The State Bank of Vietnam has received seven more applications for trading of gold bars, taking to 38 the total number of units seeking approval for bullion business. Nguyen Hoang Minh, deputy director of the central banks’ HCMC branch, said that the new applicants are four banks and three enterprises. The agency is checking business networks and profits of these units before giving them approval. As... 

The State Bank of Vietnam (SBV) last Friday granted business licenses to 17 credit institutions and 14 companies for gold bar trading at home. The credit institutions are ACB, VietinBank, BIDV, Agribank, DongABank, Maritime Bank, Techcombank, Nam A Bank, HDBank, OCB, Southern Bank, Sacombank, SCB, TienPhongBank, VietA Bank, VPBank and Eximbank. As such, these entities are allowed to buy and sell gold... 

Saigon Jewelry Company (SJC) is seeking approval from the State Bank of Vietnam (SBV) to reprocess deformed gold bars for the benefits of local consumers, said an executive of the company. According to an SJC executive, with the new decree on gold trading control starting from May 25, all gold bar processing activities of SJC need to be approved by SBV. And SJC has stopped repurchasing deformed gold... 

The State will officially hold a monopoly in producing gold bars starting from May 25 when the decree on gold bar trading management becomes effective. Decree 24/2012/ND-CP signed by the Prime Minister on Tuesday assigned the central State Bank of Vietnam (SBV) to unify the management of gold bar trading on behalf of the Government. The decree is basically the same as its draft version announced in... 

If a draft decree on gold trading management submitted by the central bank is approved by the Government, Saigon Jewelry Holding Co. (SJC) would be the only qualified firm to produce gold bars. Of all the conditions for a firm to produce gold bars mentioned in the draft, the most important one is having a 25% market share for three consecutive years, which only SJC satisfies. The company is currently... 

The State Bank of Vietnam has finalised a draft regulation on gold bar trading, granting institutions and individuals eligibility to trade in this product, but with conditions. Under the bill, transactions must take place at banks or businesses granted licences for gold bar trading. “Trading gold bars with unlicenced institutions is illegal and using gold bars as a tool of payment is another kind... 

HCMC – Vietnam Gold Traders Association has submitted to the Prime Minister a proposal to set tough conditions for gold trading on the free market, rather than an all-out ban as suggested by some other authorities. The association said tight control of the gold market was a need, but the Government should not totally ban the gold bar trading operation suddenly. Instead, gold traders must... 

With the government considering a ban on trading of gold bars, ornaments, especially rings, are now the safe haven of choice. Around 30 people are packed into a second-floor room of a major jewelry shop in Hanoi trying to buy 999 gold gold rings. The harried employees are unable to cope with the clamor. In the staircase, dozens more are trying to get into 20-meter room. Tien, one of the customers... 

The price of gold in Vietnam declined for three consecutive days on March 23 whereas global price rose for the fifth days on rising political crisis in Yemen and Syria. Sacombank Jewelry Company bought the metal at VND36.99 million and sold at VND37.07 million as of 9:10 am local time. Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND36.98 million and sold at VND37.08... 

The people’s right to own and trade in gold is protected by the government but gold bullion can only be traded by government-appointed dealers, Deputy Prime Minister Nguyen Sinh Hung said at a meeting Thursday with the National Advisory Council for Financial and Monetary Policies. * Existing gold shops will only be allowed to trade in gold jewelry * People can only buy bullion at government-appointed...