Vietnam Business & Weather Briefing (September 9): Bamboo named most punctual airline in first 8 months

Business Briefing

Gold rate

Gold price increases slightly with a rise of VND 150,000 to 200,000 per tael. SJC gold price was adjusted up by VND 150,000 in both directions. With this adjustment, SJC gold in Hanoi and Da Nang is listed at VND 66.15 million/tael (buying) and VND 66.97 million/tael (selling).

Reference exchange rate

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at VND 23,263/USD on September 9, down VND 18 from the previous day. With the current trading band of +/-3%, the ceiling rate applied to commercial banks during the day is VND 23,960/USD, and the floor rate VND 22,565/USD.

The opening-hour rates at commercial banks increased. At 8:30 am, BIDV listed the buying rate at VND 23,410/USD and the selling rate at VND 23,690/USD, both up VND 20 from the end of transactions on September 8. Vietcombank listed the buying rate at VND 23,360/USD and the selling rate at VND 23,670/USD, the same as the closing rates on September 8.

Photo: Luat Vietnam

Investment news: Thai oil refining firm eyes investment in Vietnam

Thai Oil Plc (TOP), Thailand’s largest oil refining company by capacity, is looking forward to pouring its investment in Vietnam, Indonesia, and India, in the fields of oil refinery, lube oil, and high-value petrochemical products. TOP expects bright prospects from business expansion into these countries.

According to The Bangkok Post, the Thai firm has facilities such as warehouses in the northern and southern regions of Vietnam. Wirat Uanarumit, president and chief executive of TOP, said high rates of economic growth and large numbers of young people among the populations of the three countries mean these nations offer the best potential for investments in Asia. TOP is expanding its business abroad to meet the growing demand for energy and petrochemical products.

Photo: VNA

Aviation news: Bamboo Airways named most punctual airline in first eight months

Low-cost carrier Bamboo Airways was the most punctual airline in the first eight months of this year, with an on-time performance (OTP) rate of 95.2%, or 31,957 flights, according to the Civil Aviation Authority of Vietnam. Bamboo Airways has held the title since 2019. Pacific Airlines and Vietravel Airlines followed with both on 93%, or 10,451 and 2,944 flights, respectively.

Vietnam Airlines and Vietjet Air recorded the lowest OTP rates with 84% and 84.8%. They also canceled the most flights, with 644 by Vietnam Airlines and 162 by Vietjet Air out of the total 896 canceled during the period. In the first eight months, 208,242 flights were launched, up 103% year-on-year. Of these, 78,202 were operated by Vietnam Airlines, 76,513 by Vietjet Air, and 33,583 by Bamboo Airways.

In August alone, airlines ran 30,167 flights with 26,719, or 88.6%, on time, up 5.8% from July. A total of 3,448 flights were delayed, equivalent to 11.4%. Vietnam Airlines recorded the most delayed flights with 1,640, accounting for 14.7%. It was followed by Vasco with 82 flights, or 12.4%, Vietjet Air 10.6%, Vietravel Airlines 9.4%, Bamboo Airways 7.4% and Pacific Airlines 7.3%. During the month, Pacific Airlines and Vietravel Airlines did not cancel any flights.

Photo: Lao Dong

Weather Forecast

September 10 – 11: The North is affected by the northern edge of the low-pressure trough passing through the area between the Central and South Central regions. At high altitudes, the East wind disturbance activity gradually weakened. Around September 11, a convergence is formed above 1500m and 3000m in the Northern mountainous region.

The South is affected by the low-pressure trench combined with the southwest monsoon with weak intensity; little change in pressure, then decrease; little change in humidity.