Vietnam Business & Weather Briefing (May 10): Reference Exchange Rate Up VND 8

Photo: Energy Times

Business Briefing

Gold rate

Vietnam's gold price: On May 10 morning, domestic gold, silver, and gem trading establishments slightly adjusted the gold price. Saigon Jewelry Company (SJC) has lowered both the selling and buying price to VND 69.6 million/ tael (buying) and VND 70.32 million per selling tael.

DOJI Jewelry Group also lowered the gold price in the afternoon session, bringing the price of this brand's gold down to VND 69.55 million per tael in buying and VND 70,2 million per tael in the selling transaction.

International gold price: Gold edged higher today as a decline in US Treasury yields offset pressure on dollar-priced bullion. Spot gold was up 0.2% at US$1,856.75 per ounce. Among other precious metals, silver gained 0.4% to US$21.87 per ounce, while platinum dipped 0.1% to US$954.98, and palladium rose 0.5% to US$2,107.80.

Rahul Kalantri, VP Commodities, Mehta Equities said: "There could be more bond market swings to come as a swathe of inflation data feeds the debate on price pressures and monetary policy," according to LiveMint.

Photo: VNA

Reference Exchange Rate

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,143 per USD on May 10, up VND 8 from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is VND 23,836 per USD and the floor rate is VND 22,436 per USD. The opening-hour rates at commercial banks stayed stable.

At 8:35 am, Vietcombank listed the buying rate at 22,780 VND/USD and the selling rate at VND 23,090/ USD, both unchanged from May 9. BIDV raised both rates by 5 VND at 22,815 VND/USD (buying) and VND 23,095/ USD (selling).

With the domestic gold price decreasing slightly and the world gold price listed on Kitco at 1,852.7 USD/ounce, the gap between domestic and world gold prices continued to widen.

Photo: VOV

Stock market news: Status upgrade crucial to stock market growth

The upgrade of Vietnam’s stock market from the frontier to emerging status is a driving force for the future. A top priority set for Vietnam’s stock market is to get upgraded to the emerging status before 2025, according to market credit rating agencies Morgan Stanley Capital International (MSCI) and the FTSE (Financial Times Stock Exchange).

There are still many criteria that the Vietnamese market must reach to meet the upgrade requirements, including strengthening the safeguarding of the interests of retail investors. The recent actions of the market regulator to handle violations on the stock market, which are highly appreciated by international investors, may add more points in the coming reviews of international market ranking organizations, according to VNA.

The recent drastic settlements over violations on the market were thanks to a great effort and determination from the Government, the Ministry of Finance, and other authorities. Although it is inevitable that the market will decline in the short term, strict sanctions due to negative effects will have a positive impact on the development of the stock market in the medium and long term.

As of September last year, the Vietnamese stock market, along with Iceland, Mongolia, and Russia, were on the FTSE's Upgrade Watchlist. In the Market Outlook 2022 Report, VNDirect Securities Company has put forward an optimistic scenario that the FTSE may announce the inclusion of the Vietnamese stock market into the emerging market group during the annual market assessment in September of this year.

Photo: Tai Nguyen Moi Truong

Weather forecast

Deputy Director of the National Centre for Hydro-Meteorological Forecasting Hoang Phuc Lam said the mercury will drop to 20-23 degrees Celsius at the lowest, even 16 or lower in mountainous areas, and heavy rains may appear. Experts also warned of whirlwinds, lightning, hails, and strong winds.

People are advised to keep a close watch on the weather forecasts and stay cautious of high-risk areas against landslides and floods. Communication work must be bolstered to urge vessels to take safety measures amid rough seas. The center forecasts that up to 10-12 typhoons and tropical depressions will enter the East Sea until the end of this year, 4-6 of which will directly affect Vietnam.

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