Gold import spending estimated at US$1.5b in Q1

Tuesday, May 27, 2008
During the first quarter of this year, Vietnam's total gold import spending was up to US$1.5 billion, accounting for 50% of the year's gold import quota. If the country imports within limit of 70 tonnes of gold in this year, import spending could be US$2.6 billion, reported the Ministry of Finance (MoF).

One of main reasons making the strong increase of gold import is related to the gold fever and investment situation of population as well as the changes of reservation portfolios of financial institutions.

Thus, MoF made a decision to increase the gold import tariff from 0.5% to 1%.

The decision will take effect from May 26.