Vietnam Business & Weather Briefing (July 28): Gold Rate Slightly Fluctuates

Business Briefing

Gold rate

Domestic gold price in the early morning of today slightly fluctuated as gold, silver, and gem trading price were adjusted slightly. Currently, domestic gold is still selling at around VND 66 million per tael.

At dawn, SJC gold price was adjusted up by VND 100,000 in both buying and selling transactions. With this adjustment, the price of SJC gold in Hanoi and Da Nang is currently VND 65.1 million /tael (buying) and VND 66.12 million/tael (selling). In Ho Chi Minh City, SJC gold is still buying at the same level as in Hanoi and Da Nang but selling for less than VND 20,000.

The price of Phu Quy SJC gold is listed at VND 65.05 million per tael (buying) and VND 66.05 million per tael (selling), an increase of VND 50,000 in both directions compared to the previous day.

Photo: Zing

Reference exchange rate: Reference exchange rate up VND 9

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,201/USD on July 28, up VND 9 from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is VND 23,897/USD, and the floor rate VND 22,504/USD.

The opening-hour rates at many commercial banks increased. At 8:30 am, BIDV listed the buying rate at 23,240 VND/USD and the selling rate at 23,520 VND/USD, up VND 5 from July 27. Vietcombank also raised both rates by VND 10 to VND 23,210 /USD (buying) and VND 23,520/USD (selling).

Photo: Zing

Finance news: Remittances to HCM City drop 13% in H1

Remittances to Ho Chi Minh City totalled USD 3.16 billion in the first half of 2022, down 13% from the same period last year, according to the State Bank of Vietnam (SBV) branch in the southern city. It attributed the decline to the geopolitical volatility which has been adversely affecting the global market and economic activities, dragging down earnings and savings of Vietnamese living overseas.

Vietnam was the eighth largest remittance recipient globally and the third biggest in Asia-Pacific last year, according to the World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD). Remittances to Vietnam are projected to grow around 2.6% this year thanks to the removal of lockdowns and easing Covid-19 restrictions in many countries.

Photo: Zing

Investment news: FDI disbursement up 10.2% in seven months

FDI disbursement in Vietnam reached USD 11.57 billion in the first seven months of this year, up 10.2% compared to the same period last year and over 1.3 percentage points against the first half of this year. The country raked in USD 15.41 billion in FDI during the period, a year-on-year decline of 7.1%, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.

The newly-registered investment totaled USD 5.27 billion, down 43.5% year-on-year. In contrast, extra capital injected into existing projects surged by 59.3% to USD 7.24 billion; and capital contributions and share purchases advanced 25.7% to USD 2.58 billion, according to VNA.

Newly-licensed capital has yet to rebound after the disruption caused by the Covid-19 control measures, explained FIA Director Do Nhat Hoang. Meanwhile, many major projects have received additional investment, he said, adding that the extra capital accounted for up to 62.6% of the seven-month FDI.

The FIA also announced that processing and manufacturing lured the largest share of FDI, more than 10 billion, accounting for 64.3% of the total. Real estate came second with over USD 3.21 billion, or close to 20.7%. Singapore led the 88 countries and territories investing in Vietnam with USD 4.3 billion, making up 27.7% of the total FDI. It was followed by the Republic of Korea with USD 3.26 billion, equivalent to 21%.

Weather Forecast

June 28 - August 1: Tonight and tomorrow, there will be moderate rain and thunderstorms in the northern mountainous region with a total rainfall of 100-200mm/hour. From tomorrow night (July 29) to August 1, there will be showers and thunderstorms in the Northern Delta and coastal areas.

Hanoi: From tomorrow night to July 31, there will be showers and thunderstorms, with heavy rain locally. During thunderstorms, there is a possibility of tornadoes, lightning, hail and strong winds

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