Banking-finance

Establishment of national gold trading floor proposed

SGGP
The Vietnam Gold Trading Association (VGTA) informed that it would petition the Government and the National Assembly to set up a national gold trading floor, which could be first trialed in Hanoi and Ho Chi Minh City.
According to VGTA, the establishment of the national gold trading floor is to create the link between the domestic and international gold prices. This will help to eliminate illegal gold trading floors, increase the mobilization of gold from local people, reduce cash transactions, and prevent tax losses for the State.

VGTA will also propose some solutions to renew the legal policy, as well as the management mechanism for the gold industry. Specifically, VGTA will propose removing the gold jewelry manufacturing and handicraft industry from the list of conditional business lines. Along with that, authorities should consider licensing the import of gold material for jewelry manufacturers to have enough raw materials for production.

For gold bars, besides SJC gold, VGTA asks the State Bank of Vietnam to consider licensing a few more reputable gold bar brands that are qualified for circulation in the market to create fair and equal competition for gold bars. This is also the solution to ensure the best interests of people when buying gold.

By Minh Huy – Translated by Thuy Doan

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