VINACHEM

Domestic gold price yesterday lost an additional 1.08 per cent to fall below the resistance level of VND35 million per tael (US$1,647), which marked a record-low not seen since November 2010.

The falling price followed the drop in world gold prices after the US Federal Reserve's move to curb its bond-buying stimulus prompted a huge sell-off. Spot world gold prices fell to a six-month low of $1,185.10 an ounce earlier yesterday, before it inched-up to $1,192.80 due to bargain-hunting buyers.

SJC gold bars were traded at VND34.9/VND35.13 million ($1,642/1,653) per tael. The drop extended the gap between local and world price to VND4.7 million ($221) per tael. One tael is equivalent to 1.2 ounces.

PNJ reported strong sales from individuals, doubling the volume of two days ago to around 300 taels. However, the daily purchase power remained stable at 500 taels.

Nguyen Cong Tuong, sales manager of Saigon Jewellery Company (SJC), quoted by Vnexpress as saying that many people worried about the down trend continuing, and sold their gold to secure as much as possible.

However, SJC said prices at the State Bank of Viet Nam's auction were improved.

During the 75th auction, 12 credit institutions purchased 14,700 of 15,000 taels of gold offered by SBV at a cost of VND35.01-35.04 million ($1,667-1,668) per tael.

According to SBV, it has sold 1.799 million taels of gold since its first auction in March.

Yesterday, the US dollar was traded at VND21,250.

According to the Committee for Overseas Vietnamese Affairs, some 4.5 million Vietnamese are living in more than 100 nations and territories around the globe.

There are also some 500,000 Vietnamese guest workers.

BIDV subsidiary company opens seventh branch in Cambodia

The Bank for Investment and Development of Cambodia (BIDC), a subsidiary company from the Bank for Investment and Development of Vietnam (BIDV) inaugurated its seventh branch in Cambodia on December 22.

The new branch office is located in Mean Chey district - an important economic sector of Phnom Penh where many Vietnamese businesses are involved in projects including one to build Cho Ray-Phnom Penh Hospital which is expected to put into operation early next year.

Addressing the inauguration ceremony, Uok Maly, deputy governor of the National Bank of Cambodia highlighted the BIDC’s efforts to improve the quality of its branch operations and contribute to developing the finance and banking system for the benefit of Cambodian economic growth.

She expressed her hope that the BIDC will continue to strengthen cooperation with the National Bank of Cambodia to meet customer demand and maintain the stable and sustainable growth of the banking system.

Cambodia is expected to achieve its economic growth of 7% this year, with two-way trade with Vietnam estimated at US$3.5 billion.

By September 2013, Vietnam had 126 investment projects in Cambodia with a total capitalization of more than US$3 billion, ranking fifth among the largest foreign investors in Cambodia.