Author: the-shiv
Vietnam gold price hits new high, 20 percent over world price
Vietnam’s gold price topped VND 91.5 million a tael or 2,958.50 per troy ounce yesterday, a new peak for the yellow metal. At the same time, gold was trading on the world market for US$2,353 per troy ounce, a difference of US$605.50 or about 20.47 percent. To try to close
Vietnam’s power consumption rises along with power outage concerns
Vietnam’s state power provider, Electricity Vietnam or EVN, is estimating a 12.24 percent rise in electricity consumption this month compared to May of last year, Tuoi Tre is reporting. The publication goes on to outline how EVN is preparing for a surge in demand over the summer, however, it lacks
Site clearance issues delay Vietnam’s first LNG power plant, adding to electricity woes
Site clearance delays are hampering an LNG power project in southern Vientam, reportedly at a cost of VND 13 billion or US$510,645 per day, Tuoi Tre has reported. Of note, site clearance is a common problem on most projects in Vietnam. This in large part stems from land pricing regulations
Video game distributor possibly banned in Vietnam at request of local game developers
Video game distribution platform Steam is reportedly no longer available in Vietnam possibly at the request of local game developers, Game Developer is reporting. The article references an April 24 article published by Vietnam Net in which game developers lament that Steam does not need to conform to the same
Vietnam adds US$3.14 billion in foreign direct investment commitments in April
Vietnam pulled in an additional US$3.14 billion dollars worth of foreign direct investment commitments bringing its total for the year to US$9.27 billion. The manufacturing and processing sector was the stand out performer pulling in a whopping US$2.23 billion. In terms of the countries making the biggest investments in April,
Vietnam C.bank still struggling to make gold auctions work
Vietnam has held its second successful gold auction this year, however, the State Bank of Vietnam–theSBV–only managed to sell 3,400 SJC gold bars, Tuoi Tre is reporting. Of note, multiple gold auctions have been announced in the last few weeks but have been cancelled due to a lack of interest.
Vietnam’s non-market economy status has US hearing
The US Department of Commerce has held a hearing into Vietnam’s application to have its non-market economy status revoked, Reuters is reporting. Reuters notes that opponents of the change cited the volume of investment and input goods from China that are powering Vietnam’s growing export-orientated economy, suggesting Vietnam was being
Foreign investors in Vietnam undertake the biggest net withdrawal in a month
The Ho Chi Minh City Stock Exchange registered a net withdrawal by foreign investors of US$50.8 million, the bulk of which was withdrawn from Vinhomes–a total of VND 900 billion or US$35.4 million, Zing News has reported. Though not mentioned in the linked article, Vinhomes has been under the spotlight
This estimate of Vietnam’s forex reserves spent on propping up dong
The State Bank of Vietnam has spent an estimated US$500 to 700 million of its foreign exchange reserves over the last few weeks in an attempt to prop up the dong, The Investor is reporting. This estimate came from WiResearch which also estimated Vietnam’s forex reserves to be at around
No new contagion risk in Vietnam from SBV support of distressed bank: Fitch Ratings
Reuters reported earlier this year that the State Bank of Vietnam–the SBV–had been injecting cash into Saigon Commercial Bank which was at the centre of Vietnam’s biggest bank fraud ever. This was to the tune of about US$24 billion. Fitch Ratings, however, has said that it is maintaining its current
Vietnam aviation regulator considering an investigation into airfare prices
The Civil Aviation Authority of Vietnam has reached out to consumers who believe they have been overcharged for airfares, VN Economy is reporting. Airfares are regulated in Vietnam with price caps over which ticket prices cannot go. It’s not clear if there has been a breach of these regulations but
This quote about Vietnam’s new stock trading system
Vietnam’s new KRX stock trading system which was slated to begin operating on May 2 but has been delayed, is not up to scratch according to sources quoted by The Investor. Of note, one ‘representative of… a securities company’ told the publication that: “The testing process still has many errors,
Vietnam ranks 176th on World Press Freedom Index
Vietnam has come in eighth to last on the Reporters Without Borders World Press Freedom Index beating out Eritrea, Syria, Afghanistan, North Korea, Iran, and Turkmenistan. The report notes that Vietnam is the fourth biggest jailer of journalists in the world. In terms of economic development, the correlation between greater
This Bloomberg opinion column that asserts Vietnam is becoming another province of China
Worth a read simply for the title, this Bloomberg opinion column essentially discusses the integration of the economies of southern China and northern Vietnam as Chinese firms look to circumvent US trade barriers. Specifically, she cites the infrastructure connection between the border, key manufacturing hubs in the north, and the
Impacts of Vietnam’s US dollar intervention on trade with Japan, Korea
The Japanese yen and the South Korean won are depreciating against the US dollar and subsequently are also depreciating against the Vietnamese dong, Tuoi Tre has reported. This is on the back of Vietnam trying to keep its currency from devaluing by issuing treasury bills and spending its foreign currency
UOB says Fed rate cut will see dong appreciate by year-end
Singpore’s United Overseas Bank–or UOB–has said that it expects the dong to appreciate between now and the end of the year, The Investor is reporting. This is reflected in UOB’s Quarterly Global Outlook 2Q24 which suggests that a recovery in China will likely strengthen the local currency as well as
Vietnam’s collective decision-making weighs on offshore wind power development
The Ministry of Industry and Trade–the MoIT–has said it is unlikely that Vietnam will meet its offshore wind power target of six gigawatts by 2030, The Leader is reporting. Essentially, the MoIT is acknowledging that with all of the various departments and ministries that need to coordinate to make offshore
State Bank of Vietnam cancels another gold auction
The State Bank has cancelled another gold auction due to a lack of interest, Vietnam News is reporting. Gold auctions were floated as one way to reduce the price of gold in Vietnam, however, thus far there have only been two successful buyers with the price set by the State
Vietnam’s PMI improved but only marginally
S&P Global’s Purchasing Managers Index or PMI has found that Vietnam’s manufacturing sector grew in April but only slightly, per a press release from the firm. The key manufacturing index registered 50.3 up from 49.9 in March. The survey also found that: The jump in the index was fueled by
Vietnam bank deposits have started to fall
Vietnamese are depositing less money in bank accounts in search of higher returns elsewhere and this is putting pressure on banks to raise deposit interest rates, VN Express is reporting. Notably, concerns have also been raised that this may put upward pressure on lending interest rates which could be problematic
In today’s news: 2G services to end September 15, Rising deposit interest rates, Samsung earnings H1, Chinese hot pot chain performance, Battery storage ambitions,
In today’s news: ForEx regs overseas investments SOEs, VinFast GSM 5m unit agreement, US cotton shipments to VN, Samsung semiconductor build-out VN, Tay Ninh
In today’s news: Japan-VN asset tie-up, Import tax refund guidance, Instant noodle consumption, AI plans, SSC + S&P Dow Jones execs meet in NY,
This is an interview with Chris Walker, a Vietnam Sourcing Expert with Vietnam Factory Tours how rising oil prices and the Middle East crisis are
This is an interview with John Gardner, CEO and Founding Partner, at Optimum Hospitality in Ho Chi Minh City. It covers fuel price impacts on:
This is an interview with Dr Nuno F. Ribeiro, Associate Professor, International Tourism & Hospitality Management at Copenhagen Business College, formerly of RMIT Vietnam. It