SBV Governor Allows Bank Account-based Gold Trading Abroad

The governor of State Bank of Vietnam recently issued three decisions, allowing several commercial stock banks to carry out gold trading business via accounts abroad, local Labor online reported Friday.

 

Ho Chi Minh Housing Development Bank, Phuong Nam Commercial JS Bank and Saigon Commercial JS Bank, which submitted applications for the permission, all meet the requirements.

 

Regulations stipulate that pure gold traded by banks outside the country must be under SBV’s control and classified as equivalent to pure gold traded on the domestic market.

 

In related news, a gold trading floor will debut on the Vietnam stock market, Nguyen Thanh Toan, deputy director general of Asia Commercial Bank (ACB) said, adding Saigon Gold Trading Floor aims to create a level playing field for investors who want to profit from gold price fluctuations.

 

“The trading floor” is a place where investors can come every day to make transactions, Toai explained.

 

They can define the selling and purchasing prices and make deals to optimize their profit. They can even make deals worth more than the capital they have, because they can borrow money from the floor’s members, Toan added. (Vietstock, Labor Online)