Some Vietnamese gold trading companies are targeting Cambodia and Laos as potential markets for the gold bar trading business in the context of the sluggish domestic gold market due to the State limit of gold imports and exports.
In late June, the Sacombank Jewelry Company (SBJ) opened its subsidiary company in Phnom Penh with a chartered capital of 3 million USD and introduced its Than Tai Sacombank-branded gold bars to this market.
According to SBJ General Director Nguyen Ngoc Que Chi, Cambodia is a potential market with abundant gold reserves. Cambodia ’s recent discovery of an 8.1 million tonne gold mine opens up opportunities for the SBJ Cambodia to purchase materials and produce internationally-standardised gold bars on the spot.
In addition, Cambodia, which consumes 6-7 tonnes of gold each year, equivalent to one sixth of the level in the Vietnamese market, has yet to produce gold bars domestically, thus creating a good chance for Vietnamese businesses, she said.
Laos is also a promising market targeted by Vietnamese gold traders. Nguyen Thanh Long, General Director of the Saigon Jewelry Company (SJC), said his company has submitted to the Government a plan to open a gold bar production facility in Laos . Once getting the Government approval, SJC will invest 900,000 USD to build the facility.
“In fact, SJC gold bars have been sold in this market but the opening of a workshop and printing the company’s name in the Lao language on products will help further promote the SJC brand,” he said.
The company also plans to expand its gold bar production to Cambodia in 2011, he added.
Two other jewelry companies namely Phu Nhuan (PNJ) and Agribank (AJC) are conducting surveys in the Lao and Cambodian markets.
Ho Huu Hanh, Director of the State Bank of Vietnam – Ho Chi Minh branch, welcomed the businesses’ new move, saying that it is a good strategy as Laos and Cambodia are new markets with increasing gold bar consumptions./.
In late June, the Sacombank Jewelry Company (SBJ) opened its subsidiary company in Phnom Penh with a chartered capital of 3 million USD and introduced its Than Tai Sacombank-branded gold bars to this market.
According to SBJ General Director Nguyen Ngoc Que Chi, Cambodia is a potential market with abundant gold reserves. Cambodia ’s recent discovery of an 8.1 million tonne gold mine opens up opportunities for the SBJ Cambodia to purchase materials and produce internationally-standardised gold bars on the spot.
In addition, Cambodia, which consumes 6-7 tonnes of gold each year, equivalent to one sixth of the level in the Vietnamese market, has yet to produce gold bars domestically, thus creating a good chance for Vietnamese businesses, she said.
Laos is also a promising market targeted by Vietnamese gold traders. Nguyen Thanh Long, General Director of the Saigon Jewelry Company (SJC), said his company has submitted to the Government a plan to open a gold bar production facility in Laos . Once getting the Government approval, SJC will invest 900,000 USD to build the facility.
“In fact, SJC gold bars have been sold in this market but the opening of a workshop and printing the company’s name in the Lao language on products will help further promote the SJC brand,” he said.
The company also plans to expand its gold bar production to Cambodia in 2011, he added.
Two other jewelry companies namely Phu Nhuan (PNJ) and Agribank (AJC) are conducting surveys in the Lao and Cambodian markets.
Ho Huu Hanh, Director of the State Bank of Vietnam – Ho Chi Minh branch, welcomed the businesses’ new move, saying that it is a good strategy as Laos and Cambodia are new markets with increasing gold bar consumptions./.
