Illustrative image (Photo: VNA) Hanoi (VNA) - The State Bank of Vietnam set the daily reference exchange rate at 23,160 VND/USD on December 13, down 5 VND from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is 23,855 VND/USD and the floor rate 22,465 VND/USD. The opening hour rates at most commercial banks saw slight changes. At 8:25 am, Vietcombank listed the buying rate at 23,080 VND/USD and the selling rate at 23,230 VND/USD, both down 10 VND from December 12. BIDV also cut 10 VND from both rates, listing the buying rate at 23,110 VND/USD and the selling rate at 23,230 VND/USD. Meanwhile, Techcombank kept both rates unchanged at 23,090 VND/USD (buying) and 23,230 VND/USD (selling). During the week from December 9-13, the reference exchange rate fluctuated variably but ended the week down 3 VND from the rate on Monday. The rates listed at most commercial banks also dropped compared to … [Read more...] about Reference exchange rate down 5 VND on December 13
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The upcoming National Reunification Day - May Day holiday (April 30-May 1) this year falls right after the weekend, so most people will have four whole days off work, prompting many families to either go back to their hometowns for a family reunion or travel to kick off the summer. Out of seats Having expected the rocketing demand for travel in the long holiday, transport providers tried to expand their services to prepare, but the situation is close to breaking point. Saigon Station Director Do Quang Van told the Thanh Nien (Young People) newspaper on April 26 that the station increased the number of trains by 30 percent, or 13,000 seats to the same period last year. However, trains running from HCM City to tourist destinations like Phan Thiet, Nha Trang or Quy Nhon on April 27 and 28 had only few dozens seats left as of April 26. Hanoi Station was in no better condition. A quick check on the online ticket selling site of the Vietnam Railways showed that four out of five trains … [Read more...] about National transport strains under holiday rush
The smartphone market share in 2018 The Gioi Di Dong and FPT, two of three biggest hi-tech product distributors, will bear little impact from the ban on Huawei because Huawei products account for 4-6 percent of total revenue, while Digiworld will actually benefit, according to VnDirect Securities. Huawei’s smartphone products accounted for about 4 percent of Vietnamese market share, or VND2.65 trillion in 2018. The strength of the Chinese phone brand is not too high and people will shift to use other mid-end brands. For The Gioi Di Dong and FPT Retail, the sales of Huawei products account for 4-6 percent of their total sales. Since there are a lot of alternative products, the ban on Huawei won’t lead to a sharp fall in the retailers’ revenue. However, both of them face risk from inventories, and the sale of Huawei products on installment. There are two major scenarios. First, Huawei and partners will share the costs to deal with inventory by slashing selling … [Read more...] about Are Huawei’s troubles affecting Digiworld, The Gioi Di Dong, FPT Retail?
Vietnamese billionaire Pham Nhat Vuong discusses his past life and ultimate life goals in this last instalment of a three-part interview with Tuoi Tre (Youth) newspaper. Vuong is Vietnam’s richest man and chairman of multifaceted conglomerate Vingroup, which operates in the fields of realty development, retail, tourism, and automobile manufacturing, and smartphone development. Click on the links to read the first and second parts of his interview with Tuoi Tre. It has been 17 or 18 years since you first earned fame in Vietnam. Still, nay wonder: Who is Pham Nhat Vuong? A citizen [smile]. When I first started my career in Vietnam there was a rumor that I was a Mafia member coming back home from Russia. When people saw that I had no visual signs of being stabbed or anything like that, they started spreading rumors that I was a drug trafficker. When no one found evidence of drug trafficking, rumors began to circulate about my death. Every year there are several rumors that … [Read more...] about Conversation with Vietnamese billionaire Pham Nhat Vuong – Part 3
Indian rice export prices rebounded this week from three-year lows as exporters increased rates to compensate for a rising rupee, while low supply and an uptick in demand from Cuba, Iraq and Philippines pushed up Vietnamese rates. Top exporter India’s 5% broken parboiled variety was quoted around $358-$363 per tonne this week, up from last week’s $356-$361, which was the lowest since January 2017. The appreciation in the rupee has been forcing traders to raise prices, but demand is still subdued, said an exporter based at Kakinada in the southern state of Andhra Pradesh. The Indian rupee on Thursday rose to its highest level in more than a month, trimming exporters’ margin from overseas sales. India’s rice exports in October fell 42% year-on-year to 485,898 tonnes, government data showed, due to weak demand from African countries for non-basmati rice. In Vietnam, rates for 5% broken rice were quoted at $350 a tonne on Thursday, up slightly from $345 last … [Read more...] about India rice prices rebound, Vietnam sees uptick in demand