been implemented by the Prime Minister in Decision 05, effective from May 15, 2024. Accordingly, in case the average retail price is expected to decrease by 1% or more than the current average retail price, the Vietnam Electricity Group (EVN) is responsible for lowering the average retail price correspondingly.
If the average retail price needs to be adjusted and increased by 3% to less than 5% compared to the current average retail price, EVN will decide to increase the average retail price accordingly. If the average retail price needs to be adjusted and increased by 5% to less than 10% compared to the current average retail price, EVN is allowed to adjust and increase the average retail price accordingly after reporting to and receiving approval from the Ministry of Industry and Trade. In case the average retail price needs to be adjusted and increased by 10% or more than the current average retail price or has implications for the national economy, based on EVN’s electricity plan proposal, the Ministry of Industry and Trade shall preside over the inspection, review, and seek feedback from the Ministry of Finance and relevant ministries and agencies.
A series of policies related to the economy officially took effect today (May 1)
The new regulation on the management of serial numbers for newly printed banknotes, according to Circular 01 of the SBV, will come into effect from May 14, 2024. The principle of printing serial numbers during the banknote printing process: For banknotes that the SBV announced and issued before 2003, the serial number includes the serial letter and a natural number consisting of 7 digits printed starting from 0000001 onwards; for banknotes that the SBV announced and issued from 2003 onwards, the serial number includes the serial letter and a natural number consisting of 8 digits, in which the two digits adjacent to the serial letter are the last two digits of the year the banknote was produced, and the next 6 digits are a natural number printed from 000001 onwards; each banknote has its own serial number.
Numerous preferential policies supporting the development of industrial parks are stipulated in Decree No. 32, which takes effect today. Specifically, this Decree provides investment incentives for industrial parks located in socio-economically disadvantaged areas and for investment in the construction of technical infrastructure for industrial parks in industries with special investment incentives. The State supports no more than 30% of the total investment capital of projects to invest in the construction of industrial park technical infrastructure. Support funds are not included in the project’s total investment to calculate land lease and infrastructure usage fees for investment projects within the industrial park.
Also, in May, regulations on the allowable loss of rice and paddy in national reserves according to Circular No. 19 of the Ministry of Finance, and new regulations on the import of rice and dried tobacco leaves from Cambodia in 2023 and 2024 according to Circular No. 06 of the Ministry of Finance, stipulating the import of rice and dried tobacco leaves originating from Cambodia under the tariff quotas for 2023 and 2024, also come into effect.
