Economic and market news on March 3, 2024: Domestic gold price continues to increase, surpassing 80 million VND/tael

Domestic gold exceeds 80 million VND/tael

Domestic gold prices are still rising. Currently, the price of SJC brand gold bars at 9am this morning, March 3, is listed at 77.85 million VND/tael for buying and 80.15 million VND/tael for selling.

Gold rings also hit a record high. At Bao Tin Minh Chau, the price of gold rings is currently trading around 66.78 million VND/tael for buying and 67.98 million VND/tael for selling.

Domestic and world gold prices continue to rise

This week, the world gold price also increased by 2% compared to the closing price of last week and anchored at the highest level in 2 months. However, some analysts said that this breakthrough needs to be tested and investors should be cautious in chasing the price.

Total retail sales and consumer services increased by 8.1%

Total retail sales of goods and consumer services revenue at current prices in February 2024 is estimated at VND 509.7 trillion, down 2.3% over the previous month and up 8.5% over the same period last year.

In the first two months of 2024, the total retail sales of goods and consumer service revenue at current prices is estimated at VND 1,031 trillion, up 8.1% over the same period last year (the same period in 2023 increased by 14.7%), if excluding the price factor, it increased by 5.0% (the same period in 2023 increased by 10.9%).

This impressive growth is due to February coinciding with Lunar New Year, when people's demand for consumption, shopping and travel increases.

Coffee market tends to increase

Coffee prices on March 3 fluctuated between VND84,500 - 85,200/kg. Over the past 6 days, the coffee market has shown a strong upward trend. At the end of the week, localities recorded an increase of VND2,500 - 2,700/kg compared to the beginning of the week.

Compared to the beginning of the week, provinces and cities recorded a total increase/decrease of 2,500 - 2,700 VND/kg. Of which, Lam Dong province had the lowest price of 84,500 VND/kg - an increase of 2,700 VND/kg; followed by Gia Lai with 84,900 VND/kg - an increase of 2,600 VND/kg.

With the same increase, Dak Nong province has the highest coffee price of 85,200 VND/kg; Dak Lak has a price of 85,000 VND/kg, an increase of 2,500 VND/kg.

Bank savings interest rates fall below 6%/year

Up to this point, no bank has applied an interest rate of 6%/year for regular deposits.

Saigon - Hanoi Commercial Joint Stock Bank (SHB) has just reduced interest rates for all terms by 0.1-0.3%/year; in which the biggest reduction is 0.3%/year for 3 and 6 month terms, down to 3%/year and 4.3%/year respectively. Savings interest rates for 12-month terms at SHB decreased by 0.2%/year to 4.8%/year and for 24-month terms decreased by 0.1%/year to 5.5%/year.

Similarly, at the National Commercial Joint Stock Bank (NCB), the 3-month savings interest rate decreased by 0.2%/year to 3.6%/year; the 12- and 24-month terms both decreased by 0.1%/year to 5.1%/year and 5.6%/year, respectively.

Also reducing interest rates by 0.2% per year for many terms, Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) listed the latest online mobilization interest rate at 2.95% per year for terms from 1 to 5 months; 4.6% per year for terms of 6 months; 4.8% per year for terms of 12 months and 5% per year for terms of 13 months.

Ho Chi Minh City will shorten 30% of the time for public investment procedures.

Ho Chi Minh City People's Committee has just issued the "Action Program to promote public investment disbursement in 2024" to speed up the progress of investment procedures, site clearance compensation, and implementation of key projects.

In particular, the City People's Committee requires departments and branches to shorten at least 30% of the time to process documents for appraisal and approval of investment projects, contractor selection plans, construction drawing designs and estimates. At the same time, avoid having to submit and appraise multiple times, affecting project progress.

Source: https://congthuong.vn/diem-tin-kinh-te-thi-truong-ngay-332024-gia-vang-trong-nuoc-van-tang-cao-vuot-nguong-80-trieu-dongluong-306500.html