VietNamNet Bridge - Agriculture was never found on the list of the most attractive investment channels for those who have idle money. But things are changing as the government has committed to reserve VND50-60 trillion worth of preferential capital and promised a series of preferential policies for agricultural production. Nguyen Van Ngai from the HCMC Agriculture and Forestry University said startups in agriculture can have a lot of advantages. Vietnam has capacity in agricultural production, while the demand for safe farm produce is high from the domestic and foreign markets. And the state encourages startups of this kind. Meanwhile, it will be not easy to start businesses in other fields where competition is stiff. He commented that one can begin with medium-scale agricultural production projects which provide safe products to the market before scaling up to projects with high-technology production. “With VND1 billion, it would be easier to start with a safe vegetable … [Read more...] about Agriculture, not gold or USD, most attractive investment channel
Maybank gold price
Local gold price inches up despite global price upsurge Xuan Nguyen By Xuan Nguyen - The Saigon Times Daily HCMC – The local gold price has remained largely subdued this year to date, rising by only 4.5% although the global price has surged by 10%. The price difference therefore has been narrowed to VND3 million a tael compared to the previous gap of VND5 million or higher throughout last year. After breaking up the resistance level of VND36 million a tael late last week, the precious metal price on Monday continued the uptrend, rising to VND36.6-36.7. That showed an increase of VND420,000-630,000 a tael. A tael is equal to 1.2 troy ounces. The price in Hanoi was almost on a par with that in HCMC. Major traders in HCMC said the slower rise was due to weak demand at home. Nguyen Cong Tuong, a senior executive at Saigon Jewelry Company (SJC), said the total transaction volume at his company was around 1,000 taels a day, with more people buying than selling. Meanwhile, … [Read more...] about Local gold price inches up despite global price upsurge
The target of Vietnam's campaign to stabilize its currency is in the locked bedroom wardrobe of retired civil servant Vu Thi Huong: gold bars. "It's been my habit for ages, buying gold whenever I can save up some money," said Huong, 57, who watches the financial news every day to monitor the price of the precious metal. "With gold, I can save my fortune and later on have something valuable to pass down to my children and grandchildren." Huong is among millions of Vietnamese who hold an estimated 300 tons to 400 tons of bullion to store their wealth - valued at as much as US$19 billion at domestic prices and equal to official UK holdings - a legacy of more than a century of war, revolution and economic turbulence. The central bank wants to convert the hoard, much of it smuggled in, into dong deposits to strengthen the currency, which has slid 21 percent against the dollar in five years. Private gold holdings "reflect both the Vietnamese cultural values as well as the lack of … [Read more...] about Granny’s gold bars are key to Vietnam push to boost dong
The gap between local and international gold prices has been narrowed down as expected by the State Bank of Vietnam. As of 9 am, the bid and ask price of gold bullion produced by Saigon Jewelry Co (SJC) dropped some VND500,000 a tael and VND150,000 a tael day on day to VND36.3 million a tael and VND37 million a tael. Slowing-down demand for physical gold, stemmed from the fact that many potential local buyers have halted their buying mood in waiting for market response after SBV's announcement about the shutdown of gold account at local banks on June 30, is considered the main reason for the price drop. SBV has also held a gold bidding session to sell 40,000 taels of SJC gold bullion at VND36.8 million a tael, about VND200,000 a tael cheaper than the ask price of local gold retailers including SJC. The 38th bidding session saw all the gold bullion sold to 13 local bidders, mostly authorized banks and dealers, at a ceiling and floor price of VND37.07 million a tael and … [Read more...] about Gold price gap closing down as forecast
VietNamNet Bridge - Since commercial banks have lowered the interest rates, depositing has become less attractive in the eyes of investors. They may withdraw money from banks to put into production and business projects, or invest in securities as the stock index is on the rise. Vietinbank and Agribank have proceeded along Vietcombank to cut down the dong deposit interest rates. Vietcombank now offers the interest rate of 6 percent per annum only for one month deposit, or 1.5 percent lower than the ceiling interest rate stipulated by the State Bank. In fact, the interest rate reduction is foreseeable in the context of the lower inflation and the stagnate production. Comparing the banks' mobilized capital with the piece of burning coal, Dr. Tran Hoang Ngan, a member of the national advisory council for finance policies, said if banks don't cut down the interest rates, they would have hands scalded, stressing that lowering the deposit interest rates is a reasonable move. Nguyen … [Read more...] about Deposit interest rates go down, where the money goes to then?