Vietnam Business & Weather Briefing (June 1): Domestic Gold Experiencing a Deep Decline

Photo: Nguoi Dua Tin

Business Briefing

Gold rate

As the glocal gold prices fall down to USD 1,840/ounce, the domestic gold price is retreating to VND 69 million/tael. Contrary to analysts' and investors' forecasts last week, both domestic and international gold is experiencing a deep decline.

After the closing of last week's session, the gold price ended up at VND 68.5 - 69.5 million/tael, in buying and selling transactions, respectively. This morning, Saigon Jewelry Company (SJC) listed the price of gold bars at VND 68.2 - 69.2 million/tael (buy in - sell out), a decrease of VND 100,000 compared to yesterday's afternoon session and VND 300,000 lower than the end of last week.

Reference exchange rate

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,060/USD on June 1, up VND 4 from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is VND 23,751/USD and the floor rate is VND 22,368/USD.

The opening-hour rates at commercial banks remained stable. At 8:27 am, BIDV kept both rates unchanged from the closing-hour rates on May 31, listing at VND 23,050/USD (buying) and VND 23,330/USD (selling) Vietcombank recorded the buying rate at VND 23,020/USD, and the selling rate at VND 23,330/USD, both unchanged from the rates at the end of May 31.

Photo: VNA

Finance news: Social policy bank to roll out interest cuts worth VND 3 trillion this year

The State Bank of Vietnam (SBV) said it had been working around the clock to ensure the smooth implementation of an interest rate package cut through the Vietnam Bank of Social Policies (VBSP). The package, estimated to cut as much as 3 trillion VND in interest rates by slashing 2 percent off the annual commercial rate for eligible businesses, is part of a larger measure to help the economy get back on track post-pandemic.

VBSP-issued and disbursed loans under governmental decrees, with recommendations by local authorities, governmental and non-governmental organizations, reborrowings from ODA, and preferential loans at an annual interest rate greater than 6 percent are to be considered for the package.

VBSP is responsible for making sure the aforementioned loans were issued to the right businesses and the disbursed funds were used for the declared purposes. The package is to run from January 1, 2022, until the end of the year, or until VBSP ends the package.

All loans issued and disbursed during said periods are eligible for the interest rate cut. Measures are to be taken to ensure transparency and minimize waste and exploits. VBSP branches are to be held responsible and accountable for the issued loans, which will be reported to VBSP headquarters no later than February 2 of the following year for inspection and approval.

Photo: VNA

Aviation news: Vietnam Airlines makes online check-in services available at two more airports

Vietnam Airlines launched online check-in services for passengers departing from Pleiku Airport (Gia Lai province) on May 31 and plans to offer the services at Phu Cat Airport (Binh Dinh province) from June 8, raising the number of airports where its self-services are available to 16. The national flag carrier is seeking to provide online check-in services at all domestic airports where it operates flights to/from as part of an effort to promote itself as a digital airline and improve customers’ experiences and convenience.

To save time and avoid long queues at airports, those flying with Vietnam Airlines can self-check-in for their flights using either the carrier’s website (www.vietnamairlines.com) or mobile app 1-24 hours prior to departure. About 55 percent of passengers opt for the self-services at major airports like Noi Bai, Tan Son Nhat, and Da Nang, according to Vietnam Airlines. The figure is over 30 percent at small airports.

Weather Forecast

June 2 - 5: From June 2, due to the weakening of the low-pressure trench, the rain in the north will decrease, except for the mountainous areas. After three days, from June 5, the low pressure will revive, and heavy rain will come back to the north. The South and Central Highlands are affected by the southwest monsoon. There will be thunderstorms until June 2 with a common amount of 10-30 mm.

Vietnam Business & Weather Briefing (May 28): FDI disbursement up 7.8 percent in five months Vietnam Business & Weather Briefing (May 28): On May 28, the global and domestic gold prices saw mixed trends.

Vietnam Business & Weather Briefing (May 27): USD Exchange Rate Up, Gold Price Recovers Vietnam Business & Weather Briefing (May 27): Gold price increase, rain is likely to come back to the north

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