Firms spend $28 mln on buying gold at central bank auction Tuesday
Nine bidders spent VND706.42 billion ($27.75 million) Tuesday on 7,900 taels of SJC brand gold bars at an auction held by Vietnam’s central bank.
The auction was part of several held by the State Bank of Vietnam (SBV) to cool an ongoing gold fever in the country.
![SJC-branded gold bars. Photo courtesy of Vietnam News Agency.](https://i.ex-cdn.com/theinvestor.vn/files/content/2024/05/21/gold12-1543.jpg)
SJC-branded gold bars. Photo courtesy of Vietnam News Agency.
The participants bought the volume at VND89.42 million ($3,512) a tael, the State Bank of Vietnam (SBV) said in a statement.
This was VND530,000 ($20.82) a tael higher than the winning price at the preceding auction on May 16 and VND820,000 higher than the price based on which bidders deposited money to join today’s auction.
At 2:42 p.m. Tuesday, Saigon Jewelry and Germ Stone Co. (SJC) quoted its gold bullion at VND88.6-90.6 million ($3,558.3) a tael for bids and asks, respectively, VND100,000 higher than its last quote in the morning.
Since resuming gold auctions last month after an 11-year hiatus, the SBV has sold a total of 35,100 taels in eight instances, three of them finding no buyers.
The central bank will hold another gold auction Thursday, aiming to increase supply and further narrow the domestic-global price gap.
Alongside increasing gold supply through the auctions, the SBV has launched inspections of gold traders to spot violations in trading, invoicing and compliance with tax regulations as part of its attempt to stabilize the gold and monetary markets.
- Read More
Indonesia seeks to diversify food sources
Experts are calling for diversification of Indonesians' eating habits, using other starches to replace rice because the domestic rice supply does not meet demand.
Southeast Asia - Mon, July 1, 2024 | 3:58 pm GMT+7
Thailand aims to promote soft power for economic development
Thai Prime Minister Srettha Thavisin said he aims to develop Thailand's soft power to help push the national economy forward and create more employment opportunities.
Southeast Asia - Mon, July 1, 2024 | 3:55 pm GMT+7
Thailand tops world’s canned tuna exports
Thailand exported 221,092 tonnes of canned tuna in the first five months of 2024 with a value of $978.58 million, up 19.39% in volume and 13.4% in value compared to the same period last year.
Southeast Asia - Mon, July 1, 2024 | 3:30 pm GMT+7
Hanoi gangs hire locals to circumvent gold price stabilization scheme: police
Police in Hanoi have uncovered a scam involving several gangs hiring local people to queue up to buy gold bars at state-owned commercial banks and then reselling them to gold traders at higher prices.
Finance - Mon, July 1, 2024 | 2:55 pm GMT+7
Vingroup-led consortium to build $1.38 bln urban area in outlying Hanoi district
A consortium led by private conglomerate Vingroup has registered to build a VND35.2 trillion ($1.38 billion) smart-ecological urban area in Hanoi’s outlying district of Dong Anh.
Real Estate - Mon, July 1, 2024 | 2:27 pm GMT+7
Vietnam FDI sector posts $24 bln trade surplus in H1
Foreign-invested enterprises in Vietnam recorded a trade surplus of $23.98 billion in the first half of 2024, with crude oil activities factored into account, the General Statistics Office reported.
Economy - Mon, July 1, 2024 | 2:17 pm GMT+7
Fitch affirms Vietnam’s rating at BB+, unfazed by anti-corruption drive
Fitch Ratings has affirmed Vietnam’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB+’, with a stable outlook.
Economy - Mon, July 1, 2024 | 10:57 am GMT+7
Marubeni, Doosan Vina join hands to develop offshore wind power in Vietnam
Japan’s Marubeni Corporation and South Korea’s Doosan Enerbility Vietnam (Doosan Vina) have inked a memorandum of understanding (MoU) for the joint development of offshore wind power in Vietnam to tap into the country’s rising electricity demand.
Energy - Mon, July 1, 2024 | 10:50 am GMT+7
Vietnam factory activity accelerates on new order surge: S&P Global
The rate of expansion in the Vietnamese manufacturing sector accelerated sharply in June as new orders rose at one of the fastest rates on record, prompting firms to ramp up production and purchasing activities.
Economy - Mon, July 1, 2024 | 9:55 am GMT+7
Central Vietnam crying out for logistics investments
Localities in central Vietnam are seeking investments in logistics infrastructure and services.
Industries - Mon, July 1, 2024 | 8:05 am GMT+7
Indonesia’s Pertamina announces $6.2 bln investment in clean energy
Indonesia’s state-owned oil company, Pertamina has announced that it will invest $6.2 billion over the next five years to expand its renewable energy development.
Southeast Asia - Sun, June 30, 2024 | 10:52 pm GMT+7
Southeast Asian airlines sign big aircraft purchase deals as tourists return
Bouncing back from pandemic-era losses, Southeast Asian airlines are signing big aircraft purchase deals to capture demand as tourists return to the region.
Southeast Asia - Sun, June 30, 2024 | 10:51 pm GMT+7
Vietnam PM’s visit set to trigger stronger investment from S Korea: KoCham
Vietnamese Prime Minister Pham Minh Chinh’s ongoing official visit to South Korea is expected to create a breakthrough in investment from the Northeast Asian country, matching potential of the best-ever bilateral relations, said a business representative.
Economy - Sun, June 30, 2024 | 8:00 pm GMT+7
Base salary for Vietnamese public employees up 30% from July
The monthly base salary for public employees in Vietnam will increase from VND1.8 million ($70.7) to VND2.34 million ($92), starting July 1 per a resolution adopted by the National Assembly on Saturday.
Society - Sun, June 30, 2024 | 6:18 pm GMT+7
Vietnam enacts key property market-related laws five months early
Three amended laws will greatly influence Vietnam's real estate market when they come into force on August 1, five months ahead of schedule.
Economy - Sun, June 30, 2024 | 3:28 pm GMT+7
Vietnam’s H1 unemployment rate steady at 2.27%
Vietnam’s unemployment rate is estimated at 2.27% in the first half of this year, unchanged from the same period last year, according to the General Statistics Office (GSO).
Economy - Sun, June 30, 2024 | 1:30 pm GMT+7