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Vietnam
Intelligence for Better Decision Making
Auctions for gold bars in Vietnam
April 26, 2024 | Indirect Indicator- A bidding session for 16,800 taels of gold bullion is scheduled to take place on April 25, as announced by the central bank.
- The auctions aim to ensure stability, transparency, and effectiveness in the operation of the domestic market.
- Potential bidders are required to make a deposit of 10% of their intended purchase value.
- The first gold auction held by the State Bank of Vietnam saw no participants, with experts suggesting a lack of transparency and communication as possible reasons.
- The gold market in Vietnam is fragmented and prices vary in different locations.
- Experts believe improving transparency, providing clear information about the auction process, and ensuring fair pricing mechanisms can help attract more customers to future gold auctions.
- The State Bank has cancelled the gold bar auction for the third time, with two previous auctions also being cancelled.
- In the previous auctions, either businesses could not transfer the deposit in time due to short notice or there was dissatisfaction with the floor price.
- The State Bank cancelled the gold bar auction scheduled for the morning of April 25 due to only one unit submitting a bid form.
- Experts believe that gold bidding is a necessary measure to quickly supply SJC gold bars and reduce the high gold prices.
- The State Bank cancelled the auction for 16,800 taels of SJC gold bars on April 25 due to insufficient bidders and a lack of successful bids.
- Experts have suggested lowering the minimum purchase requirements to attract more participants in the bidding process.
- Saigon Jewelry Company, Hanoi Doji Gold, and Phu Nhuan Jewelry Joint Stock Company listed their buying and selling prices for SJC gold on April 25, with slight decreases compared to the previous days' prices.
Gold Price and Auction in Vietnam
April 25, 2024 | Indirect Indicator- The State Bank has held its first gold auction with 11 units participating, including 7 banks and 4 industry players. The results are yet to be updated.
- The deposit reference price for the auction decreased from 81.8 million VND/tael to 80.7 million VND.
- The prices of SJC gold bars have experienced a decline, contributing to a reduced selling price at the auction.
- There was a significant drop in international gold prices due to easing tensions in the Middle East.
- Domestic prices are reportedly 11-12 million VND higher than international prices, without considering taxes and fees.
- The Prime Minister has issued a notice addressing the disparity between domestic and international gold prices and recommending increased supply through bidding.
- Amendments to Decree 24, which regulates gold trading, are suggested to mitigate speculation and address current limitations.
- The recent gold auction saw only 20% of the auctioned gold amount being sold, with just 2 winners out of 11 participants.
- The State Bank plans to continue organizing future gold auctions to boost market supply.
- The domestic gold price rose sharply despite a downfall in the world gold price. The increase is attributed to geographic tensions easing and profit-taking.
- The State Bank will continue to bid for 16,800 taels of SJC gold bars in the coming session, with the reference price set at 80.7 million VND/tael.
- The story of an individual struggling to repay their gold debt due to skyrocketing gold prices highlights the necessity for clear contracts when borrowing and lending in gold.
- The fluctuating gold prices have made both borrowers and lenders uncomfortable and highlighted the importance of legal agreements in such transactions.
Monitored Intelligence for Vietnam - Jan. 25, 2024
News
Media
219
Government
Releases
26
City/State
Releases
0
Embassy
Releases
6
Foreign
Service
Advisories
0
Service
Advisories
0
Academic/
Think
Tank
2
Think
Tank
2
Podcasts
0
Videos
0
Social
Media
0
Business
Releases
13
Erudite Risk takes an all risks approach to intelligence reporting. We categorize key intelligence into one of 40 different risk intelligence categories.
The goal is to provide intelligence that allows decision makers to avoid being blindsided by what they may have missed, while informing them to make better decisions as well.
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We categorize key intelligence into one of 30 different operations intelligence categories.
Different roles and functions within the organization can monitor different key issue areas. HR may monitor employment, wages, regulations, labor and management relations, etc., while P&L leaders may monitor overall developing trends.
Operations Categories Reported on Today
Operations Category
Items Reported On
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3
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3
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4
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2
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1
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1
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1
Việc Mỹ tịch thu tài sản của Nga sẽ đẩy nhanh quá trình phi USD hóa
The US confiscation of Russian assets will accelerate the de-dollarization process
VTV News | Local Language | News | April 29, 2024 | Geopolitical Conflict and Disputes
The US confiscation of Russian assets will accelerate the de-dollarization process, according to a former IMF official. The US signed a bill allowing the confiscation of Russian assets to support Ukraine, sparking concerns from G7 and EU officials. The REPO Act authorized the confiscation of Russian state assets held in banks. Analysts suggest China could hasten the de-dollarization process. Russia warned of potential diplomatic and economic countermeasures if assets are seized.
Quý I/2024, Vietjet ghi nhận tăng trưởng vượt trội, tạo sức bật mạnh mẽ cho cả năm
In the first quarter of 2024, Vietjet recorded outstanding growth, creating strong momentum for the whole year
24H | Local Language | News | April 29, 2024 | Operating Results
Vietjet Aviation Joint Stock Company (HOSE: VJC) reported outstanding business results in the first quarter of 2024, with air transport revenue reaching 17,765 billion VND and profit after tax reaching 520 billion VND. The airline saw an increase in international passenger transport, opening 15 new routes and aiming to transport 27.4 million passengers in 2024. Additionally, Vietjet is committed to ESG and Net Zero goals, reducing net emissions and investing in green technologies.
Lửa vẫn đang cháy trên núi Cô Tô
Fire is still burning on Co To mountain
VTV News | Local Language | News | April 29, 2024 | Natural Disasters
The forest fire on Co To mountain in Tri Ton district, An Giang province is still burning, with more than 200 officers, soldiers, and support forces working to control the fires. The difficult terrain and high temperatures have made it challenging to extinguish the flames. The intense heat across the country has increased the risk of forest fires, with warnings issued for many provinces and cities. The Forest Protection Department advises against using fire in or near forests during this period. The Prime Minister has requested urgent measures to prevent and fight forest fires.
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