Business Briefing

Gold rate

Gold prices today simultaneously increased again in both domestic and global markets. Many investors believe that the downtrend in gold price is a result of a strengthening dollar.

As of 9 am on June 10, the gold price was listed by DOJI Group at VND 67.65 million/tael (buying) and VND 68.45 million/tael (selling). Compared to the previous session (June 15), the gold price at DOJI increased by VND 250,000 VND/tael in both transactions. Meanwhile, Saigon SJC listed the buying price at VND 67.75 million/tael and the selling price at VND 68.55 million/tael. Compared to the previous session, the price increased by VND 200,000 VND/tael in both transactions.

Reference exchange rate

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,093/USD on June 16, unchanged from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is VND 23,785/USD, and the floor rate is VND 22,400/USD.

The opening-hour rates at some commercial banks saw decreases. At 8:30 am, Vietcombank listed the buying rate at VND 23,060/USD, and the selling rate at VND 23,370/USD, both down VND 10 from the rates at the end of June 15. BIDV also cut both rates by VND 10 from the rates at the end of the previous day, listing the buying rate at VND 23,090/USD and the selling rate at VND 23,370/USD.

Photo: VNA

Aviation news: Vietnam Airlines to resume flights from London Heathrow Airport this month

The national flag carrier Vietnam Airlines said it will officially resume operations at Terminal 4 of London Heathrow Airport in the UK from June 22. The carrier has completed preparations in terms of logistics, equipment, and personnel. From July 5 to August 10, there will be flights between Hanoi and London on Tuesdays, Wednesdays, and Saturdays. From August 11 to October 29, flights will take off on Tuesdays and Thursdays. The London-Ho Chi Minh City route will be resumed on Saturdays, while the return flights will be operated on Fridays.

Notably, Vietnam Airlines will offer round-trip tickets from London to Hanoi/HCM City at prices starting from 615 GBP (USD 743), including tax and fees. The promotion is applicable to tickets purchased from July 1 to 15 for trips from August 23 to November 3.

Vietnam’s domestic aviation market is recovering at the fastest pace in the world with a growth rate of 123 percent compared to the same period of 2019, before the Covid-19 pandemic broke out, according to an analysis by Airbus and the International Air Transport Association (IATA) using statistics about the flight numbers from Flightdatar24 and Airbus.

The CAAV forecasts airports nationwide will serve about 87.8 million passengers this year, jumping 190 percent from 2021. The numbers of foreign and domestic passengers are expected at some 5 million and 82.8 million, up 844 percent and 178.4 percent, respectively.

Photo: VIR

Investment news: RoK firms expand investment in research and development in Vietnam

Leading enterprises from the Republic of Korea (RoK) including Samsung Electronics, Naver, and Revu Corporation have further promoted investment in research and development (R&D) centers in Vietnam to fully tap high-quality and low-cost human resources. A report released recently by the Korea Trade-Investment Promotion Agency (KOTRA) said with stable economic growth, Vietnam has continuously trained young R&D staff to a high level. Vietnam ranked second in the world in terms of software outsourcing for information technology development in 2020.

Meanwhile, the Vietnam IT Market Report 2021 conducted by TopDev, a Vietnamese market research company, shows that the average salary of programmers with less than two years of experience in Vietnam is at least 430,000 won (332.6 USD) per month, and the salary for those with more than 10 years of experience is 3.27 million won (over 2,500 USD). Meanwhile, the average salary of a new employee working at a mid-range IT firm in the RoK is about 3.5 million won (over 2,700 USD) per month.

Samsung Electronics has started construction of the largest R&D center in Southeast Asia in Hanoi, which is expected to be completed in 2022. LG Electronics opened the LG Vehicle Component Solutions Development Centre Vietnam in the central city of Da Nang in 2020.

Naver and NCsoft have also established R&D organizations in Vietnam. In 2021, Naver collaborated with Vietnam's information technology research institutes, the Posts and Telecommunications Institute of Technology (PTIT), and the Hanoi University of Science and Technology to set up an artificial intelligence research center. Meanwhile, NCsoft is operating NC Vietnam Visual Studio - an R&D agency focusing on graphics technology in HCM City.

Photo: Phap luat & Cuoc song

Weather Forecast

June 17: The low-pressure zone in the West tends to expand gradually to the East. All three cities of Hanoi, Ho Chi Minh City, and Da Nang will be sunny. Some places will enjoy intense heat with the highest temperature of 37 degrees. Showers and thunderstorms might happen in the evening and night. Mountainous provinces in the north will have rain and thunderstorms.

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