Gold bars will be banned on the free market and gold trading tightly controlled under Government Resolution 11/NQ-CP recently issued to stabilise the macro-economy. The State Bank of Vietnam has been asked to submit to the Government a decree on the management of gold-trading activities that would gradually stop gold bars trading on the unofficial market. The resolution also said that gold smuggling across the border must stop. Following the announcement, local gold prices dropped by 150,000 VND per tael (1 tael equals 1.2 Troy ounces). An official from the central bank, who declined to be named, said under the proposed decree, gold shops would not be allowed to trade gold bars, except for jewellery gold. Buying bars would become more difficult, but those owning gold bars could continue to do so but could only sell gold at outlets designated by the central bank, he said. "The draft decree will be presented to the Government by the second quarter before guiding documents were … [Read more...] about Bản in : Trade in gold bars to be banned
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Eligible gold bars to be SJC-branded
Eligible gold bars to be SJC-branded Thanh Thuong By Thanh Thuong - The Saigon Times Daily HCMC – The nationally recognized SJC brand will apply, upon request, to all gold bars that meet standards, said Deputy Governor Le Minh Hung of the State Bank of Vietnam (SBV). The conditions are standard quality, sufficient receipts and clear origins, Hung told the Daily. Traders wanting to their gold to bear the SJC brand will only need to pay a processing fee for Saigon Jewelry Holding Company (SJC). Under Government Decree 24/2012/ND-CP, gold firms already stopped producing gold bars on May 25 and many businesses have shut down since early this year. Therefore, the volume of gold to be converted is not so large, Hung said, so the market will not be affected and the possibility of gold speculation is low. According to the gold bar production regulations to be released soon, there will be three separate rules on gold production, namely one on gold bars made from materials imported by … [Read more...] about Eligible gold bars to be SJC-branded
Central Bank of Vietnam to buy ‘idle’ gold bars for forex reserve
The State Bank of Viet Nam (SBV) will buy gold bars lying idle with domestic individuals and organisations to increase Viet Nam's foreign exchange reserves as and when conditions permit. In a report sent to the National Assembly recently, SBV governor Nguyen Van Binh said the local gold market has remained stable for the past few years, although Viet Nam has been a gold importer and has the habit of holding gold. The central bank has not used the national foreign exchange reserves to stabilise the gold market since early 2014, while before 2011, the gold market used to be volatile, putting pressure on the currency market, account balances, monetary policies, and economic growth, Binh noted. Binh suggested that one of the key premises is to take long-term measures to mobilise domestic gold sources for socio-economic development. The country's tendency to use gold as a payment means has been curbed and a part of the idle gold kept by individuals and organisations has been used in … [Read more...] about Central Bank of Vietnam to buy ‘idle’ gold bars for forex reserve
Gold bar trading allowed for six more months
Gold bar trading allowed for six more months HCMC – Gold traders will be able to trade gold bars for another six months after the newly-issued Circular 16 of the State Bank of Vietnam takes effect from July 10, the Government said on its website (chinhphu.vn). The circular was issued last Friday to guide the implementation Government Decree 24/2012/ND-CP on gold bar trading restrictions. Under the circular, traders will have six months to switch business. During this period, all gold bar trading will take place as normal, and enterprises and credit institutions have to complete the required procedures to get gold bar trading licenses from the central bank. After this conversion time, organizations and individuals are only allowed to conduct gold bar trading with enterprises and institutions licensed by the central bank to buy and sell gold bars. Enterprises will also be banned from producing gold bars as stated in Article 21 of the decree. According to the circular, gold bars of … [Read more...] about Gold bar trading allowed for six more months
Jeweller battles counterfeit gold bars
Sai Gon Jewelry Co will modify the patterns on its gold bars to stymie counterfeiters. The gold bar on the left is counterfeit. — SJC Courtesy Photo HA NOI — The Sai Gon Jewellery Company (SJC) will modify the design of its gold bars following the discovery of counterfeit bars bearing its imprint in HCM City. At a press conference held by the company on Thursday, General Director Nguyen Thanh Long said the firm would address concerns over more fake gold bars on the market by working with the authorities to find out who was behind the counterfeiting operation and support consumers who accidentally bought the counterfeited SJC brand gold bars. "Next month, SJC will modify the technical patterns on our bars to avoid counterfeiting," Long said. The gold appeared in several jewellery shops in districts 5, Tan Binh and Hoc Mon on Wednesday, Long said. About 50 - 60 taels of the gold have been discovered in the market in HCM City. Long said the fake gold bars were either found … [Read more...] about Jeweller battles counterfeit gold bars