Friday, 17th December 2004 (5170 views)

The State Bank of Vietnam (SBV) has given the gold industry the go ahead to set up trading centres early next year for formal gold trading.

The centres would be based in Hanoi and Ho Chi Minh City, set up by the Vietnam Gold Traders Association (VGTA), according to VNA.

According to vice president of the VGTA, Nguyen Thanh Truc, the centres are crucial for monitoring domestic gold trade and prices.

So that the centres can be set up as soon as the SBV makes a decision, both the VGTA and Sai Gon Jewellery Company (SJC) have been preparing to establish the centres.

Gold trends have been surprising in Vietnam, since when the gold prices peaked the sales of jewellery in the area increased, yet when the rates dropped so did sales.

 

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