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Gold stalls; dollar up
The price of gold in Vietnam fluctuated around VND35.9 million a tael (1.2 ounces) on December 17 as global prices remained under losing pressure caused by a strengthened dollar.
Most gold shops bought the metal at above VND35.75 million and sold around VND35.85 million as of 9 am local time, almost unchanged over the previous day.
Saigon Jewelery Company, the biggest gold shop in Vietnam, bought gold at VND35.77 million and sold at VND35.85 million.
Meanwhile, Hanoi-based Phu Quy Jewelry purchased SJC-brand gold at VND35.79 million and sold at VND35.89 million.
Gold failed to maintained above VND36 million a tael in the past three days due to a declining momentum in global prices and in the US dollar exchange rate on free market. Generally, trading on bullion market stayed muted.
However, domestic gold price started to receive support as global prices turned green due to buying demand at low prices and the dollar exchange rate on free market recovered.
On free market this morning, dollar were bought at VND21,130 and sold at VND21,180, an increase of VND130 over the previous day.
Internationally, gold retreated for three consecutive trading sessions as the US positive economic data eroded demand for the precious metal as a safe-haven.
Gold for immediate delivery lost as much as $9.9 an ounce, or 0.7 percent, to close at $1,370.5 an ounce on the Comex in New York.
In Asia, gold significantly recovered this morning. Spot gold surged $6 an ounce to trade at $1,376.5 an ounce as of 9:55 am Vietnamese time.
The US dollar weakened against a basket of six major currencies, including the euro and the yen, as European Union leaders agreed to create a mechanism to contain future debt shocks and the bloc’s central bank armed itself with more capital. The euro exchange rate against the greenback stalled at $1.32 a euro this morning.
Statistic showed that initial jobless claims for the week ended December 11 unexpectedly dropped while industrial production increased in some regions.
Holdings at SPDR Gold Trust, the largest exchange-traded fund back by bullion, continued to reduce 2.4 metric tons to 1,283.8 metric tons yesterday, the lowest level in the past two months.
Crude oil futures for January delivery slipped $0.92 a barrel to close at $87.7 a barrel on the New York Mercantile Exchange.
This morning, crude oil slightly rebounded to trade around $88.2 a barrel.
Vietnam’s biggest supplier says gasoline reserve healthy
Vietnam’s main oil supplier announces the country’s gasoline reserve remains healthy as its biggest oil refinery is running properly.
According to
The statement was made in an attempt to shrug off the rumor that the country’s gasoline reserve is running low and some retailers are trying to speculate on gasoline.
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Big losses from the oil price fluctuation early this year have lead gasoline suppliers to cut commissions to retailers. Some retail stores then shut down or reduce their sales to wait for the price to rise, causing the rumor that the reserve is dropping.
PetroVietnam said relevant units should keep closer eyes on the retailers, who try to take advantages of the rumor to speculate on gasoline.
Deputy Industry and Trade Minister Nguyen Cam Tu said the gasoline price will remain unchanged until the end of the year in accordance with Prime Minister Nguyen Tan Dung’s instruction.
The deficit between retail and wholesale prices of gasoline, diesel and kerosene is VND2,000 per liter, and mazut VND1,000 per liter.
Square-head anabas booming in Hau Giang
Earlier this year, the production of square-head anabas has developed into a new aquaculture model in the Mekong Delta province of Hau Giang. This has resulted in many farmers shifting their breeding from tra fish to square-head anabas.
Farmers in the province have become richer for breeding this new kind of anabas fish – the square-head anabas.
Tran Duy Minh, the owner of the farm, said that he began breeding square-head anabas in July, 2010. The fish grew very fast and weigh twice as much as normal anabas, adding 400 grams to their weight in only five months.
After harvesting, he sold 12 tons of the fish for VND30, 000 per kilogram and made a profit of VND120 million (US$6,000).
The news of this spread quickly to other farmers in Long Binh commune, Long My District. They too began to build ponds so that they could breed the fish. Tran Duy Minh also assisted other farmers in how to successfully breed this type of fish.
Two year ago, Nguyen Van Khai, a farmer harvested his anabas and found out that more than 70 of them had square heads and were bigger than the others. He retained the big anabas fish so that he could breed a new variety of fish.
Today the fish sell for VND45, 000-50,000 a kilogram, at markets in the Mekong Delta.
However, according to Huynh Thanh Binh, chairperson of Vinh Thuan Commune People’s Committee, many farmers in the provinces are now destroyed rice fields in order to breed the fish and he could not prevent them from doing this. The province’s area of fish has increased to 220 hectares and will continue to increase in near future, said Binh.
The Hau Giang agricultural sector has asked related departments to test the DNA and the genes of the square-head anabas before it can be granted recognition as the Hau Giang Square-head Anabas.
Some traders exported the fish to Cambodia and Singapore in very small volumes.
The province’s leaders said many farmers cultivate the breeding themselves, so it is difficult to control the breeding process. According to the Hau Giang Department of Agro-product Quality Management, breeding extension is facing the risk of ‘poor quality breeding’.
Dr. Duong Nhat Long from Can Tho University said that it is necessary to preserve and develop the square-head anabas. This would help farmers become richer, getting them out of poverty.
The quantity of other fish, like the climbing perch, is declining in natural ponds. Traders have urged the farmers to expand their ponds. The fish is very easy to breed, with five to seven adult fish producing around 60,000 eggs.
Farmers in the province are currently creating a brand name for the fish, which will be submitted to the province's Department of Science and
The new brand name and trademark will help farmers export the fish, a farmer said.
Floor price for Tra fish comes into effect
The floor prices for exports of Tra fish will be enforced by the first quarter of next year, said Duong Ngoc Minh, Deputy Head of the Vietnam Association of Seafood Exporters and Producers (VASEP).
This is the result of a meeting between 20 largest Tra fish exporters of VASEP at the end of last week.
Floor prices are now US$3/kg for white meat Tra fish and US$2.05/kg for the red meat. The prices for Tra fish bought from farmers must be more than US$1/kg.
These prices will not be applied in the US market due to the difference in payment methods relating to anti-dumping taxes.
Minh also said that the demand for Tra fish in the EU market is still rising despite being listed on the World Wildlife Fund (WWF) red list. EU customers want more Tra fish for fear of short in supply from Vietnam in the future.
Vietnam-key market for Singapore
Vietnam is a very important market to Singapore, said Raymond Lui- the Second Secretary of the Singaporean Embassy in a conference on investment opportunities in Singapore, held in Hanoi. By September, 2010, Singapore was the 5th largest country from a total of 80 countries and territories that invest in Vietnam, with 851 projects in fields such as education and training, finance, information and communications, trade and service, transportation, infrastructure and tourism, with a total of registered capital of US$17.9 billion.
Many of Singapore’s businesses have paid special attention to other fields, including the processing industry, real estate, and construction.
At the event, Mr. Raymond Lui said that apart from attracting foreign businesses to invest in Singapore, the Government also encourages Singaporean businesses to invest overseas.
He also affirmed that a majority of Singapore’s businesses are long-term, even during economic global crisis (2008-2009), Singapore’s businesses kept investing in foreign countries. For example, in infrastructure, Singaporean businesses have been operating in Vietnam for over 10 years and continue to develop more.
Mr. Raymond Lui emphasised that in real estate, many Singaporean investors have made achievements in Vietnam such as Capital Land, and Banyan Tree, Allgreen Properties.
In particular, the Keppel Land Group has been in the Vietnamese market for 12 years and it now has a total investment capital of US$3.2 billion, most of which is in Ho Chi Minh City including The Estella and Waterfront development.
Vietnam is calling more investment in other fields including electronics, information
To push cooperation between both countries and attract more Singaporean investment in Vietnam, the Government has appointed representatives to Singapore to promote investment and assist cooperation between both countries.
Delegates at the conference also suggested that Vietnam and Singapore should establish better information channels to provide enough information on investment the environment, business, and other markets.
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