May Day Marks Major Policy Initiatives
13/05/2011 - 14 Lượt xem
Stopping mobilizing and lending gold
According to Circular 11/2011/TT-NHNN by the State Bank of Vietnam, from May 1, 2011, credit institutions are not allowed to lend gold to customers and other credit institutions if the credit contract has already been signed and not totally disbursed. They are also prohibited to deposit gold in other credit institutions, conduct investment and credit business in gold. Issuing short term credit in gold must be stopped on May Day 2012.
The State Bank prohibits other banks to change their gold they have already collected into Vietnam Dongs and or other kinds of currency. All procedures for gold that has already been changed into a specific currency must be completed before June 30.
Applying new stock brokerage fees
The Ministry of Finance released Circular 38/2011/TT-BTC on March 29 on brokerage fees for stock trades. According to the circular, the fee (including shares being traded on the UPCOM floor) at securities companies will be between 0.15 percent and 0.5 percent of the total value of the trade, while that for bonds and fund certificates will be between 0.02 and 0.1percent. The circular is also applied to the underwriting fees levied by securities brokers and banks for stock purchases. The fees account for between 0.5percent and 2percent of the underwriting value.
Fund management companies are allowed to collect maximum 2 percent of the total average consignment value/year for investment portfolio management fee and maximum 2 percent of the net asset value (NAV) or the NAV of the portfolio for the investment fund management fee
Minimum salary to be raised
Since May 1, 2011, minimum wage for state employees increased to VND830,000, from the current VND730,000 a month constituting a 13.69 per cent increase.
According to Decree 22/2011/ND-CP, the salary hike will benefit state officials, laborers of state-owned enterprises that operate according to the business law, together with those who work for state military and administrative agencies, social and political organizations,
This salary is consider as a base to calculate allowance for labors who are made redundant from May Day 2011 according to Decree 91/2010/ND-CP dated August 20, 2010.
According to Decree 23/2011/ND-CP, also since May Day 2011, retirement pension, social security benefits and monthly benefits will be increased by 13.7 percent for six objects.
Raising key interest rates
The State Bank of Vietnam issued Decision 929/QD-NHNN on April 29 on refinance interest rate and rediscount interest rate, the rate for overnight loans in inter-bank electronic payment and offset deficit loans in banks.
According to the decision, the refinance interest rate will be 14 percent/ year, with rediscount interest rate increasing to 13 percent and the rate for overnight loans in inter-bank electronic payment, offset deficit loans in banks 14 percent/year. The decision takes effect from May 1, 2011.
Support policies for post-harvest losses
From May 1, Circular 03/2011/TT-NHNN by the State Bank of Vietnam guiding implementation of Decision 63/2010/QD-TTg by the Prime Minister on support policies to reduce post-harvest losses for agricultural and aquatic products took effect.
According to the circular, the Bank for Agriculture and Rural Development will be responsible for providing preferential loans to reduce post-harvest losses for those products.
The Bank for Agriculture and Rural Development will support farmers to reduce losses through loans at preferential interest rate and credit interest for investment and development loans.
The use of electronic invoices
The Ministry of Finance released Circular 32/2011/TT-BTC guiding to make, issue and use electronic invoices in selling goods and supplying services. The circular took effect since May 1, 2011.
Electronic invoices include export invoices, value added invoices and other invoices such as stamp, ticket, card, insurance cash voucher, cash voucher for international transport, voucher for banking services. Electronic invoices are made based on international practice and Vietnamese regulations.
Before using electronic invoices, organizations which make electronic invoices must issue an announcement to tax department which directly manage them./.
Source: VEN.
