Vietnam gold bullion prices hit new high amid lukewarm response to auctions

By Quang Minh
Tue, May 7, 2024 | 3:29 pm GMT+7

Gold biscuit prices jumped to an all-time high in Vietnam Tuesday, following global price movements, even as firms remained uninterested in central bank auctions of the previous metal.

 SJC-branded one-tael gold bars. Photo courtesy of ZNews.

SJC-branded one-tael gold bars. Photo courtesy of ZNews.

State-owned Saigon Jewelry and Germ Stone Co. (SJC) raised its buying and selling prices of SJC-branded bullion by VND1 million ($39.4) from Monday to VND85.3-87.5 million ($3,361-3,447) a tael, respectively. A tael is equivalent to 37.5 grams.

This is the fifth straight day that gold prices have risen in Vietnam.

Phu Nhuan Jewelry JSC (PNJ) quoted its gold bars at VND85.1-87.4 million ($3,353-3,443) a tael, up VND800,000-900,000, for buying and selling.

Prices at other major gold traders like Bao Tin Minh Chau, Mi Hong, Eximbank and TPBank Gold also rose, but at a slower pace.

Compared to the global price of $2,322 an ounce Tuesday morning, Vietnam’s was higher by around VDN16.2 million ($638) million a tael.

Prices of 24-carat gold rings also rose by VND200,000 ($7.88) a tael to VND73.5-75.2 million at SJC and PNJ.

Meanwhile, gold auctions launched by the State Bank of Vietnam have failed to attract domestic companies and commercial banks as expected. Three auctions were cancelled due to the lack of interest; while just 3,400 taels of SJC-branded bars, or one fifth of the volume offered, was sold at the second auction on April 23.

The Vietnamese central bank holds a monopoly on gold import and production. Local economists have called on the bank to relinquish it and manage the gold market in a more market-oriented manner.

Comments (0)
  • Read More
Vietnam private lender LPBank reports $394 mln profit in 10 months

Vietnam private lender LPBank reports $394 mln profit in 10 months

Hanoi-based Loc Phat Vietnam Joint Stock Commercial Bank, or LPBank, logged an after-tax profit of VND10 trillion ($394 million) in the first 10 months of this year, said its leadership at the EGM on Saturday.

Banking - Sun, November 17, 2024 | 3:30 pm GMT+7

Vietnam stock market unlikely to experience further steep declines in next sessions: experts

Vietnam stock market unlikely to experience further steep declines in next sessions: experts

The probability of continued sharp falls in the Vietnamese stock market over the next sessions is relatively low, barring unexpected geopolitical turbulences that could cause significant volatility, according experts.

Finance - Sun, November 17, 2024 | 1:30 pm GMT+7

Taiwan’s Cooler Master gets nod for $125 mln additional investment in northern Vietnam

Taiwan’s Cooler Master gets nod for $125 mln additional investment in northern Vietnam

Taiwan-headquartered Cooler Master, a global computer hardware giant, especially in cooling devices, will invest an additional $125 million in the northern province of Bac Ninh, according to a project report.

Industries - Sun, November 17, 2024 | 10:00 am GMT+7

Vingroup’s hospitality arm Vinpearl becomes public company as part of listing plan

Vingroup’s hospitality arm Vinpearl becomes public company as part of listing plan

Vinpearl JSC, a hospitality subsidiary of conglomerate Vingroup, has completed its registration as a public company, the State Securities Commission of Vietnam (SSC) said on Friday.

Companies - Sun, November 17, 2024 | 9:00 am GMT+7

Construction of $2.3 bln central Vietnam LNG power plant to restart in 2026

Construction of $2.3 bln central Vietnam LNG power plant to restart in 2026

Construction of the 1,500-MW Hai Lang Power Center project in Quang Tri province will restart on January 1, 2026, the project investor has informed local authorities.

Energy - Sun, November 17, 2024 | 8:00 am GMT+7

Vietnam-China partnership to enable export of Kim Long brand cars

Vietnam-China partnership to enable export of Kim Long brand cars

Vietnam’s Kim Long Motor and Futa Group have struck a strategic cooperation agreement with China’s Dongfem Dana that will enable the production and export of cars under the Kim Long brand, executives said Friday.

Companies - Sat, November 16, 2024 | 7:13 pm GMT+7

Northern Vietnam province attracts $124 mln investment from Taiwan firm

Northern Vietnam province attracts $124 mln investment from Taiwan firm

Taiwan-based Nien Made Enterprise Co., Ltd. will invest $124.1 million to make furniture accessories at Phu Ha Industrial Park in the northern province of Phu Tho.

Industries - Sat, November 16, 2024 | 7:01 pm GMT+7

Vietnam’s first LNG-fired power plants to enter commercial operation in Jun-Sept 2025

Vietnam’s first LNG-fired power plants to enter commercial operation in Jun-Sept 2025

Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants, will begin commercial operations in June and September 2025, respectively, says project investor PV Power.

Energy - Sat, November 16, 2024 | 3:20 pm GMT+7

Vinhomes spends $276 mln on buying back 162 mln shares, more than half to go

Vinhomes spends $276 mln on buying back 162 mln shares, more than half to go

Vinhomes, the largest housing developer in Vietnam, has spent around VND7 trillion ($275.7 million) on implementing its record buyback plan since kick-starting it on October 23.

Finance - Sat, November 16, 2024 | 1:21 pm GMT+7

Indonesia secures funding for green power infrastructure at COP29

Indonesia secures funding for green power infrastructure at COP29

Indonesia has attracted EUR1.2 billion ($1.26 billion) worth of green funding for the electricity sector from Germany’s Kreditanstalt für Wiederaufbau (KfW) at the 29th UN Climate Change Conference of the Parties (COP29) in Baku, Azerbaijan.

Southeast Asia - Sat, November 16, 2024 | 10:10 am GMT+7

Hanoi-based fledgling firm spends $12.3 mln on buying 17.2 mln shares of lender VIB

Hanoi-based fledgling firm spends $12.3 mln on buying 17.2 mln shares of lender VIB

Hanoi-based Quang Kim Development and Investment JSC acquired 17.2 million shares of Vietnam International Commercial Joint Stock Bank (HoSE: VIB) on Monday.

Banking - Sat, November 16, 2024 | 9:47 am GMT+7

Vietnam can utilize Trump’s policies to enhance position in global supply chains: experts

Vietnam can utilize Trump’s policies to enhance position in global supply chains: experts

Vietnam can take the advantage of protectionist economic policies by Donald Trump, the 47th president of the U.S., to strengthen its position in global supply chains, attract foreign investment, and drive sustainable economic growth, write Dr. Tran Ngoc Mai and Prof. Dr. Doan Ngoc Thang, lecturers at the Banking Academy of Vietnam.

Economy - Sat, November 16, 2024 | 9:30 am GMT+7

Former provincial Party chiefs receive warnings for Thuan An Group-related violations

Former provincial Party chiefs receive warnings for Thuan An Group-related violations

The Politburo, Vietnam’s highest decision-making body, has issued warnings to Nguyen Xuan Ky, former Party chief of Quang Ninh province, and Bui Van Cuong, former Party chief of Dak Lak province, for violations related to Thuan An Group.

Politics - Sat, November 16, 2024 | 9:24 am GMT+7

GenAI set to increase Thai GDP by 6% by 2030

GenAI set to increase Thai GDP by 6% by 2030

Generative artificial intelligence (GenAI) is projected to raise Thailand's GDP by 6% by 2030, with hefty contributions from the trade and manufacturing sectors, according to a joint online survey by SCB X and SCB Economic Intelligence Centre (SCB EIC) of the country.

Southeast Asia - Sat, November 16, 2024 | 9:00 am GMT+7

Thailand prepares for nuclear energy

Thailand prepares for nuclear energy

Thailand’s Energy Regulatory Commission (ERC) will start looking into the legal aspects of a small modular reactor project this month to prepare Thailand for using nuclear energy.

Southeast Asia - Sat, November 16, 2024 | 8:30 am GMT+7

Data is money, big money: Vietnam tech giant FPT

Data is money, big money: Vietnam tech giant FPT

Vietnamese tech giant FPT Corporation views data as a new resource and is determined to convert it into money and an artery of the economy, says its general director Nguyen Van Khoa.

Companies - Sat, November 16, 2024 | 7:18 am GMT+7