Regulations on buying and selling gold bars; worry about power shortage in 2024

- New regulations on buying and selling gold bars

The State Bank of Vietnam (SBV) has just issued Circular 12/2023/TT-NHNN amending Circular 06/2013/TT-NHNN guiding the purchase and sale of gold bars in the domestic market. Circular 12 amends and supplements Article 14 regulating the notification of results of gold bar purchase and sale transactions. This Circular also amends and supplements Article 20 on the responsibilities of the State Foreign Exchange Reserve Management Department (according to the Government Newspaper).

- Power supply scenario in 2024

The Ministry of Industry and Trade has just sent a report to the Prime Minister on the plan to supply electricity for production, business and daily life in the last months of 2023 and the whole year of 2024. Accordingly, in the last months of 2023, electricity supply will be guaranteed, but by 2024, electricity shortages may still occur (according to VTC News).

- Prime Minister directs a series of drastic solutions to develop the real estate market

The Prime Minister requested the Governor of the State Bank of Vietnam to direct commercial banks to continue promoting credit lending to the real estate sector, and to have appropriate solutions to reduce costs to reduce interest rates. (See more)

real estate 5 574.jpg — The Prime Minister directed drastic solutions to develop a safe, healthy and sustainable real estate market. (Photo: Hoang Ha)

- Singapore to import 1.2GW of renewable electricity from Vietnam via submarine cable

On October 24, the Singapore Energy Market Authority (EMA) announced that it had conditionally approved a company to import renewable electricity with a capacity of up to 1.2GW from Vietnam. The imported electricity will be exploited from offshore wind power and other potential forms of power generation through cooperation with the Vietnam Petroleum Technical Services Corporation (PTSC). Accordingly, the electricity will be transmitted from Vietnam to Singapore via new submarine cables, expected to be about 1,000km long (according to Tuoi Tre).

- Real estate credit balance increases continuously

Since the beginning of the year, outstanding credit for real estate business activities has steadily increased, reaching VND986,477 billion as of August 31, an increase of VND26,208 billion compared to July 30 (according to Tuoi Tre).

- The most expensive stock on the stock exchange is restricted from trading.

The Hanoi Stock Exchange (HNX) has just decided to put VNZ shares of VNG Corporation under restricted trading from October 25, 2023, and can only be traded on Fridays every week. The HNX document stated that VNZ was late in submitting its audited semi-annual financial statements for 2023 more than 45 days from the end of the information disclosure deadline (according to Nhip Song Thi Truong).

- Casino owner in Quang Ninh loses 16 consecutive quarters

According to the third quarter financial report, Royal International Corporation (Royal Ha Long, code RIC) recorded a bad business quarter when reporting a 33% decrease in net revenue compared to the same period, only more than 30 billion VND and a gross loss of 3.6 billion VND. This is the 16th consecutive quarter of loss for this enterprise, bringing the total accumulated loss to 529 billion VND. (See more)

- Pharmaceutical businesses hit rock bottom in 3 years, foreign giants still firmly hold the $6 billion industry

Pharmaceutical companies have seen their profits fall sharply. However, their stock prices remain around historic highs. Foreign investors from Korea, Japan, the US, etc. are holding a firm stake in an industry worth nearly $6 billion. (See more)

- Business profits of tycoon Dao Huu Huyen decrease sharply

At the end of the third quarter of 2023, Duc Giang Chemicals' revenue and profit of tycoon Dao Huu Huyen decreased sharply. However, the upgrading of relations between Vietnam and the US is an opportunity for Duc Giang Chemicals to increase exports. (See more)

- Former boss of Bamboo Airways becomes General Director of Vietravel Airlines

Vietravel Airlines officially appointed Mr. Nguyen Minh Hai, former General Director of Bamboo Airways for nearly 2 months, as the airline's General Director after Mr. Vu Duc Bien resigned from October 23. (See more)

- Chinese pomegranates priced at 7,000 VND/kg are everywhere in the market.

Chinese pomegranates are being sold everywhere in Vietnamese markets, some for as little as 7,000 VND/kg. At this price, pomegranates are the cheapest fruit sold in the market today. (See more)

Today, the price of gasoline and oil on the world market has turned up after falling more than 2% in the first session of the week. Meanwhile, the price of gasoline and oil in the country has increased slightly since yesterday afternoon.

The stock market session on October 24 recorded the VN-Index increasing by 12.37 points, to 1,105.9 points. However, cash flow is still weak, with matched liquidity on the HoSE floor only reaching over VND9,000 billion.

The central exchange rate on October 24 increased by 7 VND. The USD price at commercial banks today decreased slightly. Meanwhile, the world USD price tends to increase.

Gold prices on the international market continued to fall today, investors are ready to buy when gold prices fall sharply. SJC gold bar prices also fell by 200,000 VND/tael in both directions.

Today's bank interest rates recorded a decrease by Saigonbank, VietBank and VIB. Currently, the interest rates for 6-12 month terms are mostly above 5%/year. This week, a large amount of maturing treasury bills were pumped back into the market.

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