Five wholesalers allowed to import gold in phase 2

Five wholesalers together with some other commercial joint stock banks have been granted quota for gold import in the phase 2, according to the online newspaper VnExpress on August 24.
The local newswire Tuoi Tre (Youth) on August 24 also quoted Nguyen Thanh Long, Saigon Jewelry Co (SJC)’s general director as saying that on August 23, his firm finalized procedures for import of 500 kilograms of gold.

Do Minh Phu, Doji Gold and Gems Group’s CEO said,”we will have to wait for at least five days to receive the gold shipment for the first order because other countries in the world are also actively buying gold, so the delivery may be delayed for one or two days”.

When gold is delivered to Vietnam, enterprises will also have to wait almost a week to rent SJC processed into standard gold bullions before being circulated on the market.

On August 9, the State Bank of Vietnam (SBV) allowed the import of five tonnes of gold to produce gold bars, support the gold supply in the domestic market in order to stabilize the local gold price and will continue to permit further import of five tones of gold to meet needs of the people.

In the first gold import, more than 10 businesses and banks applied for the central bank’s approval to import gold.

Nguyen Thanh Truc, general director of Agribank Jewelry Co, said his business was allowed to import two quintals of gold in the first phase. SJC was granted the biggest quota to import one tone gold. Sacombank imported five quintals and VietinBank also imported some quintals gold.

However, according to the central bank, due to the world gold price at that time was always above $1,750 per ounce, so the actual gold import volume to Vietnam in the first phase was only three tones.

The local gold price by late August 24 dropped to 47.5 million dong per tael, down by one million dong/tael from previous day. The global gold price was at $1,830 per ounce. – Vietbiz24

Tags: vietnam gold, Vietnam gold imports, Vietnam gold market