Business Briefing

Gold rate

On the morning of May 19, the SJC gold bar was bought at VND 68.25 million/tael and sold at VND 69.25 million/tael, keeping the same price as yesterday. SJC gold ring was bought at VND 53.8 million/tael and sold at VND 54.8 million/tael.

World gold price at the beginning of the day traded at around US$1,815.6 per ounce.

Reference exchange rate

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,142/USD on May 19, up VND 2 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/USD, and the floor rate is VND 22,447/USD.

The opening-hour rates at some commercial banks slightly rose. At 8:30 am, BIDV listed the buying rate at VND 23,005/ USD and the selling rate at 23,285 VND/USD, both up 5 VND compared to the closing rates on May 18. Meanwhile, Vietcombank also adjusted both rates up by 5 VND compared to the closing rates on the previous day, listing at VND 22,975/ USD (buying) and VND 23,285/ USD (selling).

Photo: VNA

Export news: Six more pangasius processing factories eligible to export to US

The Food Safety and Inspection Services (FSIS) under the United States Department of Agriculture has recognized six more Vietnamese pangasius processing factories that are eligible to export products to the US, raising the number of establishments to 19, according to the Ministry of Agriculture and Rural Development’s National Agro-Forestry-Fisheries Quality Assurance Department (NAFIQAD). It is expected to boost the export of Vietnamese pangasius to the US market in the near future.

The six facilities are the Hop Nhat Seafood Corporation, Atlantic Seafood Freezing factory, Basa Mekong factory, High-grade pangasius product exporting & Processing Factory, Co May 2 seafood processing export factory, and CK Frozen Food Vietnam Co. Ltd. NAFIQAD also noted that factories should comply with the provisions of the program on controlling food safety for Siluriformes fish and fish products exported to the US issued in Decision No. May 22, 2020, and instructions in Official Letter No. 803/QLCL-CL1 dated June 18, 2020, ensuring that the entire chain of production, processing and export of pangasius fully meets the regulations of both Vietnam and the US.

The Centre for Agro-Forestry-Fisheries Quality Zone 4 and 6 will appraise and issue certificates for pangasius shipments of these factories to the US market in accordance with the notice of FSIS.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the total value of pangasius exports to the US market reached 195.3 million USD by mid-April, up 131.4 percent over the same period last year. VASEP also said that the demand for whitefish in the US and EU is increasing while the Russia-Ukraine conflict has had a significant impact on the world whitefish market.

Photo: Baoquocte

Weather Forecast

May 19 - May 21: The North and the area from Thanh Hoa to Thua Thien Hue will have rain in some places. On the night of May 19, the Northern mountainous region had scattered rains and thunderstorms. On May 20, the North and Thanh Hoa had scattered showers and thunderstorms.

Provinces from Da Nang to Binh Thuan will experience scattered showers and thunderstorms, with moderate to heavy rain in some places. There will be showers and thunderstorms in the afternoon and night in the Central highland and the south.

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