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Author: Mei Ling Tan

  • Dollar Dips as Vietnamese Dong Gains Strength

    Dollar Dips as Vietnamese Dong Gains Strength

    The U.S. dollar has taken another tumble against the Vietnamese dong, marking a trend that could signal continuous challenges for the greenback. As traders eyed a tumultuous month ahead, Friday morning saw the dollar heading for its fifth consecutive monthly decline against prominent currencies.

    Dong Gains Ground While Black Market Sees Tweaks

    Vietnam’s leading bank, Vietcombank, set the dollar price at VND26,170, reflecting a slight dip of 0.11% from the previous day. Interestingly, the black market didn’t seem to follow suit, with the dollar inching up by 0.08%, trading around VND26,380.

    Just before the weekend, the State Bank of Vietnam nudged its reference rate up by 0.06%, settling at VND24,978, demonstrating its ongoing commitment to managing currency strength amid fluctuating market conditions.

    Global Dollar Dynamics: A Look at the Numbers

    Globally, the dollar showed signs of softness, aligning with traders’ apprehensions about potential instability surrounding trade and fiscal health. Many investors were eagerly awaiting a crucial inflation report that was set to release later that day, poised to influence market sentiment dramatically.

    That day, the dollar index—often seen as a barometer of the dollar’s strength compared to six major currencies—was lackluster. Set to decline by 0.4% for May, this would make it the fifth month in decline—a trend that’s causing whispers among market analysts.

    The euro slightly strengthened, phrased at $1.1378, while the Swiss franc also gained some traction at 0.8216 against the dollar. Over in Japan, the yen surged by 0.3% to 143.73 per dollar, bolstered by recently released data showing that inflation in Tokyo reached a peak not seen in over two years.

    As the week came to a close, the dollar had navigated a tumultuous landscape, marked by recent court rulings that altered the landscape for trade tariffs. The federal court temporarily reinstated tariffs initiated during President Donald Trump’s tenure, stirring uncertainty after a trade court had just directed a halt on those tariffs. Kyle Rodda, a senior financial market analyst at Capital.com, reflected on the market’s mood, emphasizing how this judicial tug-of-war has reignited worries among traders.

    If only the dollar could learn to ride these waves with the grace of a balletic dancer!

    Questions & Answers

    How has the dollar’s performance affected the Vietnamese economy?
    The dollar’s decline against the dong has implications for imports and exports, potentially making foreign goods more expensive while bolstering domestic products in the international market.

    What factors are driving the dollar’s depreciation?
    Traders are unsettled by ongoing uncertainties related to trade policies, possible tariff reinstatements, and upcoming inflation reports that could reveal more about the U.S. economic landscape.

    How might the situation evolve in the coming months?
    Keep an eye on economic indicators and regulatory shifts; shifts in inflation rates and monetary policy could significantly impact the dollar’s strength moving forward.

  • Gold Prices Surge as Global Rates Decline: A Shift in the Market Landscape

    Gold Prices Surge as Global Rates Decline: A Shift in the Market Landscape

    Vietnam’s gold market saw an uptick on Friday morning as global bullion rates experienced a slight dip. This increase reflects a growing interest in gold amidst fluctuating financial conditions.

    Local Gold Prices on the Rise

    Saigon Jewelry Company reported a 0.42% rise in the price of gold bars, now trading at VND118.5 million (approximately US$4,558.22) per tael. Meanwhile, gold rings climbed 0.62%, reaching VND114 million per tael. For context, one tael is equivalent to 37.5 grams or about 1.2 ounces.

    Global Trends Impacting Gold Values

    On the international front, gold prices experienced a decline on Friday, pressured by a slight increase in the dollar’s value. Investors are keeping a close eye on an upcoming key U.S. inflation report, which could steer the Federal Reserve’s monetary policy decisions. According to Reuters, spot gold prices fell 0.5% to $3,300.59 an ounce, marking a 1.7% drop for the week. U.S. gold futures mirrored this trend with a 0.5% decline to $3,298.30. The rising dollar index is making gold costlier for buyers outside the U.S.

    Market Insights and Future Outlook

    Brian Lan, the managing director at GoldSilver Central in Singapore, noted, “Gold prices are largely consolidating at this point. What we’re witnessing are normal market fluctuations, albeit in a slightly wider range due to confidence in the U.S. dollar.”

    San Francisco Fed President Mary Daly highlighted the potential for policymakers to reduce interest rates two times this year, although she emphasized that keeping rates steady is crucial for guiding inflation towards the central bank’s 2% target. Non-yielding bullion often thrives in low-interest-rate scenarios, making the current market environment particularly relevant for gold investments.

    Who knew gold could dance with dollars?

    Questions & Answers

    What caused the rise in local gold prices?
    The increase in local gold prices can be attributed to a dip in global bullion rates, alongside investor speculation about future monetary policy.

    How are international gold prices faring?
    Internationally, gold prices have fallen by about 0.5%, influenced by a stronger dollar and anticipation of upcoming economic reports.

    What factors will shape the future of gold pricing?
    Key factors include interest rate decisions by the Federal Reserve and shifts in the dollar’s strength, both of which could affect the attractiveness of gold as an investment.

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  • Marketplace Battle Heats Up: Trust, Convenience and Choice Key as Pricing Pressures Grow

    Marketplace Battle Heats Up: Trust, Convenience and Choice Key as Pricing Pressures Grow

    An exclusive Australian study by global ecommerce accelerator, Pattern, has shown that product range, convenience, and trustworthiness will be critical battlegrounds for online marketplaces in 2025.

    With international tariffs reshaping marketplace business models, platforms like Temu and Shein, once known for ultra-cheap products, are now raising their prices. In some markets, the cost of goods such as health and beauty products has surged by 51%.

    “The days of marketplaces winning Australian consumers with ultra-cheap pricing alone are over. Although leading platforms like Amazon will continue to attract shoppers with competitive pricing, consumers are now making purchasing decisions based on factors like credibility, product variety and ease-of-shopping,” said Merline McGregor, Managing Director for Pattern Australia.

    Convenience Drives Loyalty

    Australians are increasingly choosing marketplaces that offer greater convenience. Amazon continues to set the benchmark, with 57% of shoppers rating it as the most convenient platform for purchasing goods, driven by its streamlined ordering process, fast shipping options, and integrated returns experience. 

    While Shein and Temu have experienced rapid growth in overall shopper awareness, their convenience ratings are significantly lower at 14% and 27%, respectively. This gap highlights a critical challenge for emerging platforms: while aggressive marketing and discounting can attract first-time buyers, delivering a seamless, reliable shopping experience is crucial to securing repeat business.

    “Convenience is more than just speed of delivery, it’s about every touchpoint of the shopping experience, extending from intuitive search functions to reliable customer service and simple returns,” said McGregor. “Australian brands selling on marketplaces that deliver frictionless shopping experiences are more likely to secure both the first purchase and increase their chances of building customer loyalty.”

    Trustworthiness and Reliability Build Customer Relationships

    As price advantages decline, product quality and reliable return processes are key differentiators for marketplaces. Amazon leads in both areas, with 60% of Australian shoppers trusting it for product quality and 53% for reliable returns.

    eBay also performs strongly, earning trust from 42% of shoppers, while Kogan lags at 16% and MyDeal at just 9%. Chinese marketplaces, Temu and Shein face even greater challenges, with only 12% and 11% of consumers expressing confidence in the quality of the products they sell. 

    “In an increasingly competitive and regulated environment, trust is not an aspiration. Marketplaces must consistently deliver quality products, backed by hassle-free returns to build enduring customer relationships,” said McGregor. “We’ve seen a positive improvement in returns processes for all marketplaces, with only 3% of Australian consumers stating they do not trust any marketplace for reliable returns. This is a huge drop from 18% in 2024 and shows that all platforms are prioritising improving the customer experience in this critical area.”

    Amazon, eBay and Temu Win with Product Variety 

    Amazon is recognised by 60% of shoppers as having the widest variety of inventory in Australia across categories such as electronics, home & kitchen and sporting goods. eBay also retains a strong position, with 45% of consumers recognising its broad range, particularly in the second-hand and collectible markets.

    Only 32% of shoppers believe Temu offers the widest product range, yet the number of consumers visiting the platform for its vast product range has surged 87% since 2024.

    “A broad and evolving product range is proving key for marketplaces to retain and grow their shopper base. Consumers are moving towards platforms that offer a one-stop-shop experience, and marketplaces that can deliver this effectively across multiple categories have a clear competitive edge,” concluded McGregor. 

    For more information and to download the full report please click here: ‘2025 Marketplace Consumer Report’

    About Pattern Inc

    Pattern is the category leader in global ecommerce and marketplace acceleration. It is the number one reseller on Amazon globally, selling over $3 billion of product each year into 60 countries. Since 2013, Pattern has profitably grown to over 2,000 employees operating from 24 global locations – including Melbourne, Sydney and the Gold Coast – to help leading brands achieve accelerated growth on D2C websites and global ecommerce marketplaces. Pattern is also present on Tmall, JD.com, eBay and other ecommerce marketplaces. We act as the authorised Amazon seller to more than 300 brands globally, buying their stock to sell on the marketplace and taking care of every aspect of their Amazon presence. For more information, visit https://au.pattern.com/

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  • Swiss Banking: Navigating the Fine Line Between Confidence and Self-Reliance

    Swiss Banking: Navigating the Fine Line Between Confidence and Self-Reliance

    Private wealth management thrives on discretion, making the open dialogue at the recent Private Banking Day all the more significant. In an era of increasing global pressure and uncertainty, the event’s celebration of “Swissness” serves as a clear declaration of intent.

    Switzerland’s Continued Financial Dominance

    As a global frontrunner in private wealth management, Switzerland has compelling reasons to defend its prestigious standing. In times of volatility, stability and security are paramount, and the Swiss financial ecosystem boasts strong expertise, collaborative industry relationships, and a proactive synergy between public and private sectors.

    Even more promising, the demand for private wealth management is expected to surge in the coming decades, with global private wealth projected to soar.

    Voicing Concerns and Commitment

    The ninth Private Banking Day held on Tuesday in Zurich, organized by the Association of Swiss Private Banks (VSPB) and the Association of Swiss Asset Management and Wealth Management Banks (VAV), underscored this optimistic outlook. The day kicked off with remarks from the esteemed Minister of Economic Affairs, Guy Parmelin, who urged everyone in attendance to rally around efforts that ensure Switzerland retains its status as a premier financial hub. However, he also reflected on his poignant experiences with three bank bailouts—Banque Cantonale Vaudoise, UBS, and Credit Suisse—expressing a firm hope that he wouldn’t have to navigate a fourth.

    Neutrality Under Pressure

    In a broad-ranging address, Parmelin highlighted various pressing issues touching on wealth management. He expressed optimism about upcoming trade negotiations with the U.S., while also acknowledging the challenges posed by rising international regulatory pressures, which risk diminishing national identities. He was candid about the current trend of deglobalization, characterizing it as the “return of protectionism.”

    Another Perspective on Industrial Policy

    Amid this discussion, Parmelin pushed back against suggestions for Switzerland to adopt an industrial policy reminiscent of other nations that use government tools like subsidies to push specific sectors. He maintained that automatic stabilizers like unemployment insurance should be adequate for Switzerland’s needs.

    Daniela Stoffel, State Secretary for International Finance and a panelist, echoed this sentiment but acknowledged the growing debate in Bern regarding how long Switzerland can adhere to rule-based economic principles while many countries now overtly support key companies with extensive incentives.

    Walking a Fine Line on Neutrality

    Stoffel, who aptly described her job as part of “Swissness,” tackled a thorny issue: Switzerland’s alignment with EU sanctions against Russia. While this move came with significant implications for the banking sector, she insisted that Swiss neutrality remains intact—albeit with a hint of uncertainty.

    The Wealth Management Landscape

    Returning to the theme of wealth management, Giorgio Pradelli, President of the VAV, highlighted the sector’s vital role, pointing out that it employs about 30,000 individuals, with roughly two-thirds situated in Switzerland. Noteworthy too are the roughly 2.4 trillion francs in assets under management and an impressive “export share” of 60 percent from the member banks.

    Lessons from the Watch Industry

    These statistics rival those of Switzerland’s illustrious watch industry, often viewed as the epitome of Swissness. Not surprisingly, the event featured Christoph Grainger-Herr, CEO of IWC, who captivated the audience with a keynote on successful branding for products “that no one really needs,” humorously likening luxury watchmaking to the entertainment sector—perhaps a reflection that some bankers found amusingly relatable.

    Networking or Real Debate?

    Events like these primarily serve as networking opportunities, offering both camaraderie and collective reinforcement rather than engaging dialogue. Against this backdrop, Grégoire Bordier, President of the VSPB, concluded the day by emphasizing the essential value of hard work and cultivating humility amongst the attendees.

    This blend of buzzwords like proportionality, risk-based regulation, and international competitiveness was prominent throughout the day. On the surface, these terms seem agreeable, yet they mask complex trade-offs and conflicting objectives, especially given the absence of a cohesive hierarchy among them.

    Smaller bank representatives argue for proportional regulation, while UBS contends that competitiveness should take precedence, irrespective of other countries’ regulations. Economists may call for a risk-based approach to maintain financial stability, yet Credit Suisse’s recent challenges illustrate that implementing such theories isn’t as straightforward as one might hope. And isn’t that part of the fun?

    Questions & Answers

    What was the primary theme of the 9th Private Banking Day?
    The central theme was “Swissness,” highlighting Switzerland’s commitment to maintaining its position as a global leader in private wealth management.

    Who was the featured speaker at the event?
    The event featured remarks from Minister of Economic Affairs, Guy Parmelin, who shared concerns about the future of Switzerland’s financial center.

    What parallels were drawn between wealth management and other Swiss industries?
    Speakers compared the wealth management sector’s economic significance to that of the renowned Swiss watch industry, reinforcing the idea of “Swissness” in both contexts.

  • Trip.com Sets Sights on Expanding Its Horizons in Vibrant Vietnam Travel Market

    Trip.com Sets Sights on Expanding Its Horizons in Vibrant Vietnam Travel Market

    In a bold push toward expansion, Trip.com Group has set its sights on Vietnam, Indonesia, and the Philippines, said Boon Sian Chai, managing director and vice president of international markets, during a recent event. This ambitious growth phase emphasizes enhancing services and ramping up their workforce in Vietnam.

    New Offices in Vietnam

    “We’ve opened an office in Hanoi in the past year and are looking into establishing another one in Da Nang, if feasible,” Chai revealed. Trip.com has been steadily enhancing its offerings in Vietnam, which include hotel bookings, flight tickets, and tours, since before the pandemic.

    Impressive Market Position

    With a market cap surpassing US$43 billion, Trip.com ranks third after Booking Holdings and Airbnb. The company’s presence in Vietnam has notably intensified in 2024 through strategic investments and partnerships, including a recent $10 million stake in M Village, a hotel chain founded by former Coffee House CEO Nguyen Hai Ninh. “This is currently the most efficient hotel chain on our platform,” Chai noted.

    Strategic Partnerships and Growth Opportunities

    In addition to its investment in M Village, the company forged alliances with Vietjet and established a strategic partnership with Vinpearl. During a meeting with Vietnamese Prime Minister Pham Minh Chinh at the World Economic Forum in Davos, Switzerland, Trip.com CEO Jane Sun expressed a keen interest in exploring more investment opportunities within Vietnam’s thriving tourism landscape.

    The Booming Tourism Sector

    The motivation behind this focus lies in the flourishing tourism sector. In the first four months of 2025, Vietnam welcomed 7.67 million foreign visitors, marking a 23.8% increase compared to the same period last year, according to the General Statistics Office. Notably, China topped the list of source markets with 1.95 million visitors, accounting for 25.4% of total arrivals.

    “Demand for travel to Vietnam has surged by nearly triple digits in our observation,” Chai asserted, adding that key markets contributing to this growth include South Korea, Russia, Taiwan, and China. Customers have expressed high satisfaction with the services available in Vietnam.

    Future Projections

    As per Google, Temasek, and Bain & Company, Vietnam’s online travel market is experiencing double-digit growth, expected to rise from US$4 billion in 2023 to US$5 billion in 2024. Indian market researcher Mordor Intelligence highlights Vietnam’s position among the top five in the Asia-Pacific travel market, with potential to reach an estimated US$10 billion by the end of the decade. Yet, Chai cautioned that Vietnam poses unique challenges, particularly concerning language and payment systems.

    “Nonetheless, we are committed to investing in this market to foster growth, attract international tourists to Vietnam, bolster domestic tourism, and facilitate outbound travel,” he concluded. With a footprint in 39 markets, Trip.com reported revenues of CNY53.29 billion (US$7.5 billion) in 2024, showcasing a robust 19.7% increase from the previous year.

    As travelers dig through Vietnam’s rich culture and stunning landscapes, Trip.com is poised to make quite an impression—will they start offering guided tours by elephants next?

    Questions & Answers

    What is Trip.com Group’s growth strategy in Vietnam?
    Trip.com aims to expand its services and workforce in Vietnam, including the establishment of new offices in major cities.

    How significant is Trip.com’s market position?
    With a market cap of over US$43 billion, Trip.com is the third-largest player in the online travel market, following Booking Holdings and Airbnb.

    What challenges does Trip.com face in Vietnam?
    The company faces unique challenges, particularly related to language barriers and payment methods, but remains committed to investing in the Vietnamese market.

  • Vietnamese Businesses Sprint Ahead: Navigating the Global AI Race with Strategic Adaptations

    Vietnamese Businesses Sprint Ahead: Navigating the Global AI Race with Strategic Adaptations

    As India carves its path in the global technology arena, equipping its workforce with AI skills is paramount. Four industry heavyweights—Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro—are at the forefront of this educational endeavor, fueling the nation’s ambition to harness AI as a catalyst for socio-economic advancement in the digital era.

    Big Moves in AI Training

    By the close of fiscal year 2024, TCS successfully reskilled over 300,000 employees in essential AI and machine learning competencies, including the burgeoning field of generative AI. Their “AI-ready” initiative has empowered more than 570,000 of TCS’s 600,000 employees to seamlessly integrate AI into their daily workflows. Talk about getting everyone on board!

    Infosys isn’t far behind; the company targets total “AI-awareness” among its staff. With training programs reaching approximately 270,000 employees—about 84% of its workforce—Infosys developers have produced over 7 million lines of code using the AI-enhanced tool GitHub Copilot by the end of 2024, greatly boosting productivity and code quality.

    Shifting Mindsets in Vietnam

    As India rapidly advances in AI training, Vietnam is beginning to follow suit. However, it faces a different set of obstacles, primarily in the realm of mindset adjustment. Prajith Nair, Vice President and Head of Learning & Innovation at FPT Corporation, indicates that up to 70% of AI training hurdles are rooted in outdated mindsets and resistance to change. Many employees remain tethered to legacy systems, reluctant to embrace new technologies like AI.

    Nair explains that to unlock the true potential of AI, individuals must cultivate strong critical thinking skills. Unlike traditional tools, he likens AI to a thought-provoking colleague that thrives on engagement and interaction. “AI deployment requires a change management strategy, not just technical training,” he asserts.

    A Wake-Up Call for Businesses

    From a business standpoint, a staggering 65% of Asia-Pacific executives recognize that generative AI can boost performance. Yet, 76% are alarmed by the urgent need to reskill their teams, and 41% admit they have yet to start implementing generative AI, as revealed in PwC’s 27th Annual Global CEO Survey. Companies and workers neglecting AI training risk falling behind in a technology-driven world—after all, even the best of us can’t just sit back and relax!

    FPT is gearing up for the future, prioritizing AI training to enhance productivity. By 2024, a remarkable 98.8% of its employees will have undergone foundational AI training, completing over 109,200 learning hours. The company’s “AI for Everyone” initiative mandates that every employee complete at least one AI course and apply AI tools in their daily tasks. Over 10,000 FPT employees secured certifications from NVIDIA’s AI program this year, part of a larger goal to empower 500,000 individuals with AI skills by 2030.

    Four Factors for Successful AI Training

    According to Nair, scaling AI training within a tight timeframe hinges on addressing four essential factors. First, it’s vital to elevate AI awareness among leadership to drive organizational change from the top down. Secondly, training programs should be modular and tailored to various roles, ensuring relevance for developers, testers, and business analysts alike.

    The third pillar is utilizing data to assess training impact, tracking completion rates and real-world applications to measure effectiveness. Lastly, cultivating a community of learning is crucial—encouraging daily AI engagement through internal forums, workshops, and shared experiences nurtures a culture where AI becomes a regular part of work life.

    Questions & Answers

    What is the significance of training in AI for India?
    Training in AI is crucial for India to remain competitive in the global technology landscape and leverage AI for socio-economic growth.

    How many employees at TCS have become “AI-ready”?
    Over 570,000 TCS employees are now considered “AI-ready,” highlighting the company’s commitment to integrating AI across its workforce.

    What challenges does Vietnam face in AI adoption?
    Vietnam’s primary challenge lies in overcoming outdated mindsets and resistance to new technologies, which hampers effective AI training across its workforce.

  • Vietnam’s Top Students Pursue High-Value Scholarships at International University, Skipping Study Abroad

    Vietnam’s Top Students Pursue High-Value Scholarships at International University, Skipping Study Abroad

    In a dazzling display of academic excellence, British University Vietnam (BUV) recently celebrated the achievements of 150 exceptional students during its Scholarship Award Ceremony, distributing scholarships worth tens of billions of dongs—approximately VND10 billion equals US$385,170.

    Many of the scholarship recipients hail from revered institutions across Vietnam, including HUS High School for Gifted Students, HNUE High School for Gifted Students, Chu Van An High School, and Kim Lien High School, among others.

    A representative from BUV emphasized that the recipients not only showcased stellar academic records but also exhibited qualities such as dynamism, leadership, and the capacity to inspire their peers.

    Spotlight on Inspiring Students

    Kieu Le Khanh An, a talented student from Phan Boi Chau Specialized High School in Nghe An, earned BUV’s prestigious “The Founders” scholarship with an impressive IELTS score of 8.0 and accolades in English competitions at both provincial and national levels. Opting to study finance at BUV rather than abroad, An highlighted her desire to stay close to family while gaining insights into Vietnam’s financial landscape. “I believe BUV’s enriching environment will prepare me to become a successful risk manager who contributes to Vietnam’s sustainable economic growth,” she shared. Adding a personal touch, she expressed her dream of founding a nonprofit to support premature infants: “Being a premature baby myself, I hope to give back to a cause close to my heart.”

    Nguyen Khoa Dang, another standout from Bac Ninh Specialized High School, received “The British Ambassador” scholarship. He sees BUV as the perfect launchpad for his international academic aspirations. “BUV encourages dynamism and creativity, and its curriculum aligns perfectly with U.K. standards,” he said, reveling in the opportunity to experience an international education without leaving his home country.

    Aiming High in Technology

    Nguyen Khanh Linh, who was awarded BUV’s “Tech Queens” scholarship for women in technology, voiced her long-standing ambition to study in an international environment to access cutting-edge knowledge in her field. She feels that being at a modern university in Vietnam, close to her family, perfectly aligns with her dreams. Her mother, Thuy Linh, initially envisioned studying abroad for her daughter but shifted her perspective upon discovering BUV. “I was especially impressed by BUV’s scholarship program supporting women in tech. I believe my daughter will flourish in this innovative atmosphere,” Thuy Linh commented, radiating pride and hope.

    A Noteworthy Shift in Education Choices

    The growing enthusiasm among top students opting for BUV scholarships signifies an increasing trust in the university’s international-quality education. It reflects a cultural evolution as more families recognize that an international learning experience does not always require traveling abroad. Many are now choosing high-quality educational environments within Vietnam, which offer diverse advantages that cater to financial, cultural, psychological, and long-term aspirations.

    Renowned as Vietnam’s first QS 5-star university and the first in Vietnam and ASEAN to receive accreditation from QAA, the U.K.’s leading higher education quality assurance agency, BUV is dedicated to staying ahead of industry trends. With a curriculum that marries theory and practice, BUV proudly boasts 100% graduate employability or opportunities for further study within three months of graduation.

    Questions & Answers

    What is the total value of scholarships awarded by BUV? The total value reaches tens of billions of dongs, with VND10 billion equating to around US$385,170.

    Which schools did the scholarship recipients come from? The recipients came from prestigious institutions including HUS High School for Gifted Students, HNUE High School for Gifted Students, and Chu Van An High School, among others.

    What unique advantages does BUV provide its students? BUV offers an academic environment that aligns with U.K. standards, modern facilities, and a curriculum designed to ensure 100% employability or further study within three months after graduation.

  • Gold Prices Slump to Lowest Level in Five Weeks: What’s Driving the Drop?

    Gold Prices Slump to Lowest Level in Five Weeks: What’s Driving the Drop?

    Gold jewelry displayed in a Hanoi shop shines less brightly this week, as the value of gold in Vietnam has dipped to its lowest point since April 21.

    On Thursday morning, the price of gold bars from Saigon Jewelry Company fell by 1.01%, bringing it down to VND 117.5 million (around US $4,514.20) per tael. Meanwhile, gold rings saw a decline of 0.87%, now sitting at VND 113.4 million per tael. To give you a sense of scale, a tael weighs about 37.5 grams, or 1.2 ounces. Despite this drop, gold has managed to climb 39.5% since the start of the year, a fact that may leave some investors scratching their heads amid recent fluctuations.

    Globally, the metal is facing pressure, having slipped to a one-week low following a U.S. federal court’s decision to block President Donald Trump’s “Liberation Day” tariffs. This unexpected ruling has diminished gold’s appeal as a safe-haven asset while a strengthening dollar adds further downward pressure. As per reports, spot gold has dipped by 0.7% to $3,268 an ounce, marking its lowest value since May 20.

    “This was obviously the most important news driver, and looking at the broad dollar, it rallied on that, pushing gold lower,” said Nicholas Frappell, global head of institutional markets at ABC Refinery. Yet, there remains a silver lining for the gold market; Frappell notes that the long-term outlook hints at a potential weakening of the dollar and persistent inflationary pressures in the near future.

    Could it be that in the world of gold, what glitters truly is not gold after all?

    Questions & Answers

    What was the recent price drop for gold jewelry in Vietnam?
    Gold bars dropped to VND 117.5 million, and gold rings fell to VND 113.4 million per tael.

    How much has gold increased this year?
    Gold prices have risen by 39.5% since the beginning of the year.

    What factors are impacting global gold prices?
    The recent decision to block “Liberation Day” tariffs and a robust dollar have dampened gold’s safe-haven appeal.

    Lees ook:

  • Fruit Export Crisis: Major Markets Tighten Import Rules, Causing Significant Decline

    Fruit Export Crisis: Major Markets Tighten Import Rules, Causing Significant Decline

    Overall shipments of fruits and nuts have taken a significant hit, plummeting by 23% to a staggering US$1 billion, as exports of six out of the eight leading fruits face stark declines. Among the most affected is the beloved durian, which, following a surge last year, experienced a dramatic 61% drop in exports, falling to $183 million.

    Fruit Exports Dwindle

    The news gets even juicier; watermelon exports have dropped by 52% to $33 million, while jackfruit has seen a 20% decline, now at $98 million. Even bananas and dragon fruit shipments reflected slight decreases. The Fruits and Vegetables Association attributes this downturn largely to the tightening of import standards in key markets such as China, South Korea, the Netherlands, and Thailand.

    China, which is Vietnam’s largest buyer of agricultural goods, has ramped up its quarantine and inspection protocols. Durian has suffered greatly under these new regulations, with Chinese authorities now inspecting every shipment for cadmium residues and other potentially harmful substances. This has led to rising costs for exporters and lengthened customs clearance times, leaving many businesses reluctant to enter new contracts with buyers.

    Jackfruit, heavily dependent on the Chinese market, is experiencing similar issues, as stricter controls on chemicals push firms to limit purchases from farmers, focusing primarily on domestic consumption. Dragon fruit exports have also been hindered as China moves toward self-sufficiency, sourcing from Vietnam mainly during its off-season.

    Stinging Price Drops

    This slump in exports has hit domestic fruit prices hard. Off-season durian now averages VND40,000–80,000 per kilogram, which is a steep decline from the previous year. Jackfruit prices have hit rock bottom, plummeting to historic lows of VND4,000–10,000. These steep declines have placed many farmers in key growing regions in a precarious position, struggling to recover their costs—especially those who expanded their cultivation heedlessly.

    In a recent meeting, Minister of Agriculture and Environment Do Duc Duy underscored the urgent need for action, stating, “We must review cultivation areas to avoid uncontrolled expansion and misuse of forest land while tightening planning to ensure safe production and ecological protection.” The ministry aims to bolster the legal framework surrounding agricultural exports by tightening regulations on farms, packing facilities, and testing laboratories.

    The focus will be on standardizing technical processes from production to export, promoting deep processing to enhance value, and reducing reliance on fresh fruit exports. Businesses are also encouraged to diversify their markets in order to mitigate risks stemming from policy changes by major importing countries.

    It’s a challenging time for Vietnam’s fruit industry, but isn’t it also a reminder that the world of agriculture is as unpredictable as a fruit fly in a locker room?

    Questions & Answers

    What caused the sharp decline in fruit exports?
    The primary reason for the fall is the tightening of import regulations in major markets like China, which has intensified quarantine and inspection standards.

    How have these changes affected farmers?
    Many farmers are struggling to cover their costs due to plummeting prices. Those who expanded their production without planning are feeling particularly vulnerable.

    What actions are being taken to address these challenges?
    The Ministry of Agriculture plans to review cultivation areas, tighten regulations on agricultural exports, and encourage businesses to diversify their markets for greater stability.

  • Starbucks Seeks Private Jet Pilot with Competitive Salary Reaching $360,000

    Starbucks Seeks Private Jet Pilot with Competitive Salary Reaching $360,000

    Starbucks is on the hunt for a private jet pilot, offering a staggering salary that can soar up to $360,300 annually, according to a recent report by Business Insider. This ambitious pay scale positions the coffee giant as one of the top employers in the aviation industry.

    The Seattle-based company is prepared to start the lucky captain at a minimum of $207,000—still higher than the average airline pilot’s salary of $280,000, as per the U.S. Bureau of Labor Statistics. But it’s not just about the paycheck; the role comes with a unique blend of responsibilities and perks that promise an exhilarating lifestyle.

    Experience and Qualifications Required

    Starbucks is seeking an experienced aviator with a total of 5,000 flight hours and at least five years of service in a corporate flight department. The ideal candidate will also need to pilot the latest Gulfstream private jets—a task that requires not only technical know-how but also a dash of flair.

    But the responsibilities extend beyond flying the plane. The captain is expected to act as a “Starbucks ambassador both at home and abroad,” showcasing the brand in the skies. Duties will include assisting passengers with their luggage, ensuring security away from the home base, and the flexibility for extensive travel—talk about a high-flying gig!

    The job description highlights collaboration with crew members, dispatch teams, and maintenance personnel, all while fulfilling the air transportation needs for Starbucks Aviation.

    CEO’s Unique Arrangement

    This aeronautical quest comes on the heels of Starbucks making headlines when they appointed Brian Niccol as CEO last year, allowing him to remain in California and commute 1,000 miles to Seattle. His offer letter referred to the use of Starbucks’ corporate aircraft for his travels, a perk that extends to personal trips valued at up to $250,000 annually.

    It seems that for Starbucks, the sky isn’t the limit; it’s just the beginning!

    Questions & Answers

    What qualifications does Starbucks require for the pilot position?
    Candidates need a minimum of 5,000 flight hours and five years of experience in a corporate flight department, along with the ability to operate the latest Gulfstream jets.

    What are the main responsibilities of the private jet pilot?
    The pilot will serve as a brand ambassador for Starbucks while assisting with passenger needs, ensuring security, and traveling extensively.

    How does the salary compare to industry standards?
    Starbucks is offering up to $360,300 annually for the position, which is significantly higher than the average airline pilot’s salary of $280,000.

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  • Dollar Strengthens Against Vietnamese Dong in Currency Market Shift

    Dollar Strengthens Against Vietnamese Dong in Currency Market Shift

    U.S. banknotes shimmered a bit brighter in Hanoi as the dollar edged up against the Vietnamese dong on Wednesday morning, continuing its upward trend against major currencies. With a rate of VND26,120 at Vietcombank, the dollar gained 0.08% compared to Tuesday. However, on the black market, the currency slipped slightly to VND26,360, down 0.04%.

    In a proactive move, the State Bank of Vietnam raised its reference rate by 0.05% to VND24,947, reflecting changes in the market dynamics. Reporting from Reuters highlighted that the dollar retained its strength, buoyed by favorable economic indicators emerging from the United States.

    The financial world greeted news of reduced trade tensions between the U.S. and Europe. Elsewhere, global bond markets began to stabilize after a tense rise in long-term yields, providing some much-needed relief for investors. A surge in U.S. consumer confidence ahead of key employment figures due on Thursday added to the overall optimism.

    The dollar index, which measures the greenback against a host of currencies, ticked up by 0.1%, building on a robust 0.6% jump the previous day. Meanwhile, the greenback also gained a slight edge against the euro, trading at $1.132. In a curious twist, the yen remained relatively stable at 144.345 per dollar after experiencing a 1% drop on Tuesday, attributed to speculation that Japan may reduce the issuance of super-long bonds following recent yield spikes.

    The rising dollar’s influence on various markets certainly adds an interesting dimension to the financial landscape—let’s hope your wallet is ready to keep pace!

    Questions & Answers

    How much did the U.S. dollar rise against the Vietnamese dong?
    The U.S. dollar increased by 0.08% against the Vietnamese dong, reaching VND26,120 at Vietcombank.

    What did the State Bank of Vietnam do in response to market changes?
    The State Bank raised its reference rate by 0.05% to VND24,947 to adapt to the ongoing market conditions.

    What contributed to the dollar’s strength in global markets?
    The dollar’s strength was bolstered by positive economic signals from the U.S., easing trade tensions between the U.S. and Europe, and an unexpected rise in consumer confidence ahead of job reports.

  • Indonesia Introduces $9 Wage Subsidy Aiming to Support Low-Income Workers

    Indonesia Introduces $9 Wage Subsidy Aiming to Support Low-Income Workers

    The Indonesian Government is on the brink of launching an ambitious wage subsidy program aimed at supporting low-income workers. Set to provide IDR150,000 (approximately US$9.23) monthly, this initiative targets those earning less than IDR3.5 million. It’s an essential step amidst the ongoing global economic challenges.

    A Stimulus for Economic Resilience

    This new subsidy is slated for rollout as part of a broader economic stimulus package in the second quarter of 2025. Chief Economic Affairs Minister Airlangga Hartarto revealed on May 26 that discussions are ongoing with relevant ministries, with the program expected to kick off on June 5.

    The timing of the subsidy couldn’t be more crucial, aiming to bolster public purchasing power just as households are gearing up for increased spending during the school holidays.

    A Multifaceted Approach

    This wage support forms part of an expansive stimulus plan dubbed the Incentive Package, which also includes discounts on electricity tariffs, food aid, subsidies for airline tickets, and various social protection measures. In conjunction with the wage subsidy, the government will reintroduce electricity bill discounts for low-power households starting the same day.

    For the earlier part of this year, a substantial IDR13.6 trillion has been allocated to provide a 50% discount on electricity bills for customers using between 450 volt-amperes (VA) and 2,200 VA, benefiting around 81.4 million households. This multifaceted approach illustrates the government’s commitment to cushioning citizens from economic shocks.

    In a world where financial surprises lurk around every corner, it’s a relief to know that support is on the way—let’s hope it arrives faster than the average delivery pizza!

    Questions & Answers

    What is the purpose of the wage subsidy program?
    The program aims to support low-income workers by providing financial assistance to help sustain their purchasing power amid global economic challenges.

    When will the wage subsidy take effect?
    The wage subsidy program is scheduled to launch on June 5, 2025.

    What additional measures are included in the Incentive Package?
    The Incentive Package includes electricity tariff discounts, food aid, airline ticket subsidies, and other social protection programs designed to support various segments of society.

  • Michelin-Star Chef Olivier Elzer Brings His Vibrant French-Mediterranean Vision to JW Marriott Phu Quoc Emerald Bay Resort & Spa in Vietnam

    Michelin-Star Chef Olivier Elzer Brings His Vibrant French-Mediterranean Vision to JW Marriott Phu Quoc Emerald Bay Resort & Spa in Vietnam

    JW Marriott Phu Quoc Emerald Bay Resort & Spa, the reimagined mythical French university on Vietnam’s magical holiday island, welcomes renowned Michelin-starred chef Olivier Elzer to its new fine-dining venue, Pink Pearl by Olivier E. This dining destination will regale guests with the unique style of French-Mediterranean gastronomy that has propelled the culinary maestro to international acclaim. The revitalized restaurant also echoes the considerable charms of Madame Pearl Collins after whom it is named – an imaginary Gatsby-era socialite famed for hosting dazzling dinner parties in her resplendent pink mansion.

    Raised in Alsace, France, Olivier Elzer is one of the most gifted chefs of his generation. Having worked alongside industry legends such as Pierre Gagnaire and Joel Robuchon, he has become a master of gastronomy in his own right, garnering a total of 27 Michelin stars in a 30-year “East meets West” career. His journey across Europe to Asia has comprised spells at some of the most prestigious five-star hotels and fine-dining destinations in Hong Kong, including The St. Regis, W Hong Kong and Clarence. The pioneering culinary innovator also owns a state-of-the-art food lab.

    Chef Olivier’s culinary philosophy is authentic and refreshingly approachable, offering French classics with innovative regional twists at exceptional value for all to enjoy. At Pink Pearl by Olivier E. at JW Marriott Phu Quoc Emerald Bay Resort & Spa, guests can discover a meticulously crafted menu that emphasizes the timeless flavors of France’s Côte d’Azur with avant-garde adaptations – including a series of the chef’s signature dishes exclusively available here. Crafted using natural and seasonal produce from local farmers and fishing communities, along with premium imported ingredients, and elevated with a unique Mediterranean touch, Chef Olivier’s culinary creations will bring the grace and glamor of the French Riviera to Phu Quoc’s pristine shores, creating an emotional connection with every diner.

    This vision is perfectly reflected by the signature dish of locally-sourced Bonito, cooked over charcoal to add depth and flavor, and served with an Endive Salad, Comté Cheese and Vierge Sauce – a vibrant recipe that highlights the multi-award-winning chef’s philosophy of using local, fresh ingredients while honoring traditional cooking methods. His classic Bohémienne, meanwhile, elevates the traditional Provençal-style dish of Eggplant, Tomato and Parmesan.

    Diners at this luxury eco-conscious resort situated in a stunning spot of Vietnam’s idyllic “Pearl Island” can also embark on two signature culinary journeys: refined five-course and seven-course menus, curated by Chef Olivier exclusively for Pink Pearl by Olivier E., embracing premium ingredients and artistic presentation. Every weekend, Phu Quoc’s most sought-after Sunday brunch is an indulgent celebration of social gastronomy in a one-of-a-kind beachfront setting.

    Beginning in June 2025, Pink Pearl by Olivier E. will introduce a new permanent menu that blends France’s sophisticated culinary heritage and evocative Mediterranean influences with the chef’s Michelin-starred expertise and the local spirit of Phu Quoc.

    Chef Olivier’s cuisine is perfectly paired with fine wines curated by Master Sommelier Bertrand Lutaud. A professional taster and judge who has worked in several Michelin-starred establishments, Bertrand excels in complementing creative cuisine with vintages from leading vineyards in France and around the world.

    Pink Pearl by Olivier E. is just one of the outstanding culinary venues at the Phu Quoc jewel. Foodies can also step into a world of casual elegance at Tempus Fugit, the laid-back beachfront restaurant, savor Latin American “dock-to-dish” cuisine overlooking the ocean at Red Rum, and step into a world of science and mixology at the Department of Chemistry.

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  • VN-Index Soars to Three-Year High, Signaling Strong Market Optimism

    VN-Index Soars to Three-Year High, Signaling Strong Market Optimism

    Vietnam’s stock market is buzzing with fresh energy as the benchmark VN-Index climbed to a remarkable 1,341.87 points on Wednesday, marking its highest level since May 2022. Investors celebrated the index’s upward trajectory, which reflects a gain of 0.15%, or 2.06 points, and extends its winning streak to four consecutive sessions.

    The VN-Index has soared nearly 250 points since dipping in early April, a downturn largely attributed to U.S. tariffs. While the mood in the market is optimistic, trading volume on the Ho Chi Minh Stock Exchange slipped by 11% to VND22.284 trillion (approximately US$858 million).

    Blue Chips Reign Supreme

    In the VN-30 basket, which features the 30 largest stocks, 10 companies saw their shares rise. Notable performers included VRE, the retail real estate arm of Vincom Retail, up by 5.5%, and VIC, the stock of private conglomerate Vingroup, which increased by 2.6%. Fuel distributor Petrolimex (PLX) also had a solid day, edging up 2.2%. However, the blue-chip landscape wasn’t all rosy—15 stocks fell, with HDBank (HDB) down 1.5%, Sacombank (STB) slipping 1.1%, and Vietnam International Commercial Bank (VIB) mirroring that drop.

    Foreign investors played a different tune, becoming net sellers to the tune of VND200 billion, mainly divesting from VRE and VIC. It seems their cautious approach didn’t dampen local spirits, as the HNX-Index for mid and small caps in Hanoi rose by 0.80%, while the UPCoM-Index for unlisted companies gained 0.46%. It’s a thrilling time for stock enthusiasts, reminding us that the market can be as unpredictable as a game of poker—one moment you’re soaring, and the next, you’re bluffing!

    Questions & Answers

    Why did the VN-Index rise to a three-year high?
    The VN-Index surged due to consistent gains over several sessions, alongside a recovery from lows seen earlier this year amid U.S. tariff concerns.

    How did trading volume change in the Ho Chi Minh Stock Exchange?
    Trading volume decreased by 11%, totaling VND22.284 trillion, which indicates a decline in market activity amidst rising index values.

    What stocks were the main contributors to the index’s gain?
    Noteworthy contributors included Vincom Retail (VRE), Vingroup (VIC), and Petrolimex (PLX), with significant gains that propelled the index upward despite some blue-chip stocks experiencing declines.

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  • Championing European Culinary Heritage in Hong Kong

    Championing European Culinary Heritage in Hong Kong

    European culinary delicacies shine this May, as the “Enjoy the Authentic Joy from Europe” campaign celebrates four premium delicatessen meats with an exclusive press luncheon. This exciting campaign, co-financed by the European Union and supported by three esteemed consortia, brings the rich, indulgent flavours of Mortadella Bologna PGI, Salamini Italiani alla Cacciatora PDO and Zampone Modena PGI and Cotechino Modena PGI to the dynamic city of Hong Kong. 

    Special Press Luncheon

    As part of the “Enjoy the Authentic Joy from Europe” campaign, an exclusive press luncheon hosted at Giando Italian Restaurant & Bar in Hong Kong today, brought together key media representatives, influencers, and food enthusiasts to indulge in a customised menu featuring the iconic products.

    The lunch also included an introduction from representatives of the three consortia behind these meats: Consorzio Italiano tutela Mortadella Bologna, Consorzio Cacciatore Italiano, and Consorzio Zampone e Cotechino Modena IGP.

    Following the press luncheon, interested parties can purchase the renowned deli meats at selected city’super, one of Hong Kong’s leading, premium grocery stores, giving customers the opportunity to explore, taste and purchase these exceptional products while learning more about their heritage.

    • Central – ifc mall: 1041-1049, Level 1, ifc mall, 8 Finance Street, Central, Hong Kong
    • Causeway Bay – Times Square: Basement 1, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong
    • Tsim Sha Tsui – Harbour City: Shop 3001, Level 3, Gateway Arcade, 3-27 Canton Road, Harbour City, Tsim Sha Tsui, Hong Kong
    • Shatin – New Town Plaza: Shops 204-214, Level 2, New Town Plaza 1, Sha Tin Centre Street, Sha Tin, Hong Kong

    Supporting Heritage and Quality

    The three consortia behind these products – Consorzio Italiano tutela Mortadella Bologna, Consorzio Cacciatore Italiano, and Consorzio Zampone e Cotechino Modena IGP – are non-profit organisations dedicated to safeguarding and upholding these traditional foods.

    The consortia ensure that their deli meats meet strict production standards in compliance with the European Union’s PDO (Protected Denomination of Origin) and PGI (Protected Geographical Indication) certifications. These certifications not only protect the integrity of these products, but they ensure consumers of their authenticity, nutritional value, and quality while also supporting the producers who continue to craft them using time-honoured methods.