Friday, 19th August 2005 (2639 views)

Vietnamese gold traders will be allowed to export gold after a State Bank of Vietnam (SBV) ruling.

Previously gold exports were banned but the change in policy comes to help stabilise local gold prices and to aid private owners of gold.

The changes were announced after a meeting organised by the Vietnam Trading Association and the World Gold Council earlier this month.

Vietnam does not mine gold and so must import all of its gold.

Further changes to the gold industry in Vietnam have been called for by jewellers who have suggested that gold bullion import duty is reduced by half a per cent.

If this occurred then Vietnamese jewellery would become more competitively priced as the rate currently stands at one per cent.

In 2004 it was estimated that Vietnam held reserves of foreign exchange gold worth $6.357 billion.


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