Vietnam Business & Weather Briefing (August 8): COVID Quarantine for Imported Seafood to be Removed

Business Briefing

Gold rate

While the global gold price tended to decrease, the domestic gold price this morning (August 8) stood still. SJC's gold price in Hanoi and Da Nang is listed at VND 66.3 million per tael (buying) and VND 67.32 million per tael (selling). In Ho Chi Minh City, SJC gold is still bought at the same price as in Hanoi and Da Nang but sold for less than VND 20,000.

The gold price is listed by DOJI in Hanoi at VND 66.25 million per tael (buying) and VND 67.25 million per tael (selling). In Ho Chi Minh City, DOJI gold is bought at VND 66.3 million/tael and sold at VND 67.4 million/tael.

With the domestic gold price standing still and the world gold price listed at Kitco at USD 1,773.4/ounce, the difference between the domestic and international gold prices is about VND 17 million/tael.

Photo: Zing

Reference exchange rate

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,175/USD on August 8, down VND 7 from the last working day of the previous week (August 5). With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is VND 23,870/USD, and the floor rate is VND 22,479/USD.

The opening-hour rates at many commercial banks also dropped. At 8:27 am, BIDV listed the buying rate at VND 23,250/USD and the selling rate at VND 23,530/USD, both down VND 10 from August 5. Vietcombank kept both rates unchanged at VND 23,225/USD (buying) and VND 23,530/USD (selling). In the week from August 1-5, the daily reference exchange rate was adjusted down on the first two days and up on the last three days, ending the week up VND 21.

Photo: Zing

Import news: Covid quarantine for imported processed seafood to be removed

Covid-related quarantine requirements for frozen processed seafood products imported for the purpose of reprocessing for export will be removed as of September 11 under a recently issued circular by the Ministry of Agriculture and Rural Development. The ministry said it would foster exports of agricultural products by reducing the number of product categories subject to quarantine and using technology to speed up the customs process. The Vietnam Association of Seafood Exporters and Producers (VASEP) had petitioned the Government to amend the quarantine regulations saying they were causing the seafood industry “big problems.”

Products processed from animals, animal products, and those containing aquatic creatures, frozen, dried, cooked, or meant for instant use, continue to be quarantined, and this means the size and number of shipments subject to quarantine are huge, it said. The maintenance and expansion of the list of "processed goods" that are subject to quarantine are an excessive and unnecessary measure, it said. VASEP also wants to quarantine to be removed for processed seafood products imported for domestic consumption that are assessed as not posing a risk of spreading aquatic diseases.

Photo: Zing

Weather Forecast

August 9: Hanoi will be sunny in most areas, with a low possibility of rain in the late afternoon. Meanwhile, Ho Chi Minh City will have a cloudy day and a humid evening. There is a chance of rain in some places in the late afternoon.

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