Vietnam Business & Weather Briefing (May 22): Forum promotes Vietnamese - Latvian business connectivity

Photo: Zing

Business Briefing

Gold rate

The global gold price this week increased by 1.8% compared to the previous week, ending a series of four consecutive weeks remaining at a low level. Kitco's weekly gold survey shows both that Wall Street analysts and retail investors are confident in gold price next week.

After a sudden increase in the early morning of May 21, the domestic gold price today is listed at nearly VND 69 million/tael (buying) and VND 70 million/ tael (selling). To be specific, SJC gold in Hanoi and Da Nang is VND 68.95 million/ tael and VND 69.87 million in buying and selling transactions, respectively. In Ho Chi Minh City, the selling price is VND 20,000 lower than in Hanoi and Da Nang.

Reference exchange rate

A series of consecutive increases for references exchange has ended. The USD exchange rate listed by the State Bank is VND 23,145/USD.

The USD price was weighed down by the drop in treasury yields. Concern about a recession has been heightened since the US Federal Reserve raised interest rates by 0.5 percent in early May - the biggest increase since 2000.

Photo: Zing

Export news: Forum promotes Vietnamese and Latvian business connectivity

The Vietnam - Latvia business forum slated for May 31 is anticipated to boost trade exchange and development between the two countries moving forward. The organization of the forum is part of a range of activities being held to mark the 30th anniversary of diplomatic relations between the two sides. The Vietnam Trade Office in Sweden, concurrently of the Nordic region, said that Latvia is one of the three nations in the Baltic region.

Latvia holds a strategic geographical position for business activities between the EU region and emerging markets located to the east of the Baltic country. The European nation is geographically located as a gateway between the United States, the EU, and Asia, especially Russia. Despite being a small country, reforms have seen the Latvian economy continuously grow over the past decade, with the exception of 2020 due to the consequences of the pandemic, whilst it holds great economic potential.

In the three decades following the initial establishment of diplomatic relations, Vietnam and Latvia have enjoyed a sound cooperative relationship. However, in terms of trade, turnover between the two countries remains extremely limited. Currently, Vietnamese export staples include seafood, cashew nuts, coffee, pepper, plastic products, bamboo and rattan products, wood and wood products, garments and textiles, footwear, and other products.

Vietnam imports items from Latvia such as rubber, timber, and wood products, cotton, fabrics of all kinds, raw materials for textiles and garments, leather, machinery, equipment, and pharmaceuticals. Latvia is widely viewed as a potential import market for seafood and canned fish products from 40 countries globally as it provides necessary materials for the country's seafood processing industry.

In order to take full advantage of current shifts in terms of the global supply chains and to promote the export of local goods to Latvia by updating information about each country's market, the forum aims to help Vietnamese businesses introduce products to Latvian importers. Indeed, there are high hopes that both nations’ enterprises can enhance connectivity whilst giving them a platform in which to seek business greater co-operation opportunities.

Photo: Zing

Weather Forecast

May 23: Hanoi will be cloudy with gentle sunshine in the morning. There will be rain in the afternoon with moderate thunderstorms. The daytime temperature fluctuates between 23-24 Celcius degrees, average humidity is 100%. In the evening and night of May 23, rain will continue. There is a possibility of lightning and strong winds.

Ho Chi Minh City will be cloudy on May 23. Daytime temperatures reach 29 Celcius degrees, with an average humidity of 82%.

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