Over 6 billion USD purchased to raise forex reserves Business

Over 6 billion USD purchased to raise forex reserves

The country net purchased over 6 billion USD in 2018 to raise its foreign exchange reserves, the State Bank of Vietnam (SBV) reported at a meeting in Hanoi on January 9 to launch tasks for the banking sector this year.

SBV keeps a close eye on gold market

The State Bank of Vietnam (SBV) said in a statement released on May 25 that it is always ready to intervene in the gold market that has become volatile in recent days, according to a local newspaper.
Gold price falls by 12 million VND/tael in 2013 Business

Gold price falls by 12 million VND/tael in 2013

The domestic gold price fell sharply in the last trading session of the year, ending at under 35 million VND per tael (1 tael = 1.2 ounces) on December 31, nearly 12 million VND per tael less than at the beginning of the year.

Central bank works to stabilise gold market

Stabilising the domestic gold market to stop mercenary speculation due to gold price fluctuation is the immediate goal of the State Bank of Vietnam (SBV), says Governor Nguyen Van Binh.

New rule may restrict gold bullion trading

A draft decree by the State Bank of Vietnam (SBV) seeks to restrict the trade in gold bullion to stabilise the gold market, check hoarding and speculation, and minimise the influence of the gold market on monetary policy.

The decree, submitted to Prime Minister Nguyen Tan Dung for approval, focuses on seven measures to closely monitor the gold market while still ensuring people's rights to keep and trade bullion.

Five banks to trade gold bars to ‘stabilise market'

Asia Commercial Bank, Techcombank, Eximbank, Sacombank and DongA Bank have been authorised alongside Sai Gon Jewelry Co (SJC) to trade in gold bars at quoted global prices in an effort to stabilise the chaotic domestic market for gold.

Bank may allow more gold imports

Nguyen Van Binh, governor of the State Bank of Vietnam, announced on Aug. 24 that he will allow more bullion imports if necessary to stabilise the over-heated domestic gold market and to keep prices stable.

Gold trading floor plan cops flak

The Vietnam Association of Financial Investors (VAFI) has called on the State Bank of Vietnam to scrap plans on establishing a national gold trading floor as it would not bring any benefit to the economy.

Gold traders decry new export tax rate

The Vietnam Gold Traders Association has asked the Ministry of Finance to reduce the export tax on gold and gold jewelry from 10 percent to zero, arguing that the tax was contributing to the nation's growing trade deficit.

Speculators cause domestic gold hike

The price of gold on the local market has risen due to possible speculation rather than a supply shortage, according to Nguyen Van Giau, governor of the State Bank of Vietnam (SBV).

Businesses speed up gold bar trading abroad

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.