Vietnam Business & Weather Briefing (July 8): Tropical Cyclone Forecasted on South China Sea

Vietnam Business & Weather Briefing (July 8): Reference exchange rate down VND 1, Vietnam improves transparency rank in real estate, SSC eyes prompt detection of suspicious transactions.
July 08, 2022 | 15:23

Business Briefing

Reference exchange rate: VND 23,177/USD

Stock market news: SSC eyes prompt detection of suspicious transactions

Real estate news: Vietnam improves transparency rank in real estate

Weather Forecast

A low-pressure area is likely to form on the South China Sea from July 9-11. It can then strengthen into a tropical depression with a probability of 50-65%.

Business Briefing

Reference exchange rate

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,177/USD on July 8, 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 23,871/USD, and the floor rate is VND 22,483/USD.

The opening-hour rates at all commercial banks decreased. Vietcombank listed the buying rate at VND 23,190/USD and the selling rate at VND 23,500/USD, both down VND 20 from July 7. BIDV also cut both rates by VND 10 to VND 23,215/USD (buying) and VND 23,495/USD (selling).

Vietnam Business & Weather Briefing (July 8): Tropical Cyclone Forecasted on South China Sea
Photo: Saigon Times

Stock market news: SSC eyes prompt detection of suspicious transactions

The State Securities Commission (SSC) has said it will intensify the monitoring of the stock market to promptly detect suspicious transactions in the remaining months of the year. Restructuring the market and completing the legal framework and policies for the market development in a public, transparent, and disciplinary manner are also considered important tasks.

In recent months, Vietnam's stock market has experienced periods of deep declines. In the second quarter of 2022 alone, the market faced sharp downward corrections. On June 30, the VN-Index and HNX-Index reached 1,197.6 points and 277.68 points, down 20.1% and 41.4% compared to the end of 2021, respectively. Market liquidity tended to decrease, resulting in the average trading value in the second quarter hitting 20.49 trillion VND (877.21 million USD) per session, down 34.27% from the average in the first quarter.

However, according to the SSC, since the beginning of the year, the average trading value of the stock market reached VND 25.44 trillion (USD 1.08 billion), an annual reduction of only 4.4%. A good level of market liquidity has been maintained, while the record number of new accounts opened and the net buying of stocks by foreign investors show that the market is still receiving interest from domestic and foreign investors, said the SSC.

Vietnam Business & Weather Briefing (July 8): Tropical Cyclone Forecasted on South China Sea
Photo: Nguoi Xay Dung

Real estate news: Vietnam improves transparency rank in real estate

Vietnam jumped four places to rank 56th globally, according to the Global Real Estate Transparency Index by JLL and LaSalle Investment Management, amid improving building standards across Asia. The firms attributed the jump in rankings to the Government’s commitment to cut greenhouse gas by 8% by 2030 as well as its goal that Vietnam will reach net-zero carbon emissions by 2050.

In addition to Vietnam, the biennial index found an increasing number of Asia Pacific countries and cities have followed up on previously announced climate commitments by establishing mandatory energy efficiency and emissions standards for buildings, aligning with broader net-zero carbon goals. The report also found more widespread adoption of green and healthy building certifications, with leading markets beginning to mandate sustainability reporting from companies and collecting public building-level information on energy efficiency and emissions.

The index confirmed that Asia Pacific’s commercial real estate sector is better positioned to attract increased capital in the coming years due to measurable improvements in market transparency. Real estate markets across the Asia Pacific – driven by gains in regulation, sustainability, and access to enhanced data – continue to mature and become more accommodating for investors and developers planning expansion in the region.

The index provides a unique benchmark of market transparency for property investors, developers, and corporate tenants. A transparency ranking is assigned based on the availability and quality of performance benchmarks and market data, governance structures, regulatory and legal environments, transaction processes and sustainability markers to help investors and tenants make informed, risk-based decisions. While markets are changing at different rates, the data reveal an overall uplift in real estate transparency regionally.

Vietnam Business & Weather Briefing (July 8): Tropical Cyclone Forecasted on South China Sea
Photo: Vietnamnet

Weather Forecast

July 9-11: In the South China Sea, a low-pressure area is likely to form. The low-pressure area can then strengthen into a tropical depression with a probability of 50-65%.

The National Center for Hydro-Meteorological Forecasting forecasts strong winds on the sea from Binh Thuan to Ca Mau and thunderstorms in the northern Gulf of Tonkin, the middle and south of the South China Sea (including the Truong Sa archipelago).

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07:54 | 29/11/2022
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