Wednesday, 3rd January 2007 (4202 views)

The creation of a new gold depository in Vietnam by the country's central bank has been proposed by the Vietnam Gold Trading Association.

Aiming to move the South East Asian country's gold market in line with those abroad as well as prepare for increased demand in exports, the gold bank would be designed to offer support and advice to local businesses.

In a bid to eventually stabilise market prices, the Vietnam Gold Trading Association recommends that as well as a gold, silver and gemstone examination centre being set up, a gold transaction centre will also be established.

A bonded gold warehouse - the country's first - was introduced last year at north Vietnam's largest airport Noi Bai International and is operated by the National Jewellery Company.

At present, a second warehouse is under construction in Ho Chi Minh City and a key benefit of the first storage place has been that the time taken to mobilise gold from the depot has reduced to under 24 hours.

Back in May 2006, reports from the Vietnamese Trade Industry circulated stating that as many as 500 gold deposits had been found in the country, highlighting the potential of Vietnam as a producer.

 

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