The Ministry of Finance is weighing to impose a new tariff on jewelry exports as the current tax rate, which has been applied since 2011, is no longer suitable to the current context. Speaking at a seminar on jewelry market development organized by the Vietnam Gold Business Association in HCMC on Saturday, Nguyen Thi Thanh Hang from the ministry’s tax policy department said that local enterprises... 

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... 

Strong gold price fluctuation at home over the past years has resulted in slackened demand for jewelries in this year’s January-October and has adversely affected business activities of multiple domestic jewelry trading companies. The number of enterprises joining this year’s Vietnam International Jewelry Fair from last Thursday to Monday at the Phu Tho Indoor Stadium in HCMC is larger than last... 

An independent jewelry appraisal company will be established in early 2013 by the Vietnam Gold Business Association and some of its members in a bid to control the quality of materials for jewelry production. The association is going through necessary procedures for establishing the company and seeking a location for its headquarters. In addition, testing machines are being imported. “A number of... 

Phu Nhuan Jewelry Joint Stock Company (PNJ) opened a VND100-billion jewelry factory in HCMC’s Go Vap District on Thursday. The plant covers 3,500 square meters and has six levels with total floor space of 12,500 square meters. It has 1,000 workers with an annual capacity of more than four million products. Cao Thi Ngoc Dung, general director of PNJ, said the most valuable asset of the plant... 

Saigon Jewelry Holding Company (SJC) on Saturday officially opened its jewelry factory in the HCMC-based Tan Thuan Export Processing Zone. The factory named SJC Tan Thuan is worth VND132 billion in investment capital, including VND70 billion for construction and VND62 billion for equipment purchase. Covering 4,500 square meters, the jewelry factory consists of four specialized workshops ensuring... 

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... 

Jewelry sellers predicted profits from their jewelry trade in this year’s wedding season would drop sharply as the purchasing power became weaker due to the strong surge of the gold price which is forecast to keep unabated in the rest of the year. Nguyen Thi Cuc, deputy director general of Phu Nhuan Jewelry Joint Stock Company (PNJ), said that her company might saw a year-on-year rise of 18% in... 

The HCMC Customs Department has placed gold on the price risk management list to thwart any attempts by exporters to falsify price statements for tax evasion. Domestic traders, for instance, are required to present bills and invoices proving origins of jewelry before exporting the bullion and let customs officers assess jewelry quality if volume is large and export activity is unscheduled. After that,... 

The domestic gold price over the weekend continued spiking to an all-time high of VND42 million per tael while the global price also rose in the last trading session in New York. Gold buying and selling prices at HCMC-based Saigon Jewelry Holding Company (SJC) were VND41.8 million and VND41.9 million per tael respectively. Meanwhile many gold retailers near Ben Thanh Market set the prices at VND41.65...