USD VCB continues to increase strongly
The central USD/VND exchange rate today (August 29) was announced by the State Bank at 23,960 VND/USD, an increase of 18 VND compared to the listed rate on August 28, while the world USD exchange rate decreased slightly.
Currently, the USD exchange rate that commercial banks are allowed to trade is from 23,400 - 25,108 VND/USD. The selling exchange rate is also adjusted by the State Bank of Vietnam to the buying and selling range of 23,400 - 25,108 VND/USD.
The USD exchange rate and domestic foreign exchange rate this morning recorded a series of upward adjustments at banks. Specifically, Vietcombank increased the buying price by 85 VND to 23,895 VND/USD and the selling price to 24,235 VND/USD. The buying and selling prices of USD are currently in the range of 23,400 - 25,200 VND/USD.
In the world market, at the end of the trading session early this morning Vietnam time, the US dollar quickly climbed to a 9-month high against the Japanese Yen, while falling against many other currencies. Currently, the US dollar has reached 146.75 Japanese Yen, reaching its highest peak since November last year and ending the trading session at 146.51, up 0.05% on the day.
This comes as investors await a slew of key economic data due later this week, along with interest in potential intervention measures to support the struggling Japanese Yen.
World gold price increased to 1,924.4 USD/oz
Today, August 29, the world gold price on Kitco continued to increase to 1,924.4 USD/oz, equivalent to 56.08 million VND/tael.
In the world market, early morning of August 29 (Vietnam time), the spot gold price on Kitco floor was 1,924.4 USD/oz, up 6 USD/oz compared to early morning of the same day.
Converting world gold price according to foreign exchange rate at Vietcombank: 1 USD = 24,190 VND, world gold price is equivalent to 56.08 million VND/tael, 12.02 million VND/tael lower than SJC gold selling price at the end of August 28.
At the end of the trading session on August 28, Saigon Jewelry Company listed the gold buying price at VND67.5 million/tael; the selling price was VND68.1 million/tael, an increase of VND50,000/tael for both buying and selling compared to the opening time of the morning session of the same day. The difference in the selling price of gold is still VND600,000/tael higher than the buying price.
At the same time, DOJI Group listed the buying and selling price of gold at 67.25 - 68.15 million VND/tael. Compared to the beginning of the morning session, the buying and selling price of gold at DOJI increased by 50,000 VND/tael in both buying and selling directions. The difference between buying and selling prices of gold at DOJI is maintained at 900,000 VND/tael.
Meanwhile, at the end of the afternoon of August 28 (Vietnam time), the spot gold price on Kitco was 1,918.4 USD/oz, up 1.3 USD/oz compared to early morning of the same day.
Sugar prices continue to rise sharply
Statistics from the Vietnam Commodity Exchange (MXV) show that sugar prices have been continuously increasing in recent days following India’s decision to suspend exports. Currently, domestic sugar prices have increased to over VND20,000/kg, up 10% compared to the beginning of the year and up 12% compared to the same period last year.
At the end of the trading week of August 21 - August 27, the prices of two sugar products increased sharply with an increase of 4.50% for grade 11 sugar and 3.26% for white sugar, respectively. India plans to ban sugar exports in the 2023/24 crop year, causing the market to increase concerns about a supply shortage in the global market.
India, the world's top sugar exporter, said it plans to ban its mills from exporting sugar starting in October. Indian officials said sugar exports would depend on the country's sugar production. El Nino is causing weather changes that are expected to reduce sugar production.
This week, information related to sugar supply in India and Brazil will likely continue to be the focus of the sugar market, and will be factors that have a major influence on price movements this week.
According to the Vietnam Sugarcane and Sugar Association, world sugar prices are increasing quite strongly, this is considered the highest price in the past decade. The increase in world sugar prices also helps domestic sugar prices increase. As a result, sugar factories have increased production capacity. In the coming time, some factories in the Central Highlands and Central regions that were previously temporarily closed due to lack of raw materials will resume operations.
Domestic coffee price highest at 65,800 VND/kg
Domestic coffee prices on August 29, 2023 continued to remain stable, with an average price of VND 65,400/kg, the highest price in Dak Nong province was VND 65,800/kg.
Specifically, coffee prices in Gia Lai and Kon Tum provinces stood at VND65,100/kg, up VND600/kg compared to the previous trading session. In Dak Nong province, the highest coffee price was VND65,800/kg.
The price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at 64,900 VND/kg.
In Cu M'gar district, Dak Lak province, coffee price is currently at 65,500 VND/kg. In Ea H'leo district, Buon Ho town, it is purchased at the same price of 65,600 VND/kg.
Globally, Robusta coffee prices on the London (UK) exchange continued to stabilize with modest green at the end of the month, with a slight increase of around 1% in terms./.
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