State Bank raises total annual gold import to 73.5 tonnes

May 6, 2008
The State Bank of Viet Nam has allowed both gold dealerships and banks to import an additional 3.5 tonnes of gold, bringing the total quota this year to 73.5 tonnes.
The Bank for Agricultural and Rural Development and its in-house jewellery company, as well as the Sai Gon- Thuong Tin Joint Stock Commercial Bank, have been allotted one tonne each.
The remaining 500kg units will go to DongA Bank, the SJC Jewellery Co branch in Phu Tho, and the Doji Trade, Investment and Jewellery Co.
The central bank has just approved NamA Bank and the Doji Trade, Investment and Jewellery Co to trade gold on overseas bank accounts.
At the international conference on gold trading held late last month in HCM City, experts urged the Government to scrap the gold import quota and to allow companies and individuals to open conditional accounts overseas which could all in turn be used to purchase gold, boosting supply on the local gold market. (VNS)