International gold price, according to Kitco. (Photo: Kitco)

Business Briefing

Gold rate

Vietnam's gold price: As of 9 am on May 9, the gold price is listed at DOJI Group at VND 69.6 million/ tael (buying) and VND 70.25 million/ tael (selling). Compared to the opening session of the previous session (May 8), the buying price at DOJI remained, while the selling price decreased by VND 150,000/ tael sold.

Meanwhile, at Saigon SJC, buying price was listed at VND 69.65 million/ tael, while the selling price is VND 70.35 million/ tael. Compared to the opening session of the previous session (May 8), both selling and buying price at Saigon SJC decreased by VND 100,000 /tael.

International gold price: Global gold price today is listed on Kitco at USD 1,878.5/oz, down USD4.6/ oz compared to the opening of the previous session.

Many experts are concerned that FED's decision to raise interest rates may push the US economy into recession sooner. According to OANDA senior market analyst Edward Moya, FED needs to consider all options to cool down inflation. According to Kitco's survey, many analysts and individual investors still expect an uptrend in gold prices this week.

Photo: Bao Dau Tu

Reference Exchange Rate

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,135/ USD on May 9, up 5 VND from the last working day of the previous week (May 6). With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is VND 23,828/ USD, and the floor rate is VND 22,441/ USD. The opening-hour rates at commercial banks stayed stable.

At 8:30 am, Vietcombank listed the buying rate at VND 22,780/ USD and the selling rate at VND 23,090/USD, both unchanged from May 6. BIDV also kept both rates unchanged at VND 22,810/ USD (buying) and VND 23,090/USD (selling).

During the week from May 2-6, after the two national holidays at the beginning of the week, the daily reference exchange rate went down on Wednesday and stayed unchanged on Thursday before going up on Friday to end the week up VND 2.

Photo: VietReader

Stock market news: Foreign capital returns to Vietnam's stock market in 2022

Foreign capital would continue to return to Vietnam in 2022, thanks to the stability of foreign exchange and the attractive price-to-earning (P/E) ratio of the VN-Index at over 13x, according to the SSI Securities Corporation (SSI), according to Vietnamnet. Foreign capital would continue to return to Vietnam in 2022, thanks to the stability of foreign exchange and the attractive price-to-earning (P/E) ratio of the VN-Index at over 13x, according to the SSI Securities Corporation (SSI).

According to the SSI report, the net capital flows from exchange-traded funds (ETF) returned to positive after two months of staying in the negative. “This came as the valuation of Vietnam’s stock market has become more attractive when the VN-Index declined by 9.9% in April,” noted SSI. SSI noted the largest buyer in April came from VFM VNDiamond and Fubon funds with respective net bought amounts of VND886 billion ($38.6 million) and VND953 billion ($41.5 million).

In addition, the VFM VN30 fund has also turned into a net buyer with VND223 billion ($9.7 million), while other foreign ETF funds of VanEck and FTSE continue to keep their net sell position of VND146 billion ($6.3 million) and VND308 billion ($13.4 million), respectively.

Overall, total funds pumped by all ETFs in April reached nearly VND1.69 trillion ($73.6 million), the highest in the past nine months. The net inflow in the four months from ETFs, however, remained modest at VND1.84 trillion ($80 million), significantly lower than the record figure of VND13.2 trillion ($575 million) in the same period last year. In total, foreign investors bought in a net amount of VND4 trillion ($174.2 million) in April, the first positive number since July 2021.

Photo: Thanh Nien

Real estate news: New construction projects in HCM City must ensure traffic flows remain smooth

HCM City will no longer approve construction projects that could affect transport in their vicinity and possibly cause traffic jams once the work is completed. The Department of Transport has issued guidelines to evaluate and reduce the negative impacts of new construction projects on traffic.

All those that would lead to an increase in traffic will have to take that into account and design solutions to ensure smooth traffic flow. These include apartment buildings, schools, malls, and large restaurants. The developers have to assess the impact on traffic within a radius of 500m in inner districts and 300m in outlying places. They have to calculate how much additional traffic their project will cause five to 10 years down the line.

Photo: VOV

Weather forecast

May 9 to May 11: There will be showers and thunderstorms in the North, with moderate to heavy rain of about 30-60mm/24h in some places and heavy thunderstorms in the afternoon and night. There will be showers and thunderstorms in the North Central region on the evening of May 9. From the night of May 11, thunderstorms are likely to increase in the North Central region.

May 12 to May 13: The tropical cyclone in the North continues to move downward. From about May 12, the cyclone tends to be compressed by a cold continental high pressure in the north and continues to move to the south. From about May 12-13, the southwest wind tends to blow in the southern region.

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