Business Briefing

Gold rate

As of 9 am on July 21, the domestic gold price was listed by DOJI Group in the buying transaction at VND 62.5 million/tael, and in the selling transaction: VND 64.5 million/tael. Compared to the opening session of July 20, the gold price at DOJI decreased by VND 900,000/tael in both buying and selling directions.

Reference exchange rate

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,213/USD on July 21, down VND 1 from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is VND 23,912/USD, and the floor rate is VND 22,519/USD.

The opening-hour rates at many commercial banks saw increases. BIDV added VND 25 to both rates, listing the buying rate at VND 23,290/USD and the selling rate at VND 23,570/USD. Meanwhile, Vietcombank listed the buying rate at VND 23,250/USD and the selling rate at VND 23,560/USD, unchanged from July 20.

Photo: Zing

Export news: Ben Tre seeks ways to boost coconut product export

The southern province of Ben Tre, known as Vietnam’s coconut capital, is seeking ways to support local farmers to sell coconut products amid dropping prices. Director of the Department of Industry and Trade Nguyen Van Be said his department has proposed the provincial People’s Committee ask for support from the Ministry of Agriculture and Rural Development and the Ministry of Industry and Trade in this regard.

The department has helped exporters join trade promotion delegations to foreign countries like Turkey, Israel, South Africa, India, Pakistan, and Japan in order to meet big distributors there. Local firms have also been supported to ship their products to China, the official said, adding that a number of workshops on cross-border e-commerce will be held in early August to boost the export of coconut products.

At the same time, the department has assisted local businesses and the coconut sector, in general, to promote domestic consumption and provided consultation for the People’s Committee in investment attraction in the field. With 77,000 hectares of coconut, Ben Tre earns 350 million USD each year from coconut exports, making up around 30 percent of its total export revenue. The local agricultural sector urged farmers to expand organic coconut farming which now accounts for only 20.7 percent of the total area, and participate in cooperatives to develop large-scale material areas.

Photo: Zing

Aviation news: Los Angeles wants to launch a direct air route to HCM City

Leaders of the Los Angeles International Airport (LAX) - the fifth-busiest airport in the world – have shown their interest in opening a direct air route connecting the US city with Ho Chi Minh City. They had a meeting with a high-ranking delegation of Ho Chi Minh City led by the Chairman of its People’s Committee Phan Van Mai on July 19 (local time).

According to LAX leaders, to date, the airport has resumed over 60% of international flights and more than 80% of domestic ones. Mai briefed the hosts on the operation of Tan Son Nhat International Airport, which has a designed capacity of 25 million passengers a year, but it has been currently serving nearly 40 million, leading to overloading in the areas surrounding the airfield. He expressed his hope that the two cities will cooperate to launch the direct flight connecting them as soon as possible. Earlier, Mai had a meeting with leaders of the National Association of Securities Dealers Automated Quotation System (NASDAQ) Stock Market in New York.

The NASDAQ Stock Market is the second-largest stock exchange in the US after the NYSE (New York Stock Exchange). It trades in an average daily volume of 200,000 shares. There are more than 4,000 companies listed on NASDAQ with a market capitalization of 15,000-17,000 billion USD and more than 10,000 corporate clients. Mai said that the southern economic hub of Vietnam aims to become an international financial center offering diversified financial services and showing an ability to deep integration in the world market.

He hoped that NASDAQ’s experts will share their experience and support the city in building the international financial center, and the city’s businesses will have a chance to be listed on the NASDAQ Stock Market in the future.

Photo: Zing

Weather Forecast

July 22-23: The North is influenced by the northern edge of the low-pressure trough whose axis passing through the Central Central region, resulting in higher humidity and possibility of rain. The South is influenced by the southern edge of the monsoon with medium intensity, leading to little change in pressure.

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