Business Briefing

Reference exchange rate

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,234/USD on August 25, up VND 2 from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is VND 23,931/USD, and the floor rate is VND 22,536/USD.

The opening-hour rates at commercial banks decreased. At 8:30 am, Vietcombank listed the buying rate at VND 23,280/USD and the selling rate at VND 23,590/USD, both down VND 20 from the end of August 24. BIDV also cut both rates by VND 25, listing at VND 23,285/USD (buying) and VND 23,565/USD (selling).

Photo: Zing

Aviation news: Vietjet to launch direct Phu Quoc - Bangkok route in October

Vietjet will connect Vietnam’s famous tourism island of Phu Quoc with Thailand’s capital city of Bangkok (Suvarnabhumi), starting October 12, 2022, offering further opportunities and flexible travel choices to its passengers while boosting tourism recovery after the travel restrictions have been lifted.

In the beginning, the Phu Quoc - Bangkok route will operate four flights a week every Monday, Wednesday, Friday, and Sunday, with an approximate flight duration of 1 hour 15 minutes, according to VNA.

Both Vietnam and Thailand have lifted all arrival regulations relating to Covid-19. The Thai government has increased the period of visa-free stay for tourists from over 50 countries including Vietnam, from 30 days to 45 days which will be effective from this October.

Photo: Zing

Airports, airlines asked to announce RoK’s latest entry regulations

The Civil Aviation Authority of Vietnam (CAAV) has asked airports and airlines to announce the Republic of Korea (RoK)’s latest regulations on compulsory Covid-19 testing before entering the East Asian country. It said the Korea Disease Prevention and Control Agency (KDCA) recently sent a notice on the regulations to airlines operating flights between Vietnam and the RoK.

Accordingly, all passengers when entering the RoK must present certificates showing they are negative to Covid-19 (in English or Korean) that are valid within 48 hours for PCR testing and within 24 hours for rapid testing from the date of departure. Airports and airlines must report to the CAAV before August 31 about cases that were refused for airline tickets despite having valid Covid-19 negative test result certificates, as reported by the Korean press and citizens.

According to the KDCA, the RoK recorded 139,883 new Covid-19 cases on August 24, 456 of them were imported, bringing the total caseload to 22,588,640. The number of fatalities also amounted to 26,224. The Korean authorities are maintaining a high alert over the possible resurgence of the pandemic this autumn.

Photo: Zing

Investment news: Binh Duong attracts Taiwanese investors

The People’s Committee of Binh Duong southern province held a teleconference on August 24 to attract Taiwanese investors. Speaking at the event, Vice Chairman of the provincial People’s Committee Nguyen Van Danh said as of August 15, the province had drawn 4,063 foreign-invested projects worth over USD 39.6 billion, ranking second nationwide in terms of FDI attraction behind Ho Chi Minh City.

Now, Taiwan (China) tops the 65 countries and territories investing in Binh Duong, with 861 projects valued at over USD 6.2 billion. Danh said the province is developing its industry and improving its investment environment and competitiveness. He pledged that Binh Duong will always offer all possible support to investors and businesses by clearing difficulties to ensure their effective operations.

The province is focusing on the “Binh Duong Innovation Region” scheme with the Science and Technology Industrial Park and a start-up ecological system, and most notably the World Trade Centre in Binh Duong New City, he said.

He added that Vietnam’s investment incentives related to transport infrastructure for regional connectivity, logistics, and quality workforce training will serve as momentum for Binh Duong to lure foreign investors.

On the occasion, he called on Taiwanese investors to look at modern and eco-friendly technology, sectors with less labor and high added value, finance, logistics, support industries, hi-tech agriculture, and especially the Science and Technology Industrial Park.

Photo: Zing

Weather Forecast

August 25: Due to the impacts of storm Ma-on, the third entering the South China Sea so far this year, heavy rains at 100-200mm and even 250mm have poured onto the northern region from August 25, according to the National Centre for Hydro-Meteorological Forecasting.

Torrential rains are forecast to last for more than one day and peak on August 25 night, causing a high risk of flash floods, landslides, and flooding in low areas and northern mountainous provinces. At sea, the northern part of the South China Sea has seen strong winds of up to level 9 and even level 11 in the area near the storm eye, causing high waves.

August 26: Tomorrow morning and afternoon, Hanoi will be cloudy. Showers and thunderstorms, with moderate rain, may take place in some areas. Daytime temperature ranges from 30 - 31 Celcius degrees. Ho Chi Minh City will also be cloudy during the daytime with a high possibility of rain in the afternoon.

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