Vietnam Business & Weather Briefing (July 30): Only 40% of International Air Routes Resumed

Vietnam Business & Weather Briefing (July 30): Only 40% of international air routes resumed, Russian bank launches money transfers to Vietnam in dong.

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Business Briefing

Gold rate: VND 67 million/tael

Aviation news: Only 40% of international air routes resumed

Import-export: Foreign trade value up 6.1% year-on-year in July

Banking news: Russian bank launches money transfers to Vietnam in dong

Weather Forecast

The hot weather in the North and Central regions is still likely to continue until early August.

Business Briefing

Gold rate

Domestic gold prices increased sharply yesterday following the trend of world gold prices. Accordingly, the 9999 gold price listed by Saigon Jewelry Company (SJC) in Hanoi increased by up to VND 700,000/tael in both buying and selling directions compared to the previous session.

Today (July 30), the price of gold bars continued to increase. At the opening session, the gold price was traded by SJC at VND 65.80 – 66.82 million per tael (buy in – sell out). Thus, the price in the early morning increased by VND 100,000 per tael in both transactions. At 10:20 am, the price was adjusted up again, officially reaching the milestone of VND 67 million/tael (selling).

Vietnam Business & Weather Briefing (July 30): Only 40% of International Air Routes Resumed
Photo: Zing

Aviation news: Only 40% of international air routes resumed

Only around 40% of international routes have been restored as compared with the pre-pandemic level, Dinh Viet Thang, head of the Civil Aviation Authority of Vietnam (CAA), told a meeting held by the Ministry of Transport in Hanoi on July 29. Thang said Vietnam expects to resume all of the routes by the year’s end. However, these efforts have been hindered as the spread of monkeypox has prompted countries to tighten rules.

Meanwhile, up to 80 percent of domestic flights have been restored so far, he said, adding that in July which marks the peak summer holiday season, the domestic aviation market grew 5% month-on-month and 38% against the pre-pandemic level. Vietnamese airports served nearly 12 million passengers in July, of which 10.6 million are domestic, up more than 40%, and the rest are foreign, down 65%.

The amount of cargo handled at the airports was 119,000 tonnes, a drop of 9.3%, according to the official. Minister of Transport Nguyen Van The stressed the need for due attention to flight security and safety as the rainy season has begun, solutions to deal with delays and cancelations, and stepped-up inspections at airports.

Vietnam Business & Weather Briefing (July 30): Only 40% of International Air Routes Resumed
Photo: Zing

Import-export: Foreign trade value up 6.1% year-on-year in July

Total export-import turnover in July reached USD 60.36 billion, up 6.1% year-on-year but down 6.8% month-on-month, according to the General Statistics Office of Vietnam (GSO). Of the figure, the export value was USD 30.32 billion, up 8.9% year-on-year but down 7.7% compared to the previous month.

Meanwhile, import turnover in the month reached an estimated USD 30.3 billion, 3.4% higher than the same period last year but dropping 6% from the previous month. In the period from January – July, the country’s export-import turnover hit an estimated USD 431.94 billion, up 14.8% year-on-year, the office said.

Vietnam earned USD 216.35 billion from exports while spending USD 215.59 billion on buying goods from abroad in the period, representing year-on-year increases of 16.1% and 13.6%, respectively. A trade surplus of about USD 21 million was recorded in July, pushing the total in the first seven months of 2022 to USD 764 million.

Vietnam Business & Weather Briefing (July 30): Only 40% of International Air Routes Resumed
Photo: Zing

Banking news: Russian bank launches money transfers to Vietnam in dong

VTB Bank, a Russian majority state-owned bank servicing the country’s foreign trade operations, launched money transfers to Vietnam in Vietnamese dong on July 27. The new service allows customers to send money abroad using bank details during the day. The service is available to individuals and legal entities, according to the bank’s message.

Customers are able to use the VTB Online money transfer service. The maximum amount of one transaction is RUR 20 million (USD 330,715), but not more than 1 million in USD equivalent per month, and the commission is 1% of the transferred amount.

Funds are credited to the recipient’s account in Vietnam during the day. Cross-border transfers are available both for the benefit of individuals and legal entities in compliance with the requirements of currency legislation. Earlier, VTB launched money transfers to neighboring countries – Azerbaijan, Armenia, Belarus, and Kazakhstan.

Vietnam Business & Weather Briefing (July 30): Only 40% of International Air Routes Resumed
Photo: Zing

Weather Forecast

The hot weather in the North and Central regions is still likely to continue until early August. In the period from August 1 to August 10, the total rainfall in the North and North Central regions is predicted to be15-30% lower, in the Central Central region is 15-30% higher; and in the South Central Coast is 30-50% higher. From August 11 to August 20, the common average temperature nationwide tends to be 0.5 – 1.0 degrees Celsius higher.

Valerie Mai