Vietnam Spends $1.5Bln Importing Gold in 9M/2011

Vietnam is estimated to have spent $1.5 billion in importing gold in the first nine months of this year, including $600 million in September, the local newspaper Tien Phong (“Pioneer”) reported, citing Vietnam Ministry of Industry and Trade’s data.
The figure was fourfold higher than gold import value in 9M/2010 while import of gems and precious metals skyrocketed by 323.5%.
As the gold imports soared, the total import value of import-controlled products is estimated at USD4.2 billion, up 68.5% YoY.
The gold imports shoot up after the State Bank of Vietnam, the country’s central bank, granted more gold quota for more than 10 local importers on Sept 28 to tame local gold frenzy. The SBV has licensed to import about 20 tons of gold YTD.
The central bank may also allow selective commercial banks to sell gold deposits and re-open their international gold trading accounts in an effort to pull down local gold premium.- Source: StoxPlus.com.

Tags: Importing Gold, Vietnam banking industry, Vietnam finance, Vietnam financial, Vietnam Importing Gold

Posted by quynhdn on Oct 4 2011. Filed under Banking-Finance, Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry