Vietnam to Have Five More Gold Trading Centers

Vietnam will see establishment of an additional five gold transaction floors in the coming two-three months, giving more choices to both domestic and foreign investors, the Vietnam Gold Trading Association said.

 

Details about these floors, however, have not yet made available at the moment.

 

Recent impressive profits of the ACB's gold trading floors have led to the new establishments, which are expected to facilitate gold investors to follow up global prices and to make more profits, said a bank director, who declined to be named.

 

Analysts attributed the transaction system collapse at the time, strong gold price fluctuation and big gap between domestic and global prices to 90 per cent loss-making gold traders at ACB floors in recent months.

 

Vietnam currently has two gold trading floors, all run by the Asia Commercial Bank (ACB).

 

In May last year, the ACB opened its first gold trading center in HCM City, where 50,000 gold taels are traded a day. The figure reportedly reached 420,000 taels valued at around VND8,000 billion on strong trading days, of which traders had to pay VND1.6 billion-VND1.8 billion in fees to ACB. 

 

The second of its kind debuted on March 27 this year in Hanoi with participation of six Hanoi-based leading gold and jewelry companies, including Agribank Jewelry Co, Saigon Jewelry Co's Hanoi branch, Kim Linh Co Ltd, Quoc Trinh Co Ltd, Phu Quy Gold Investment Co, and Hanh Thuan Co Ltd. (VnExpress.Net)