SBV licences gold imports, gold prices down VND30,000

The State Bank of Vietnam officially lincenced some local enterprises to import golds, pulling local gold prices down VND300,000/tael to VND32.8million/tael, the state-run online VnEconomy reported October 7.

The State Bank of Vietnam officially granted permission to some local enterprises to import golds, pulling local gold prices down VND300,000/tael to VND32.8million/tael, the state-run online VnEconomy reported October 7.

Earlier, local gold prices climbed to its lifetime record high of VND33.2 million/tael after an brief ease back to VND32.7million/tael this morning.

The enterprices were given quota for local gold-trading firms to import gold include Sai Gon Jewelry Holding Company (SJC); Phu Nhuan Jewelry Joint Stock Company(PNJ) ; Agribank Gold, Silver and Gemstone Company; and Sacombank Jewelry Company Limited (SBJ)…

However, the country’s central bank granted flat quota to these enterprises, the Vneconomy reported, citing that Sacombank and PNJ are allowed to import only 3 tons of gold each, and SJC are permited to import 2 tons.

It is estimated that 36 tons of gold were exported in the first six months of the year, according to the General Statistics Office. – Stoxplus.com

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