Vietnam Business & Weather Briefing (Sep 27): 248 aircraft registered under Vietnamese nationality

Business Briefing

Gold rate

As of 2:50 pm on September 27, the gold price at SJC decreased by VND 400.000 per tael in both buying and selling transactions compared to this morning. The detailed price goes as follows:

SJC Hanoi: VND 65.1 million/tael (buying) – VND 65.92 million/tael (selling)

SJC HCMC: VND 65.1 million/tael (buying) – VND 65.9 million/tael (selling)

SJC Da Nang: VND 65.1 million/tael (buying) – VND 65.92 million/tael (selling)

Doji Hanoi: VND 65.1 million/tael (buying) – VND 65.9 million/tael (selling)

Doji Ho Chi Minh City: VND 65.3 million/tael (buying) – VND 65.9 million/tael (selling)

Photo: Zing

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 27, up VND 12 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. BIDV listed the buying rate at VND 23,580/USD and the selling rate at VND 23,860/USD, both up VND 5. Meanwhile, Vietcombank raised both rates by VND 25, at VND 23,560/USD (buying) and VND 23,870/USD (selling).

Aviation news: 248 aircraft registered under Vietnamese nationality: CAAV

The Civil Aviation Authority of Vietnam (CAAV) has registered 248 aircraft under Vietnamese nationality so far this year, up six from the same period last year. National flag carrier Vietnam Airlines has the largest fleet with 102 jets, followed by Vietjet (77), Bamboo Airways (29), and Pacific Airlines (14).

The CAAV also reported that the number of air passengers reached 9.1 million in September, a 9.3% decline from the previous month following the summer holiday ended. The figure included 1.6 million foreign passengers, up 10.2% month-on-month; and 7.5 million domestic passengers, down 12.6%. Some 106,000 tonnes of cargo went through airports this month, up 2.9%. The volume included 84,500 tonnes of international cargo and 22,000 tonnes of domestic goods, up 2.9% and 19.3%, respectively.

Photo: Zing

Investment news: Binh Phuoc province lures investment into 62 projects

The southern province of Binh Phuoc is calling for investment in 62 projects worth more than USD 23.5 billion until 2030 following a decision signed recently by its chairman. The projects cover infrastructure at industrial parks and residential areas; fruit, cashew, wood, and rubber processing; support industries; manufacturing; services for agricultural export; market and mall construction; healthcare; education; residential-commercial-service-tourism areas; agriculture; high technology; renewable energy; and solid waste treatment.

They include the Dong Phu residential and industrial complex worth USD 5 billion, the USD 2 billion resort and golf course in Dong Xoai city, and the USD 1.3 billion Suoi Giai golf course, urban area, and shopping center in Dong Phu district, among others. Binh Phuoc, about 120km from Ho Chi Minh City, counts 13 industrial parks with a combined area of 4,686 hectares, along with the 28,000ha Hoa Lu Border Gate Economic Zone and nine industrial clusters.

Photo: Zing

Market news: Vietnam inflation still under control: economists

Economists have forecast Vietnam’s inflation will be kept at around 3.3-3.8% this year, similar to the National Assembly-set target of below 4%, adding that the pressure for 2023, however, remains huge and requires appropriate response solutions. According to the Deputy Director of the Vietnam Institute for Economic and Policy Research (VEPR) Nguyen Quoc Viet, inflation in many countries over the world posted a record high in the first months of 2022. Global inflation is projected from 7.25-9.4% this year and 4-6.5% next year.

The inflation pressure has forced central banks to tighten their monetary policies, which poses a risk of increasing economic recession. In Vietnam, to control inflation under 4%, the Government and relevant agencies have taken flexible measures, from controlling market liquidity to flexibly combining fiscal policies and exempting or reducing taxes and fees of essential and strategic commodities, according to VNA.

Thanks to these measures, the country’s inflation in the first eight months of 2022 was 2.58% year-on-year, higher than the 1.67% of the same period last year but lower than the average of the similar period of the 2018-2020 period. Economist Le Xuan Nghia pointed to five solutions that need to be carried out in the remaining months of this year, namely persisting measures to stabilize macro-economy, prices and curb inflation; maintaining those to boost sustainable growth; providing support in terms of capital and market access for people and businesses; solving shortcomings of the business environment and labor shortage problems, and better forecast and policy assessment works.

Photo: Suc Khoe & Doi song

Weather Forecast

Noru Storm: At 1 pm, September 27, the storm center is 270 km from Da Nang – Quang Ngai. The storm is forecasted to hit Ly Son island at 9 pm. In the next 12 hours, the storm will move to the west with a speed of 20-25 km per hour. At 1 am tomorrow, the storm will reach Thua Thien Hue, Da Nang, and Quang Ngai. By 7 am tomorrow morning, the center of the storm will be on Quang Tri, Quang Nam, and Quang Ngai.

September 28: The Northern region will have fog early in the morning and light sunshine during the day. The lowest humidity is 48%. The highest temperature in the Northwest ranges from 29 to 32 Celcius degrees. In Hanoi, the daytime temperature will range from 30-33 Celcius degrees.