Car sales in the whole market decreased by 30%; World gold price increased slightly to 1911.8 USD/oz

Car sales in the whole market decreased by 30%

The Vietnam Automobile Manufacturers Association (VAMA) said that only more than 162,000 vehicles of all kinds were sold after the first 7 months of 2023.

Total sales in July included 19,221 passenger cars, up 11%; 5,318 commercial vehicles, down 16%; and 148 special-purpose vehicles, up 21% over the previous month.

In terms of vehicle origin, while sales of domestically assembled vehicles reached 13,575 vehicles, down 12% compared to the previous month, imported vehicles were 11,112 vehicles, up 34%.

In the first 7 months of 2023, total market sales of VAMA member units reached 162,014 vehicles of all kinds, down 30% over the same period last year; of which, passenger cars decreased by 34%, commercial vehicles decreased by 13% and specialized vehicles decreased by 63%.

The reason for the slight growth in July was not as much as in June because many customers took advantage of the "double benefit" from the promotion programs of car manufacturers in June and waited until July when the Government's policy of reducing 50% of registration fees for domestically assembled cars (corresponding to a reduction of 5% to 6% of the car's on-road price) was applied to register their cars to reduce costs.

It is forecasted that the Vietnamese automobile market from August until the end of the year will continue to grow thanks to the policy of reducing registration fees by 50%, but purchasing power will hardly increase as dramatically as last year because the impact from the stock market, real estate as well as consumer loans cannot recover as last year.

World gold price increased slightly to 1911.8 USD/oz

Early morning of August 15 (Vietnam time), gold price on Kitco floor was at 1911.8 USD/oz, up 4.4 USD/oz compared to late afternoon of August 14.

Converting world gold price according to foreign exchange rate at Vietcombank: 1 USD = 23,990 VND, world gold price is equivalent to 55.25 million VND/tael, 12.25 million VND/tael lower than SJC gold selling price on the afternoon of August 14.

According to many analysts, the gold market is unlikely to break out in the short term as the US Federal Reserve (Fed) continues to tighten interest rates.

Mr. Clifford Bennett, chief economist of ACY Securities Financial Brokerage Company, said that gold may still be under pressure and may fall to a low of 1,900 USD/ounce, even 1,880 USD/ounce.

At the end of the trading session on August 14, Saigon Jewelry Company listed the buying price of gold at VND66.9 million/tael; the selling price was VND67.5 million/tael, an increase of VND100,000/tael in both buying and selling prices compared to the opening of the trading session on the same day. The difference between the buying and selling prices of SJC gold is currently at VND600,000/tael.

At the same time, DOJI Group listed the buying and selling price of gold at 66.85 - 67.6 million VND/tael. Compared to the opening of the trading session on August 14, gold at DOJI increased by 50,000 VND/tael for buying and 100,000 VND/tael for selling, so the difference between the buying price and the selling price is still 750,000 VND/tael.

Domestic coffee prices fluctuate at 66,900 VND/kg

Domestic coffee prices on August 15 decreased compared to the previous trading session. Although prices have decreased in 4 consecutive sessions, domestic coffee prices continued to decrease this week, decreasing from 100 - 500 VND/kg depending on the locality.

Specifically, coffee prices in Gia Lai and Kon Tum provinces stood at 67,600 VND/kg. In Dak Nong province, coffee was purchased at the highest price of 67,400 VND/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 66,500 VND/kg.

Today's coffee price in Cu M'gar district, Dak Lak province is at 67,200 VND/kg. In Ea H'leo district, Buon Ho town, it is purchased at the same price of 66,200 VND/kg.

On the world exchange, Robusta coffee prices on the London (UK) exchange in the latest trading session increased by 0.23%, ranging from 2,633 - 2,681 USD/ton depending on the delivery period.

According to experts, although coffee prices have decreased for 4 consecutive sessions in the past week, the decrease is not significant (over 1%) and the price is still high compared to the previous trading session. The reason is that coffee exports are gradually being boosted in Brazil, thereby continuing to put pressure on price movements. According to the assessment, coffee prices in the new week tend to be stable, sideways, because dry and hot weather has negatively affected the crops of coffee exporting countries. This has caused consumer markets to return to concerns about supply shortages, while the world's demand for Robusta coffee is increasing.