Photo: Thoi Bao Tai Chinh Vietnam

Business Brief

Gold rate

Global gold price this morning recovered slightly compared to the previous day. Meanwhile, the domestic gold price in the early morning did not fluctuate much when the gold, silver, and gem traders adjusted slightly or kept the transaction price of the previous day.

DOJI in Ho Chi Minh City has adjusted down VND 50,000 on the buying transaction and VND 150,000 on the selling transaction, ending up at VND 68.35 million/tael and VND 69.05 million/tael, respectively. In Hanoi, DOJI gold is traded at VND 68.25 million/tael (buying) and VND 69.15 million/tael (selling), down VND 50,000 in both directions compared to the dawn of the previous day.

Photo: NDH

Reference exchange rate

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,066/USD on June 2, up VND 6 from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is VND 23,757/USD and the floor rate is VND 22,374/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 June 1, listing at VND 23,060 /USD (buying) and VND 23,340/USD (selling). Vietcombank recorded the buying rate at VND 23,030/USD, and the selling rate at VND 23,340/USD, both unchanged from the rates at the end of June 1.

Export news: Vietnam’s export to EU benefiting from a free trade agreement

Vietnam’s export value to the European Union (EU) grew further in the first five months of this year, with a trade surplus of USD 13.4 billion, up nearly 47 percent, thanks to their bilateral free trade agreement. Despite lingering impacts of the pandemic and the Russia-Ukraine conflict which have pushed material and fuel prices as well as transportation costs, Vietnam’s export still expanded, contributing to its macro-economic stability and socio-economic development, according to statistics.

The General Statistics Office (GSO) said the export picked up on cashew nuts, coffee, vegetables, fruit, fishery products, rice, and timber products. Notably, the country shipped up to 48,680 tonnes of cashew nut worth USD 290.23 million in the first four months, marking increases of 21.8 percent in volume and 21.4 percent in value.

Dang Hoang Giang, General Secretary of the Vietnam Cashew Association (Vinacas), said the EU was Vietnam’s biggest cashew nut buyer, making up 23 percent of the combined volume and 22 percent of the total value. Vietnamese cashew nut will climb to the No. 1 position in the market as a tariff on the staple is lowered to zero percent under the Vietnam-EU Free Trade Agreement (EVFTA), he said.

Fishery exports to the EU also sped up, hitting USD 422 million in the first four months, up 47.3 percent, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). Last year, the value was USD 1.07 billion, up 12.3 percent against 2020, making the EU Vietnam’s third-biggest importer, after the US and Japan. The export of garments-textiles and footwear also made progress, up 34.6 percent and 19 percent in the January-April period, respectively.

Statistics by the General Department of Vietnam Customs show that trade between Vietnam and the EU exceeded USD 57 billion last year, an increase of 14.5 percent year on year as businesses have known how to maximize the deal. According to the Vietnam Chamber of Commerce and Industry, the level of understanding and expectation of Vietnamese firms on the EVFTA is 30.19 percent, compared to only 22.95 percent for others. Vietnam is now the EU’s biggest trade partner in the Association of Southeast Asian Nations and among the top 10 largest goods suppliers in the market.

Photo: Baoquocte

Weather Forecast

June 3-5: From June 3-5, Northern delta and mountainous areas will enjoy hot weather with the highest temperature of around 35-37 Celcius degrees, even over 37 degrees in some places. From Thanh Hoa to Phu Yen, the heat will be intense, while the lowest humidity during the day is from 45-60%. The heat wave will reduce from June 6.

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