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Monday, 21st May 2007 (4584 views)

Vietnam's first gold exchange is set to be launched at the end of this month comprising of various banks and gold enterprises.

Open five days a week from 09:00 to 11:00 and then 13:00 to 14:00 local time, the bourse will be made up of a maximum of 12 members and will seek to address the rising demand for gold in the Asian country.

The Ho Chi Minh gold trading centre will initially see trading restricted to just Vietnamese investors and for them to take advantage of the new bourse, they must part with a deposit which accounts for ten per cent of the value of their transaction.

Earlier this month, the Saigon Jewellery Holding Company reached terms with Vietnam's biggest banks, Sacombank, Asia Commercial Bank, the Vietnam Export-Import Joint Stock Commercial Bank and the Sai Gon Commercial Bank.

According to the country's Thanh Nien Daily newspaper, Nguyen Thanh Truc, deputy chairman of the Vietnam Association of Gold Trading, has explained that the gold market in Vietnam is currently proving to be unpredictable.

 

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