State bank set to import 30 tonnes of gold this year
The State Bank of Vietnam (SBV) plans to sell more than 30 tonnes of gold this year and import the same volume.
The State Bank of Vietnam (SBV) plans to sell more than 30 tonnes of gold this year and import the same volume.
The central bank said it expects to sell around 20 tonnes of gold to meet the demand of local banks.
The SBV estimates it will spend 1.5 billion USD from foreign exchange reserves to import gold.
Gold demand each year was 50 tonnes, but domestic gold volume sharply declined for the past two years while the Government banned gold imports.
Nguyen Quang Huy, head of the central bank's Foreign Exchange Management Department, told the Banking Times newspaper that the SBV had imported material gold for the past seven weeks to produce gold bars for auction.
Since March, the central bank has organised 23 gold bullion auctions to narrow the gap between supply and demand on the local market.
The central bank sold 580,200 taels (approximately 22.3 tonnes) out of 640,000 taels offered.
The domestic gold price fell on May 28 to less than 41 million VND per tael after a slight increase the previous day.-VNA
The central bank said it expects to sell around 20 tonnes of gold to meet the demand of local banks.
The SBV estimates it will spend 1.5 billion USD from foreign exchange reserves to import gold.
Gold demand each year was 50 tonnes, but domestic gold volume sharply declined for the past two years while the Government banned gold imports.
Nguyen Quang Huy, head of the central bank's Foreign Exchange Management Department, told the Banking Times newspaper that the SBV had imported material gold for the past seven weeks to produce gold bars for auction.
Since March, the central bank has organised 23 gold bullion auctions to narrow the gap between supply and demand on the local market.
The central bank sold 580,200 taels (approximately 22.3 tonnes) out of 640,000 taels offered.
The domestic gold price fell on May 28 to less than 41 million VND per tael after a slight increase the previous day.-VNA
You should also see
PM visits police command centre, checks cultural centre construction in Phu Tho
Prime Minister Pham Minh Chinh visited the command and control centre of the Phu Tho police and examined the construction of this northern province’s house of culture and arts on April 18.
See more
Business
Vietnam among top domestic infrastructure investors: Ambassador
Vietnam is one of the leading countries in Asia in terms of investment for infrastructure development, allocating 5.7% of its Gross Domestic Product (GDP) to projects in this field, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations (UN).
Business
Vietjet adds more flights to Dien Bien
To meet the rising demands to visit Dien Bien of people and tourists during the celebration of the 70th anniversary of the Dien Bien Phu victory, Vietjet increased the frequencies of flights between Hanoi, Ho Chi Minh City and the northwestern province to 28 per week.
Videos
Agro-forestry-fisheries products nearly double in Q1
Total export revenue from agro-forestry-fisheries products in the first three months of this year is estimated at over 13.5 billion USD, up nearly 22% over the same period last year, according to the Ministry of Agriculture and Rural Development.
Business
Beautycare Expo 2024 opens in Hanoi
The Beautycare Expo 2024 kicked off Hanoi on April 18, featuring over 250 booths from more than 15 countries and territories.
Business
Standard Chartered, US promote clean energy investments in Vietnam
Standard Chartered and the US Agency for International Development (USAID) have signed a Memorandum of Understanding (MoU) on green financing in Vietnam and to promote the deployment of advanced clean energy in Vietnam.
