The World Gold Council welcomes the news that the State Bank of Vietnam has re-authorised gold trading on foreign accounts. The main aim of this change in legislation is to narrow the difference between domestic and international gold prices following a recent increase in demand for gold tael bars in Vietnam. The State Bank of Vietnam reached this decision following consultations with commercial banks and the gold jewellery industry.
Albert Cheng, Managing Director of the World Gold Council in the Far East commented: “While this move takes a measured approach, we believe it is a positive step, as both the jewellery trade and private investors need an open and transparent platform to hedge their gold positions.
“We understand that to date five commercial banks and the Saigon Jewellery Holding Company have been granted licenses for foreign gold trading accounts and this is already having an impact on the domestic premium.”
Further information can be found at http://www.sbv.gov.vn.
For further information please contact:
Stephanie Mackrell
World Gold Council
T +44 20 7826 4763
E [email protected]
