Vietnam Business & Weather Briefing (May 12): Reference Exchange Rate for US Dollar Up

Photo: CafeF

Business Briefing

Gold rate

As of 10 am on May 12, gold's buying price is listed by DOJI Group at VND 69.55 million/tael and the selling price at VND 70.15 million per tael. Compared to the opening session of the previous session, gold price at DOJI increased by VND 350,000 per tael in buying and VND 250,000 per tael in seling.

Meanwhile, Saigon SJC listed gold's buying price at VND 69.6 million/tael and selling price at VND 70.2 million/tael. Compared to the opening of the previous session, the gold price at Saigon SJC increased by VND 250,000/tael in both transactions.

Reference Exchange Rate

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,151 per USD on May 12, up VND 10 from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is VND 23,844/ USD, and the floor rate VND 22,444/ USD. The opening-hour rates at commercial banks saw a strong rise.

At 8:30 am, Vietcombank listed the buying rate at VND 22,880/ USD and the selling rate at VND 23,190/ USD, both unchanged from May 11. Meanwhile, BIDV added VND 115 to both rates, listing at VND 22,910 per USD (buying) and VND 23,190/ USD (selling).

Prime Minister Pham Minh Chinh (right) meets with the US Secretary of the Treasury Janet Yellen on May 11 (US time) during his visit to the country. (Photo: VNA)

Stock market news: Vietnam seeks cooperation with US to develop healthy stock market

Vietnam expects the US to share its experience in developing the financial market in a healthy, safe, and transparent manner, to contribute to national macroeconomic stability, Prime Minister Pham Minh Chinh told the US Secretary of the Treasury Janet Yellen on May 11 (US time) during his visit to the country.

On the basis of the comprehensive partnership between Vietnam and the US, cooperation between the two countries in economy, trade, finance, and currency has made positive progress, PM Chinh said at a meeting with Secretary Yellen while in the US attending the US-ASEAN summit at the invitation of US President Joe Biden. He emphasized that Vietnam wishes to build an independent and self-reliant economy with sustainable development and deep integration, adding that stabilization of the macroeconomy plays a very important role.

He also mentioned the complex impacts on economies stemming from global instabilities such as strategic competition, pandemics, climate change, conflict and economic development, and armed conflicts. In response to these issues, he noted, it is necessary to uphold internationalism and multilateralism with a balanced and just approach. PM Chinh added that each country needs to build an independent and self-reliant economy derived from its own internal resources and strengths.

US Secretary of the Treasury Yelle affirmed that the US is willing to deepen economic - trade - investment relations between the two countries, including cooperation in banking and finance. She said she highly appreciates Vietnam’s flexible exchange rate management and its consistency in pursuing the goal of controlling inflation and stabilizing the macro-economy.

Secretary Yelle affirmed that, through global and regional financial institutions, the US will coordinate with developed countries to support developing countries, including Vietnam, in the areas of infrastructure, infectious disease prevention, and control, energy transition, and climate change response. She added that the US is willing to share experiences and support Vietnam in capacity building and mechanisms to effectively develop capital and real estate markets.

Photo: Saigon Times

Aviation news: Vietjet expands Northeast Asian flight network with three new routes

Vietjet will open two direct routes connecting Vietnam’s capital city of Hanoi to Japan’s third and fourth biggest cities, Nagoya and Fukuoka, in early July. The airline’s first service from Bangkok to Fukuoka will also be launched in mid-July.

The thrice-weekly service between Hanoi and Fukuoka will operate from July 2, 2022, on Tuesday, Thursday, and Saturday. The Hanoi – Nagoya route will commence on July 3, 2022, with four weekly flights on Monday, Wednesday, Friday, and Sunday. Bangkok-Fukuoka will operate three flights a week from July 15 on Tuesday, Friday, and Sunday.

Passengers can reserve air tickets for flights between Hanoi and Fukuoka/Nagoya with fares as low as 384,000 VND (17 USD) from now. The Bangkok – Fukuoka service can be booked with super saving fares from 299 THB (9 USD) from May 16-20, 2022.

Vietjet has recently resumed numerous routes that connect Vietnam and Japan’s major cultural, economic, and political centers, operated by its new and modern fleet with various airline services and products. The Hanoi/HCMC – Tokyo (Narita) routes currently operate daily flights each route, the Hanoi/HCMC – Osaka routes operate five weekly flights and will increase to daily flights for each route starting mid-June. The Da Nang – Tokyo (Haneda) route will re-launch on July 8, 2022, with four weekly trips.

Besides the Japan routes, Vietjet has restored operation to Asian top destinations namely Bangkok, Singapore, Kuala Lumpur, Bali, New Delhi, Seoul, etc with affordable fares and frequent promotions, according to VNA.

Photo: Infonet

Weather forecast

May 12 - May 15: Heavy rain will come to the mountainous and midland areas, while the Northern Delta will have moderate rain. Some places in the delta can also face heavy rain in the afternoon and at night. There is a chance of thunderstorms, tornadoes, lightning, hail, and strong winds in the mountainous areas.

In Hanoi, there will be moderate rain and thunderstorms, mostly in the evening and at night. The Northern region remains cloudy with a common temperature of 25-32 degrees Celsius.

May 15 - May 16: Thunderstorms are likely to move to the North Central and Central region. Provinces from the Central to the South enjoy sunny days and scattered thunderstorms.

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