Hanoi (VNA) - The State Bank of Vietnam set the daily reference exchange rate at 23,170 VND/USD on January 22, up 12 VND from the previous day. With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is 23,865 VND/USD and the floor rate 22,475 VND/USD. The opening hour rates at most commercial banks stayed stable as the week-long Lunar New Year holiday will start on January 23. At 8:25 am, Vietcombank listed the buying rate at 23,070 VND/USD and the selling rate at 23,240 VND/USD, unchanged from the end of January 21. BIDV also kept both rates unchanged, with the buying rate listed at 23,100 VND/USD and the selling rate at 23,240 VND/USD. Meanwhile, Techcombank added 3 VND to both rates, listing the buying rate at 23,094 VND/USD and the selling rate at 23,234 VND/USD. At the beginning of this week, the daily reference exchange rate was adjusted down but then up on the following days. The rates at commercial banks … [Read more...] about Reference exchange rate up strongly before long Tet holiday
Ironic four year strong
Industry of the dead: young producers, old believers
Ten days before Tet (Lunar New Year), Nguyen Duy Street in Saigon's District 8 is bustling with scores of motorbikes distributing hell notes, joss paper offered to both the deceased and deities, to dozens of Ho Chi Minh City markets, earning the area its "bank of the dead" monicker. … [Read more...] about Industry of the dead: young producers, old believers
Foreign property buyers flock to high-end market
As the upper class continues to grow and consolidate demand for high-end and luxury housing products, the market still has room for growth. The number of the so-called super-rich in Vietnam, and their general rise across Asia, has continued to grow over the past five years and shows no signs of slowing down. A relevant factor in this is the revised Law on Housing issued in 2014 allowing foreigners to own houses in Vietnam, which has created a demand for high-end real estate from neighbouring countries. … [Read more...] about Foreign property buyers flock to high-end market
Japanese firms increase investments in advanced technologies in Viet Nam
Because of US-China trade tensions, many Japanese companies want to set up manufacturing in Viet Nam, experts have said. Moreover, the companies also see great potential in the Vietnamese market with its young population, cheap labour, and preferential policies from the Government. … [Read more...] about Japanese firms increase investments in advanced technologies in Viet Nam
Malaysia’s hand-made incense craftwork a declining art
Business is brisk ahead of Lunar New Year celebrations towards the end of this month, when people of Chinese descent worldwide burn incense in temples and at traditional ceremonies. Malaysia is a Muslim-majority country but is home to a substantial ethnic Chinese population, and the holiday is marked in many places. Ong Chin Chye, who runs the business in a series of wood and corrugated iron buildings, said his colourful hand-made sticks look a lot better than those churned out by machines. "With machines, can you make the dragon head like this?" the 60-year-old asked AFP, pointing to his intricately carved creations. Ong's sticks are primarily made from sawdust, using a mix of locally-grown "meranti" timber -- a common hardwood in Southeast Asia -- and aromatic agarwood. These are combined with water to make a sticky paste that forms the sticks. The next 12 months will be the Year of the Rat -- the first creature in the Chinese zodiac's 12-year cycle -- but Ong said his buyers … [Read more...] about Malaysia’s hand-made incense craftwork a declining art
