Russia » Economics

Vietnam Liberalises Gold Market - 8 October, 2002

The next step after reducing quotas a week ago is to set up the country's first representative body for gold trading businesses in Vietnam.

Hoang Dinh Ngu, chairman of the state-run Vietnam National Gems & Gold Corp, one of the largest gold processing and trading firms in Vietnam, told Reuters on Monday the body would represent more than 7,000 gold businesses in the country.

It's planned to be helpful both for gold traders and for the central bank, the regulator of the gold market, as it will have an official line from the gold industry through the association instead of the central bank having to deal with individual claims.

The first meeting this week will include representatives from about 70 to 80 traders from across the South-east Asian country.

The congress would also discuss membership possibilities for the 14 foreign-invested enterprises in the country, which import about $50- $60 million worth of bullion gold annually and export the finished products.

Vietnam produces less than two tonnes of gold per year and imports between 35-40 tonnes for local consumption. Vietnam's main gold export markets are France and Switzerland.

Comments
Macron challenges Trump. French independence and croissants at stake
Macron challenges Trump. French independence and croissants at stake
Brexit: The UK's misunderstanding of Democracy
Putin dislikes the idea of US army bases coming to Kuril Islands
Putin dislikes the idea of US army bases coming to Kuril Islands
Putin dislikes the idea of US army bases coming to Kuril Islands
Russia and USA fight even in space: Americans damage Soyuz deliberately
Russia and USA fight even in space: Americans damage Soyuz deliberately
USA plays to pretend a mighty dragon that can no longer breathe fire
Argentina's coast guard sinks Chinese trawler
Brexit: The UK's misunderstanding of Democracy
USA plays to pretend a mighty dragon that can no longer breathe fire
Russia rips its economy apart with help from the West
Brexit: The UK's misunderstanding of Democracy
Presidential and midterm elections in the USA change the 'American project' entirely
Presidential and midterm elections in the USA change the 'American project' entirely
Presidential and midterm elections in the USA change the 'American project' entirely
Brexit: The UK's misunderstanding of Democracy
Brexit: The UK's misunderstanding of Democracy
Brexit: The UK's misunderstanding of Democracy
Brexit: The UK's misunderstanding of Democracy