Monday, 15th November 2004 (2413 views)

Agribank in Vietnam has begun selling gold bars for the first time and hopes the product will meet increasing demand for gold bullion and help product diversity.

The bank for agriculture and rural development will offer the bars in four denominations, supplied by the Agribank Jewellery Company and HCM City VJC - two bank subsidiaries.

At first one tonne of gold will be produced each month by the two companies and this will then double within the second phase after June 2005, according to VNS.

It is hoped the gold bars will also help to stabilise the local market and broaden consumer choice.

Although there are currently several gold bar brands available, the Sai Gon Jewellery Company has a strong market share of over 90 per cent.

 

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