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PrimCentral bank allowed to intervene in gold markete Minister Nguyen Tan Dung has signed an order allowing the State Bank of Vietnam (SBV) to trade in the local gold market in its efforts to align the local and global gold prices.
According to the PM’s directive, the SBV can purchase gold bullion in the market to add to the State foreign reserves.

This move is one further step to address the gold price in the local market, bringing it into alignment with the global price.

Last month, the SBV and the Saigon Jewellery Company (SJC) entered into an agreement, under which the SJC will make the gold bars bearing the SJC brand, the only brand eligible for trading in the market.

Earlier in 2012, the Government decreed that the SBV would hold a monopoly on gold bar production and also that only authorised dealers can trade the precious gold metal.

(Nhan Dan)

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