Vietnam Business & Weather Briefing (August 11): Reference Exchange Rate Down VND 11

Business Briefing

Gold rate

This morning, the gold price decreased by VND 200,000 in both buying and selling directions. SJC gold price in Hanoi and Da Nang area is VND 66 million/tael (buying) and VND 67.02 million/tael (selling). In Ho Chi Minh City, SJC gold buying price is listed at the same level as in Hanoi and Da Nang but the selling is VND 20,000 lower.

Reference rate exchange

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,163/USD on August 11, down VND 11 from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is VND 23,857/USD, and the floor rate is VND 22,468/USD.

The opening-hour rates at many commercial banks increased. At 8:30 am, BIDV listed the buying rate at VND 23,250/USD and the selling rate at VND 23,530/USD, both up VND 5 from the end of August 10. Vietcombank kept both rates unchanged at VND 23,220/USD (buying) and VND 23,530/USD (selling).

Photo: Zing

Import news: Vietnam to increase coal imports in 2025-2035 period

Vietnam’s coal imports are forecast to rise to meet domestic production demand, according to a draft strategy for developing the coal industry in Vietnam recently introduced by the Ministry of Industry and Trade (MoIT). Accordingly, Vietnam will import about 50-83 million tonnes of coal per year during the period from 2025 to 2035, with the volume gradually falling to about 32-35 million tonnes by 2045, according to VNA.

The data from the MoIT shows domestic coal consumption increased rapidly from 27.8 million tonnes in 2011 to 38.77 million tonnes in 2015, and about 53.52 million tonnes in 2021. The volume of coal consumed at present has more than doubled compared to 2011, mainly for electricity production. The demand for primary energy, including coal, will continue to increase, possibly peaking in the 2030-2035 period, the ministry said. Vietnam’s coal demand will be around 94-97 million tonnes in 2025, and peak at 125-127 million tonnes in 2030, mainly due to the increase in demand for power generation, and the cement, metallurgy, and chemical industries.

The ministry also predicted that the demand for energy after 2040 will decline due to the energy transition process to meet emission reduction targets. The coal used for non-energy purposes such as producing nitrogenous fertilizers and chemicals will be encouraged to develop to ensure the sustainable development of the domestic coal industry, it noted. In the draft strategy¸, the ministry said by 2030, about 85-90% or 39-42 million tonnes of commercial coal, will be prioritized for power production to ensure national energy security.

Photo: Zing

Export news: Ten tonnes of Vietnamese longan exported to Australia

Nearly 10 tonnes of Vietnamese longan were exported to Melbourne, Australia, on August 10, according to the Vietnam Trade Office in Australia. Previously, dozens of tonnes of tropical fruit were transported to the country. The office said it has coordinated with importers in the host country to organize an event to introduce Vietnamese longan to local consumers and overseas Vietnamese there.

Vietnamese longan products exported to Southern Australia and Western Australia states by Red Dragon Co., Ltd and distributed by 4Waysfresh continue to be popular among local consumers. 4Waysfresh said it is waiting for Red Dragon to transport more longan to Australia in the coming time. The office has urged Vietnamese enterprises to promote the export of longan in particular and other farm produce in general to this market and coordinate with it in trade promotion activities.

Photo: Zing

Weather Forecast

August 12: Due to the influence of Mulan storm, there will be heavy rain in Hanoi and strong wind. Meanwhile, in Da Nang and Ho Chi Minh City, the daytime weather will be sunny. There will be scattered rain in the evening.

‏It is forecasted that in the next 12 to 24 hours, the storm will move in the northwest direction, at the speed of 15-20 km per hour to the northern provinces, gradually weakening into a tropical depression, then continuing to be weakened into a low-pressure area.