Market price heating oil

Customers buy gold in a gold shop in Ha Noi. A tael of gold in Viet Nam was $838 higher than the global price on May 16. — VNA/VNS Photo Tran Viet With the price of a tael of gold in Viet Nam more than US$800 higher than in the rest of the world, local experts say the local regulation of gold prices is unsuitable. Sliding about VND1 million, a tael of the national SJC-branded gold prices stayed at VND69.5 million ($3,021). On Kitco.com, at the same time, prices of an ounce of gold slid to $1,812 or $2,183 per tael (1.2 ounces). A tael of gold in Viet Nam was $838 higher than the global price on May 16. In February 2020, the gap between prices for a tael of gold was about VND2 million ($86), nine months later, the gap was doubled to VND4 million ($172). At the time, experts considered such a disparity to be unusual. This caused concern about the exchange rate and restrictive policies in buying and selling gold. However, by February 2021, the gap had widened to VND8 … [Read more...] about Local gold regulation considered ‘outdated’ amid skyrocketing prices

It was recorded on May 16 that at a fast food shop on Hai Ba Trung Street, District 3, the price of banh mi with ham was adjusted from VND20,000 per loaf to VND25,000 per loaf; Vietnamese pork bologna and Vietnamese rice pyramid dumplings also had new prices. The sellers said that the prices of Vietnamese pork bologna, baguette, and herbs all went up, so they were forced to raise the selling price. Although the selling price is increased, it is only to compensate for the slippage, not to make a profit. At a store in Tan Chanh Hiep Ward in District 12, specializing in selling fried Vietnamese pork bologna and Vietnamese square Northern sticky rice cakes, the prices rose by VND5,000-VND10,000 per item. For example, a one-kilogram Vietnamese square sticky rice cake costs VND80,000, an increase of VND5,000; Vietnamese pork bologna and grilled cinnamon pork paste fetch VND230,000-VND240,000 per kg, up VND10,000 per kg. Moreover, the home delivery fee is also higher than before, from … [Read more...] about Consumer goods increase continuously, supermarkets pledge to stabilize prices

In April, sales of domestically-assembled cars and completely built-up (CBU) cars surged by 16 per cent and 13 per cent per month, respectively. — Photo laodong.vn Members of the Viet Nam Automobile Manufacturers Association (VAMA) sold 42,359 autos in April, up 14 per cent on the month and 40 per cent on the year, according to a recent VAMA report. This was the second consecutive month of this year when VAMA members had witnessed an auto sales growth. In March, the growth rate was 60 per cent. In April, passenger car sales surged 18 per cent on month to 33,588, while 7,795 commercial vehicles found customers, up 2.6 per cent, and 776 special-use cars were sold, up 15 per cent, according to a VAMA report released on May 12. Sales of domestically-assembled cars and completely built-up (CBU) cars surged by 16 per cent to 25,269 units and 13 per cent to 17,090 units in the month, respectively. Apart from VAMA members, non-member automakers Thanh Cong Motor and VinFast sold … [Read more...] about Domestic car market maintains sale growth in April

A woman shops for fresh fruits at a Winmart store in Ha Noi. — VNA/VNS Photo Tran Viet Domestic purchasing power has rebounded after a strong decline caused by the COVID-19 pandemic. That rebound has facilitated businesses to step up production and seize new opportunities, experts have said. The nation's total revenue from retail trade and services surpassed VND1.77 quadrillion (US$76.2 billion) in the first four months of 2022, up 6.5 per cent year-on-year, the latest report from the Ministry of Industry and Trade (MoIT) showed. In April alone, the revenue also saw a positive yearly rise of 12 per cent to over VND455 trillion, according to the report. These encouraging figures were attributable to abundant good supply and increasing purchasing power in the domestic market, the MoIT said, adding that goods retail sales saw a year-on-year hike of 7.6 per cent to over VND1.42 quadrillion in the four months. Of this, sales of food and foodstuff rose 13.2 per cent year-on-year … [Read more...] about Four-month purchasing power rebound facilitates business recovery

Goods at Cat Lai Port in HCM City. Demand for Viet Nam's export goods can be reduced due to the global economic slowdown in the wake of the Fed’s rate increase. — VNA/VNS Photo The latest interest rate hike by the US Federal Reversal (Fed) will weigh on the global economy, including Viet Nam, but experts expect impacts of the Fed’s move on the country will not be significant. The Fed last week raised its benchmark interest rate by half a percentage point, the most aggressive step yet in its fight against a 40-year high in inflation. Banking and finance expert Can Van Luc, chief economist of the Bank for Investment and Development of Vietnam, told Viet Nam News that the Fed’s move in theory will affect the country’s economic growth, foreign debt payment obligations, exchange rate and foreign investment. “The Fed’s move may push up the global interest rate and slow global economic growth, which will reduce the demand for Viet Nam's export goods. It therefore will slow the … [Read more...] about Fed rate hike’s impact on Vietnamese economy not significant

Vietnam continues to benefit from its broad re-opening strategy, which saw a huge crowd flocking to tourist hotspots in the country and household spending rebound. Vietnam’s economic recovery is gaining momentum despite heightened global uncertainty related to the protracted war in Ukraine, higher commodity prices, and tightening global financial conditions, according to the World Bank. Cargo handling at Dinh Vu port, Haiphong. Photo: Cong Hung In its latest report, the World Bank pointed out the robust growth of industrial production by 9.4% in April, comparable to pre-pandemic rates. Manufactures of apparel, footwear, electronics, electrical equipment, and metal products were the most dynamic sub-sectors, registering double-digit growth rates, it added. However, machinery manufacturing slowed from 26.6% year-on-year in March to only 5.1% in April. This deceleration was related to supply chain disruptions caused by lockdowns in China, which led to a … [Read more...] about Vietnam’s economic recovery gaining momentum

Workers during a shift at an animal feed factory in northern Ninh Bình Province. — VNA/VNS Photo Thống Nhất HÀ NỘI — While Việt Nam's economic recovery was gaining momentum, the Government must pay more attention to "inflation and heightened risks of weaker global demand and supply disruptions to economic prospects", said a World Bank report on the South East Asian economy for May. Major disruptions to look out for include the uncertainty due to the ongoing Russia-Ukraine conflict and supply issues caused by lockdowns in China. The report said if higher inflation persists in the medium term, the economy should be allowed to adjust to higher prices with the authorities incentivising investments to increase productivity and aggregate supply. To mitigate risks to export performance, diversifying trade partners would be a prudent strategic consideration. During the month of April, the country's industrial production index grew by 9.4 per cent, comparable to the pre-pandemic … [Read more...] about WB warns of heightened risks looming

The capital city and its neighboring provinces introduce attractive tourist destinations, products, and services to international visitors. Themed “Hanoi - Den de yeu” (Hanoi- Visit It to Love It), Hanoi Tourism Festival 2022 is an opportunity to promote the image of a safe and friendly capital on the occasion of the 31st SEA Games. That is the affirmation of Nguyen Manh Quyen - Vice Chairman of the Hanoi People’s Committee at the festival’s opening ceremony last weekend. Leaders of Hanoi city and delegates visited the tourist booth at the opening ceremony of Hanoi Tourism Festival 2022. Photo: Le Nam Admiring the “technological wall” showing Hanoi’s scenic spots The festival was organized with various new and impressive features. Besides advertising through booths and miniature models of landscapes such as Thang Long Imperial Citadel, Temple of Literature - Imperial Academy, Hoa Lo Prison, and Hanoi’s Old Quarter, among others, the festival also showcases … [Read more...] about Hanoi promotes tourism among visitors attending SEA Games 31

Nguyễn Đình Thuận harvesting plums. — VNA/VNS Photo Quang Quyết SƠN LA — Plums are widely grown on the Mộc Châu plateau in the northern mountainous province of Sơn La. In recent years, plum trees have become a key crop in local economic development, helping people eliminate hunger, reduce poverty, and even get rich. Nguyễn Đình Thuận from Mộc Châu Township has become successful through planting the fruit. After graduating from the Informatics Faculty of the HCM City’s National University in 2008, Thuận returned to his hometown in Mộc Châu and opened a small shop providing information technology services and electronic devices for schools and offices in communes and towns in the district. However, after a few years of running the shop, Thuận decided to switch to investing in agricultural production because he realised that his family had the advantage of hilly land with a high potential for economic development. In 2013, he started to grow plums. Many people asked him if he … [Read more...] about Mộc Châu man gets rich growing plums