Gold shops are deserted; a series of financial policies come into effect.

24-Hour Economy News: Gold shops deserted; Series of financial policies come into effect. — Graphics: Khuong Duy

Efforts are being made to energize 42 power projects in the South in 2023.

Despite difficulties in land clearance, the Southern Power Corporation is making efforts to implement solutions to ensure that power projects are completed on schedule.

Over the past period, a series of power projects implemented by Vietnam Electricity Group in the southern region have contributed to ensuring electricity for daily life, production and business, and serving socio-economic development in localities.

Specifically, after more than 3 years of construction, in October 2022, the 220kV Kien Binh - Phu Quoc submarine power line officially commenced operation. With a length of nearly 85km, this is the first 220kV submarine power line built in Vietnam, featuring 170 pylons both offshore and onshore. In the same month, the 110kV Nam Phu Quoc substation (1x63MVA), with a total investment of 65.9 billion VND, was also completed and put into operation.

The 220kV Kien Binh - Phu Quoc power line project was completed and put into operation in October 2022. Photo: EVNSPC

Mr. Huynh Quang Hung, Chairman of the People's Committee of Phu Quoc City, Kien Giang Province, commented: "It can be said that this is a strategy and development of the Vietnamese electricity industry in general and the Southern Power Corporation in particular when developing power projects to supply Phu Quoc. By 2030, or even 2040, these projects will be sufficient to meet the electricity supply needs, especially for tourism and services." (See more...)

Many financial and banking policies came into effect in December 2023.

In December 2023, several new banking and financial policies came into effect, directly affecting individuals and businesses, such as: Transactions of 400 million VND or more must be reported to the State Bank of Vietnam, and new regulations on capital contributions in joint venture banks...

Gold prices are fluctuating wildly, and gold shops are deserted.

Gold prices have been fluctuating wildly in recent trading sessions. The excessively high buy-sell spread for gold in the domestic market puts investors at risk of losses. Many gold shops in Hanoi are experiencing a significant drop in customers.

The image shows a gold shop on Nguyen Van Cu Street (Long Bien District, Hanoi). Photo: Den Phu.

According to observations by a reporter from Lao Dong newspaper on the afternoon of November 30, 2023, many gold and silver shops in Hanoi had very few customers. Even on Tran Nhan Tong Street, known as the "gold street," the number of customers was quite sparse.

At a shop on this street selling gold, Mr. Luu Trung Son (Hai Ba Trung District, Hanoi) said: "I came to sell my gold because I need the money. Actually, if I had sold it 1-2 days ago, the price would have been higher, but I thought the price wouldn't increase any further, so I sold it now. There aren't many customers here today. I bought the gold when the price of gold rings was 47.25 million VND/ounce. Now I'm selling it for 61.3 million VND/ounce." See more...

Pork prices have fallen sharply and show no signs of recovering.

Live pig prices continue their downward trend, currently trading around 48,000 - 52,000 VND/kg. Pork prices are also trending downwards in supermarkets and local markets.

Many supermarkets are launching promotions to attract customers. At BigC Long Bien (Hanoi), many types of meat are discounted by up to 10% from Monday to Friday. Frozen meat prices range from 35,000 to 65,000 VND/kg.

Many supermarkets are offering promotions on pork to attract customers. The image was taken at BigC Thăng Long supermarket at 3 PM on November 30, 2023. Photo: Phan Anh

Specifically, frozen pork trotters are priced at 42,000 VND/kg; frozen pork trotters cut into pieces are priced at 42,000 VND/kg; imported frozen pork knuckles are priced at 65,000 VND/kg...

BaF Meat's vegetarian pork products also have many promotions. Fresh BAF pork belly is reduced from 173,000 VND/kg to 156,000 VND/kg; Fresh BAF pork leg is reduced from 116,000 VND/kg to 99,000 VND/kg; BAF pork jowl is reduced from 90,000 VND/kg to 86,000 VND/kg; Fresh BAF pork ribs are reduced from 223,000 VND/kg to 211,000 VND/kg; Fresh BAF pork leg is reduced from 116,000 VND/kg to 99,000 VND/kg; Fresh BAF pork shoulder is reduced from 114,000 VND/kg to 108,000 VND/kg... See more...

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