Vietnam Business & Weather Briefing (August 4): Top 10 Reputable Banks of Vietnam Announced

Vietnam Business & Weather Briefing (August 4): Sunny and cloudy weather remains during the day in both Hanoi and Ho Chi Minh City, garment-textile exports set to hit USD 45.7 billion this year.

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Business Briefing

Gold rate: VND 66 million/tael (buying) – VND 67 million/tael (selling)

Reference exchange rate: VND 23,178/USD

Banking news: Top 10 reputable banks of Vietnam announced

Export news: Garment-textile exports set to hit USD 45.7 billion this year

Weather Forecast

Sunny and cloudy weather remains during the day in both Hanoi and Ho Chi Minh City

Business Briefing

Gold rate

In the morning of August 8, the domestic gold bar price dropped sharply compared to the previous day. Specifically, SJC gold bars at Eximbank were listed at VND 66 million/tael (buying) and VND 67 million/tael (selling), down by VND 1.2 million per tael. Saigon Jewelry Company – SJC brought the price of gold bars down to VND 66 million/tael (buying) and VND 67 million/tael (selling).

Reference exchange rate

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,178/USD on August 4, up VND 15 from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is VND 23,873/USD, and the floor rate VND 22,483/USD.

The opening-hour rates at many commercial banks increased. Vietcombank listed the buying rate at VND 23,230/USD and the selling rate at VND 23,540/USD, both up VND 40 from August 3. Meanwhile, BIDV added VND 45 to both rates, listing at VND 23,260/USD (buying) and VND 23,540/USD (selling).

Vietnam Business & Weather Briefing (August 4): Top 10 Reputable Banks of Vietnam Announced
Photo: Zing

Banking news: Top 10 reputable banks of Vietnam announced

The Vietnam Top 50 Public Companies (VIX50) are led by Vinhomes JSC, Hoa Phat Group JSC, Masan Group JSC, Mobile World Investment Corp., Vietnam International Commercial Joint Stock Bank (VIB), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Duc Giang Chemicals Group JSC, Vietnam Technological and Commercial Joint Stock Bank (Techcombank), Military Commercial Joint Stock Bank (MB), and Asia Commercial Joint Stock Bank (ACB).

In the insurance sector, the award went to Bao Viet Insurance Corporation, Dai-Ichi Life Insurance Company of Vietnam, AIA (Vietnam) Life Insurance Co. Ltd, Prudential Life Insurance Vietnam Co. Ltd, Chubb Life Insurance Vietnam Co. Ltd, MB Ageas Life Insurance Co. Ltd, Hanwha Life Insurance Co. Ltd (Vietnam), Manulife (Vietnam) Co. Ltd, Generali Vietnam Life Insurance Co. Ltd, and Cathay Life Insurance Vietnam Co. Ltd.

Among the information technology and telecommunications firms, the top 10 consist of Military Industry and Telecoms Group (Viettel), FPT Group, Vietnam Posts and Telecommunications Group (VNPT), VNPT Telecom Service Corporation (VinaPhone), Mobifone Telecommunications Corporation, CMC Technology Corporation JSC, Hanel JSC, Vietnam Technology and Communication JSC, Vietnam Maritime Communication and Electronics Co. Ltd, and Hanoi Telecoms JSC.

Vietnam Business & Weather Briefing (August 4): Top 10 Reputable Banks of Vietnam Announced
Photo: Zing

Export news: Garment-textile exports set to hit USD 45.7 billion this year

Vietnam expects to earn USD 45.7 billion from garment-textile exports this year amid good results recorded since the beginning of this year and positive market developments. The General Department of Vietnam Customs reported that as of mid-July, garment-textile was one of the four sectors posting the highest export revenue, with a record of USD 20.4 billion, up 19.7% year-on-year, according to VNA.

Garment-textile was also among the six groups whose export value increased by over USD 1 billion, according to the authority. Some 14,000 businesses are operating in the sector, with a combined capital of over VND 1.1 quadrillion (USD 46 billion) and net profits, of nearly VND 1 quadrillion. They are employing about 200,000 laborers.

Vietnamese garment-textile products were shipped to 55 countries and territories worldwide, including 17 markets with a turnover of more than USD 100 million each. The US, Japan, the Republic of Korea (RoK), Canada, China, Germany and Cambodia were major buyers of Vietnamese products.

Earlier, the Vietnam Textile & Apparel Association said textile-garment producers target to earn up to USD 21 billion from exports in the second half of 2022, raising total shipments of the year to around USD 42 – 43 billion. The industry has seen a gradual recovery this year after being adversely impacted by Covid-19 for two years. It enjoyed a trade surplus of USD 8.86 billion in the first half of the year. To maintain the growth, experts have suggested domestic businesses pay more heed to product origin as committed by Vietnam in free trade agreements (FTAs), better handle labor issues, and expand the market.

Vietnam Business & Weather Briefing (August 4): Top 10 Reputable Banks of Vietnam Announced
Photo: VOV

Weather Forecast

August 5: ‏According to the National Center for Hydro-Meteorological Forecasting, Hanoi‏‏ will be cloudy and sunny during the daytime. Showers and thunderstorms may appear in the evening and night. Ho Chi Minh City will also be cloudy during the day. The daytime temperature fluctuates between 30-31 degrees, average humidity ranges from 82-88%

Valerie Mai