Business Briefing

Gold rate

On the morning of September 28, SJC gold price was adjusted down VND 1 million in the buying transaction and VND 800,000 in the selling transaction. With this decrease, SJC gold price in Hanoi and Da Nang is VND 64.6 million/tael (buying) and VND 65.62 million/tael (selling). In Ho Chi Minh City, SJC gold is bought at the same price but sold for VND 20,000 less.

In Hanoi, DOJI is listed at VND 64.6 million/tael (buying) and VND 65.6 million/tael (selling), down VND 1.05 million in the buying transaction and VND 750,000 in the selling transaction compared to the last session. In Ho Chi Minh City, one tael of DOJI price is bought at VND 65.4 million and sold at VND 66.15 million.

Reference exchange rate

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,346/USD on September 28, unchanged from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is VND 24,046/USD, and the floor rate VND 22,646/USD.

The opening-hour rates at many commercial banks showed an upward trend. At 8:36 am, BIDV listed the buying rate at VND 23,605/USD and the selling rate at VND 23,885/USD, both up 5 VND from the end of September 27. Meanwhile, Vietcombank kept both rates unchanged at VND 23,565/USD (buying) and VND 23,875/USD (selling).

Photo: Zing

Market news: AEON supermarket chain promotes Vietnamese goods

The Vietnamese Product Exhibition Week opened at AEON shopping mall in Ho Chi Minh City on September 27 to introduce more Vietnamese goods to the AEON supermarket chain. The annual event is co-organized by the Investment and Trade Promotion Centre of Ho Chi Minh City (ITPC) and AEON Vietnam Co. Ltd.

ITPC Deputy Director Tran Phu Lu cited statistics from the General Department of Customs as saying that two-way trade between Vietnam and Japan hit USD 31.8 billion in the first eight months of 2022, up 14% year on year. Vietnam’s exports to Japan reached USD 15.8 billion, up 19% year-on-year. This is the fourth year that ITPC has coordinated efforts to hold the event, according to VNA.

The organizing board selected 36 enterprises to exhibit 374 processed foods and agricultural products, including rice, fruits and vegetables, and organic items. A business matching event will also be held, with the participation of more than 200 Vietnamese businesses. Currently, about 2,000 Vietnamese firms are supplying goods to AEON markets, of them over 100 enterprises have been connected with AEON via similar events in recent years.

Investment news: Foreign investment disbursement hits record high in nine months

Disbursement of foreign direct investment (FDI) in the first nine months of this year reached USD 15.4 billion, up 16.2 % year-on-year and marking a record high, a report from the Foreign Investment Department (FIA) has shown. These positive figures showed that foreign-invested enterprises have been constantly recovering and expanding their production and business activities in Vietnam, FIA said in its report.

However, foreign investment inflows into Vietnam saw a yearly decline of 15.3% to over USD 18.7 billion in the nine-month period. Up to 1,355 new foreign-invested projects were licensed during the period with a total registered capital of USD 7.12 billion, up 11.8% in the number of projects but down 43% in terms of capital.

The agency attributed the decline in newly-registered capital to difficulties encountered by foreign investors in coming to Vietnam to explore investment opportunities and fulfilling investment registration procedures in the last months of 2021 due to the State policies on controlling the Covid-19 pandemic. That has affected the number of new projects granted licenses in the first months of 2022. Also, the global market has been facing many fluctuations due to the influence of the geopolitical conflict in Europe, high inflation pressure, and supply chain disruptions, which have been negatively affecting the outflow of foreign investment from major economies, especially investment partners of Vietnam.

In another bright spot, capital added by foreign businesses to 769 operating projects in the country surged 30% to USD 8.3 billion. That has demonstrated their great confidence in Vietnam's economy and its investment climate, according to the agency. At the same time, foreign investor capital contributions and share purchases also recorded a yearly hike of 2% to USD 3.28 billion.

Photo: Vietnammoi

Export news: Vietnam grosses US$77 billion from phone, component, and electronic exports

Vietnam raked in approximately US$77 billion from the export of phones, components and computers, electronic products, and spare parts during the past eight months of the year, according to the Ministry of Industry and Trade, according to VOV.

The four major importers of phones and components from the nation include the United States, the EU, China, and the Republic of Korea (RoK), grossing a total turnover of roughly US$27 billion throughout the reviewed period. All major markets increased their imports of products from the Vietnamese market. The country’s export turnover of phones and components to the US, China, and the RoK surged by 48%, 11%, and 23%, respectively. In addition, exports to the EU dropped by 5% to US$4.61 billion against the same period last year.

Recent years have seen Vietnam attract a large quantity of FDI into the production of phones, computers, and electronic components. Many major electronics firms globally have developed a presence in Vietnam with high-tech production facilities such as Samsung, LG, Foxconn, Fukang Technology, and LG Display Hai Phong, making Vietnam ninth in terms of global exports of electronic products.

The country boasts many advantages in attracting FDI enterprises in the field of electronics thanks to the signing of several free trade agreements (FTAs), a factor that has created opportunities for many large electronics firms to expand their scale to utilize preferential tariffs in export activities.

Photo: Baoquocte

Aviation news: Vietnam, Kazakhstan to open direct flights in October 2022

The Civil Aviation Committee of Kazakhstan has officially licensed Vietjet Air to launch direct flights between Vietnam and Kazakhstan. The committee released its decision on September 26. Vietjet Air is scheduled to conduct its first flight on the Cam Ranh-Almaty route at the end of October this year, according to the leadership of the airline.

The airline will maintain regular flights on the route with a frequency of 2-3 flights/week on Airbus A-330s, then expand flights to other cities, said the airline. Despite the impact of the Covid-19 pandemic, the economic and trade relations between Vietnam and Kazakhstan have yielded positive gains since the free trade agreement between Vietnam and the Eurasian Economic Union (EAEU) officially took effect in October 2016. Kazakhstan is one of five members of this economic group.

Statistics unveiled by the General Department of Vietnam Customs show two-way trade turnover reached US$615.5 million, up 72.4% year on year. Of the total, Vietnam raked in US$549.7 million from exports, up 72,8%, and spent US$65.8 million on imports, up 69.5%. Bilateral trade exchanges in the first half of 2022 rose 57% year on year to US$303 million. The resumption of direct flights between Vietnam and Kazakhstan is expected to create an important premise for promoting bilateral cooperation in the fields of transportation, trade, investment, tourism, and people-to-people exchanges.

Photo: Zing

Weather Forecast

September 29: After the storm, sunny weather will come back to the Northern and Central regions. However, rain and thunderstorm remain in the afternoon and at night.

Hanoi will be cloudy and sunny during the daytime. The lowest temperature is 25 - 27 Celsius degrees. The highest temperature is 33 - 35 Celsius degrees. In other provinces in the northern region, the highest temperature is 31-34 Celsius degrees and the lowest is 23-26 degrees.

The southern provinces will have scattered thunderstorms in some places, particularly in the evening and evening. The lowest temperature is 23 - 26 Celsius degrees. The highest temperature is Celsius 31-34 degrees.

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