Business Briefing

Gold rate

As of 9 am on July 4, DOJI lists the domestic gold price at VND 68.15 million/tael (buying) and VND 68.75 million/tael (selling). Compared to the opening session of the previous session (July 3), the price stays the same in both transactions.

Meanwhile, at Saigon SJC, the gold price is listed at VND 68.2 million/tael and VND 68.8 million/tael in buying and selling transactions, respectively. Compared to the opening session of the previous session, the price also remains unchanged.

Reference exchange rate

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,121 per USD on July 4, up VND 9 from the last working day of the previous week (July 1). With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is VND 23,815/USD, and the floor rate is VND 22,427/USD.

The opening-hour rates at some commercial banks also went up. At 8:39 am, BIDV listed the buying rate at VND 23,160/USD and the selling rate at VND 23,440/USD, both up VND 30 from July 1. Vietcombank also raised both rates by VND 20 to VND 23,130/USD (buying) and VND 23,440/USD (selling). During the week from June 27-July 1, the daily reference exchange rate followed a downward trend on the first two days then turned around to go up on the last three days. It ended the week up VND 10 from Monday.

Photo: Sputnik

Aviation news: Vietjet launches direct routes to Japan’s Fukuoka, Nagoya

The route connecting Hanoi to Fukuoka is operated three return flights on Tuesdays, Thursdays, and Saturdays every week, the Hanoi - Nagoya one operates four return flights per week on Mondays, and Wednesdays, Fridays, and Sundays to serve people and tourists for almost 5 hours flying per leg.

After the routes connecting Ho Chi Minh City, and Hanoi to Tokyo and Osaka, new routes to Nagoya and Fukuoka have offered more options for passengers when flying with Vietjet between Vietnam and Japan with saving cost, flexible flight schedules.

Japan is one of the favorite destinations for Vietnamese tourists with beautiful scenery and unique culture. Fukuoka, in particular, which sits on the northern shore of Japan’s Kyushu Island, is known for many great beaches, ancient temples, the variety of nature as well as the rich culture and historical legacy of Kyushu. Meanwhile, Nagoya is Japan’s third most populous urban area with a developed industrial economy and is well-known for its signature landmarks including Nagoya castle and Atsuta shrine.

Banking news: All the administrative procedures in the banking sector are to be handled online

The State Bank of Vietnam (SBV) has issued a decision on a digital transformation plan in 2022, under which all of the administrative procedures are to be handled online. Under Decision No. 1097/QD-NHNN, about 65-70 percent of people from 15 years old will have accounts at banks or credit organizations.

The sector will work to integrate all of its public services on the National Public Service Portal, and coordinate with ministries, agencies, and localities to promote cashless payment. It will also step up data sharing with other State agencies through platforms, with contacts of officials in charge of the issue to be publicized, according to the document.

Photo: Tep Bac

Export news: Aquatic exports spike 40% in H1

Vietnam’s aquatic exports spiked 40% year on year to reach nearly USD 5.8 billion in the first half of 2022, the Vietnamese Association of Seafood Exporters and Producers (VASEP) has reported. The country earned more than 3.2 billion USD from aquatic exports in the second quarter of 2022, an increase of 36% from the same period last year.

According to VASEP, shipments of shrimp picked up 7% – a quite modest pace – to total USD 450 million as a result of input shortages. Though, the sector experienced strong growth of 33% in H1 to bring home USD 2.3 billion, accounting for 40% of the total seafood exports. Several producers have raised the shipments of high-value-added processed shrimp products, instead of raw ones, to major markets like Japan, the US, and the EU as a way to address input shortages. Exports of lobster posted a record-high 30-fold surge year-on-year to USD 130 million.

In June, Vietnam exported close to USD 220 million worth of tra fish, up 54% year-on-year. The figure soared 83% in H1 to hit USD 1.4 billion, representing one-fourth of the total exports. Shipments to the UK enjoyed an exaggerated six-fold rise from the same period last year, followed by Spain (a three-fold increase).

The tuna sector earned some USD 553 million in export turnover during the period, up 56 percent year on year. The US remained Vietnam’s largest buyer of tuna that importing over half of the Vietnamese shipments. VASEP anticipated that aquatic exports will likely to reach USD 10 billion this year, up about 12% from 2021.

Photo: Thi Truong Biz

Weather Forecast

July 5-6: Due to the influence of the low-pressure zone running through the Northern mountainous region, the North has showers and thunderstorms at night while remains hot during the daytime. Due to the strong influence of the southwest monsoon, the Central Highlands will have scattered showers and thunderstorms in the afternoon and evening. Meanwhile, in the South, there will be heavy rain with thunderstorms during the day.

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