Vietnam Bank News

State Bank tries to limit number of gold traders   2011-07-02 - VNA

- Banks that trade in gold must establish separate companies with independent accounts, according to theViet Nam Gold Trading Association (VGTA).

The existence of independent gold trading companies would deter banks from mobilising account holders' money to trade gold, which could cause chaos on the domestic market, the association said.

Under the final draft decree on gold trading put forward by the State Bank of Viet Nam (SBV), members of the public would still have the right to buy and sell gold at banks and authorised business outlets.

The SBV said it wanted to reduce the number of organisations trading in gold bullion.

In addition, businesses producing, outsourcing and trading gold jewellery must have a certificate from the SBV showing that they had met the necessary trading conditions.

Organisations that produce and trade in gold jewellery must re-register for a licence in accordance with the new regulation within a year of the decree becoming effective, according to the draft.

Seeral banks agrees with the SBV’s intention to apply more stringent regulations to gold bullion traders. They argued that current regulations were too lax and allowed small-time traders to enter the market, leding to speculation and poor quality gold finding its way on the market.

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