Gold imports to remain under gov’t management

Gold imports will continue to be regulated as they can impact the country trade balance, central bank Governor Nguyen Van Giau has said.

The State Bank of Vietnam will manage gold imports flexibly to stabilize the local market and the precious metal should continue to be treated as an imported product, Giau was quoted as saying Wednesday by Thoi Bao Kinh Te Saigon (Saigon Economic Times).

The Vietnam Gold Business Association last month said it would request the government to remove restrictions on gold imports so that they are determined by local supply and demand.

Gold should be treated as a special product and excluded from the list of imported goods, said Huynh Trung Khanh, Vice Chairman of the association.

But some gold traders and bankers say gold is imported into the country mainly for production and trade purposes and it is not treated as a currency. As a result, it will be better to leave gold imports under the management of the central bank.

At a recent press briefing, Giau had said local gold prices were driven mostly by psychological factors, not because of any supply scarcity.

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