Vietnam Business & Weather Briefing (June 11): Rain continues in north and central regions.

Photo: NLD

Business Briefing

Gold rate

As of 9 am on June 11, the domestic gold price was listed by DOJI Group at VND 68.75 million/tael (buying) and VND 69.55 million/tael (selling). Compared to the opening session of the previous session (June 10), the gold price at DOJI increased by VND 50,000 per tael in both buying and selling transactions.

Meanwhile, Saigon SJC listed, the gold price at VND 68.75 million per tael and VND 69.65 million per tael in selling and buying transactions, respectively. Compared to the last session, the gold price at Saigon SJC increased by VND 50,000/tael in both transactions.

Reference exchange rate

The reference rate at the State Bank's Transaction Office for buying and selling remained unchanged at VND 22,550 - VND 23,250 per USD, respectively. Meanwhile, commercial banks listed the USD - VND reference rate exchange at a slightly higher price:

Vietcombank: VND 23,030 (buy in) - VND 23,310 (sell out)

VietinBank: VND 22,960 (buy in) - VND 23,400 (sell out)

Photo: VNA

Export news: Various Vietnam fruits to be shipped to the US, Japan, China

Speaking at a recent forum held by the Ministry of Agriculture and Rural Development, Dang Phuc Nguyen, general secretary of the Vietnam Vegetable and Fruit Association, said that over the past few months, the sales of several fruits to China have declined, while the export of bananas has strongly risen. In the first five months of the year, China bought 742,000 tons of bananas from Vietnam, up 10% year-on-year, Phap Luat Online reported. In the coming months, the northern neighbor is forecast to continue scaling up its import of bananas from Vietnam, according to the representative of the association.

Besides, China has agreed to import Vietnamese passion fruit, while negotiations on durian exports to the former are due to be completed, said Le Van Thiet, deputy head of the Plant Protection Department under the ministry. Tapping the Japanese market, Vietnam is shipping dragon fruit, mangoes, and litchis into the selective market while entering negotiations to export longans to the country. Meanwhile, Vietnam exports dragon fruit, mangoes, litchis, longans, rambutan, and star apple stateside. The country’s grapefruit is expected to enter the United States next month, Thiet said.

Putting forward solutions to increase the consumption of Vietnamese fruits, many representatives of participating enterprises said it is necessary to solidify the brand of fruits, improve the quality of the products, lower the dependence on the Chinese market and diversify import markets in Europe.

Finance news: Vietnam to complete handling of poor-performing banks by 2025

A decision on the 2021-2025 plan signed by Deputy Prime Minister Le Minh Khai states that measures will be taken to prevent the reemergence of weak banks. The number of commercial banks nationwide will be reduced through mergers. The decision says there will be at least two to three banks to make it to the list of the top 100 banks in Asia, according to Saigon Times.

Banks should have a capital adequacy ratio (CAR) of at least 10%-11% by 2023 and 11%-12% by 2025, according to the plan. To reach this target, banks will have to map out plans to increase their charter capital, CAR, governance, and operation capacity. Based on data from independent auditing firms, banks, and financial companies are divided into three groups: those with a strong financial capacity and a large scale, those with a small and medium scale, and poor-performing ones.

By 2025, banks in the three groups will have minimum charter capital of VND 15 trillion, VND 5 trillion, and VND 750 billion, respectively. Poor-performing ones must deploy restructuring and recapitalization plans and enhance internal inspections to promptly detect and minimize risks. The bad debt ratio is expected to be below 3% by the end of 2025.

Photo: Kinh te do thi

Weather Forecast

June 11-12: The Northern region has scattered showers and thunderstorms, with heavy rain in some regions. The mountainous and midland areas have moderate to heavy rain, and very heavy rain in some places. The Central region has showers and thunderstorms in the evening and at night.

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