Business Briefing

Gold rate

Gold prices dropped in both domestic and world markets. Many investment funds are rushing to buy gold in recent sessions. As of 9 am on June 4, the gold price is listed by DOJI Group at VND 68.7 million/tael (buying) and VND 69.65 million/ tael (selling).

Compared to the opening session of the previous session (June 3), the gold price at DOJI decreased by VND 50,000 per tael in the buying transaction and remained the same in the selling transaction.

Photo: Kitco

Market news: Interest rate support package has little effect on the stock market

As securities and real estate sectors are not on the list to receive support, the 2 percent interest rate support package's positive effects on the stock market are not strong. The Government officially issued a decree on interest rate support in loans of enterprises, co-operatives, and business households on May 20. According to VNA, the application period is in 2020 and 2023, or the package can end sooner when the total loans with interest rate support reach around VND 40 trillion (USD 1.7 billion).

After the market benchmark VN-Index plunged up to 24 percent from its peak in nearly two months, from 1,524 points to 1,150 points, the 2 percent interest rate support package's announcement is a lifesaver for the market on expectations of the return of cheap cash flows. In fact, the index had witnessed outstanding recoveries for two weeks with gains of nearly 150 points. There are rising expectations about the cheap cash flows created from the package worth VND 40 trillion, equivalent to a preferential credit of up to VND 1 quadrillion.

However, experts said that this package only has indirect effects on the stock market. Therefore, investors shouldn't put high hope on a strong performance of the market following the package issuance. On the positive side, Agribank Securities Corporation (Agriseco) said that this support package is expected to create a boost for enterprises to accelerate their recovery speed, contributing to the whole economic growth to reach the Government's target of 6-6.5 percent. But if companies spend the Government-supported capital for the wrong purpose, it can lead to unwanted results for the economy.

Right after the supporting announcement, many were concerned that the interest rate package will cause the stock market to experience what had happened in 2009. Business sectors in the support list include aviation, tourism, agriculture, the marine product, and manufacturing industries. Leading companies of these industries are more likely to meet the standards of the package because their resistance is better than the rest while facing the pandemic.

Photo: Vietjet Air

Aviation news: Vietjet launches direct flights between Hanoi/HCM City and Mumbai

Vietjet on June 4 officially inaugurated two direct routes connecting Ho Chi Minh City and Hanoi of Vietnam with Mumbai – the financial and economic center and the biggest city of India. The inauguration ceremony of the two routes connecting Hanoi and Ho Chi Minh City with Mumbai was held at Chhatrapati Shivaji Maharaj International Airport in Mumbai, India, with the participation of representatives of the Consulate General of Vietnam in Mumbai, the airport, and Vietjet and passengers.

Vietjet Vice President Do Xuan Quang said: “After the capital New Delhi, Mumbai is the second city of India - the 1.4 billion people country that Vietjet has direct flights to, we believe that two routes from Hanoi and Ho Chi Minh City to Mumbai and upcoming Phu Quoc - Mumbai one will promote the development of relations between Vietnam’s cities and Mumbai. The routes connecting Hanoi and Ho Chi Minh City to Mumbai will see three and four round-trip flights per week, respectively, and are expected to continue increasing the frequencies in the near future to serve the passengers’ demands."

Jubilantly welcoming the first flights to Mumbai, Vietjet opens sales on 19,999 promotional tickets from only 0 VND (excluding taxes and fees) for all routes from and to India on three golden days - June 7, 8, 9 2022, with the flight period from July 1 to December 31, 2022 (excluding national holidays and Tet). Promotional tickets are available for sale from 12:00 on June 7 to the end of June 9, 2022 (GMT 7).

Photo: Tap Chi Tuyen Giao

Weather Forecast

June 5 - 10: It is forecasted that from tomorrow, the heat will ease in the North. From tomorrow night to June 10, the Northern provinces will receive a wave of thunderstorms in a large area, with moderate to heavy rain locally. The entire central coastal strip will be hot and sunny with the highest temperature being 35-37 Celcius degrees. The lowest relative humidity of the day is from 50-65%.

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