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 Vietnam - Central bank to tighten management over gold trading

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lexie
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PostSubject: Vietnam - Central bank to tighten management over gold trading   Sat Oct 29, 2011 12:41 pm

October 29, 2011

Central bank to tighten management over gold trading

The State Bank of Vietnam yesterday announced a new draft decree on the management over gold trading, highlighting a restriction on those eligible for producing and trading the gold bullion bars.

Accordingly, only businesses with a minimum registered capital of VND500 billion (US$24.3 million) and holding at least 25 percent of the gold bullion producing market share in the last three years are licensed to make gold bullion bars.


The draft decree aims to discourage speculative and manipulative gold trading in Vietnam by reducing the number of businesses eligible to trade the metal through the setting of higher requirements for the gold trading business license.


To obtain the license, businesses are required to have a minimum registered capital of VND100 billion, two years of experience in trading gold, and a dealer and shop network in at least three provinces and cities.


Moreover, only those that have tax payments of at least VND500 million a year during the last two years are eligible for the license.


The central bank said it would also tighten imports and exports of raw material gold.
Figures from the central bank show that there are currently 12,000 gold traders around the country, mostly operating in Hanoi and Ho Chi Minh City.


At present, the central bank has granted only eight gold traders and credit institutions the license to manufacture gold bullion.


The central bank said many gold traders have linked with each other to speculate on gold, opening illegal gold trading floors, illegally trading foreign currencies and manipulating the gold market.


Gold smuggling across Vietnam’s borders is also rife, it added.


The central bank said the undesirable activities on the domestic gold trading market were mostly caused by fluctuations on the global gold market, high inflation, and the instability of the country’s macro-economy, which encouraged the public to hoard gold against the depreciated national currency.




http://www.vietfinancenews.com/2011/10/central-bank-to-tighten-management-over.html#more


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