Friday, March 18, 2011

Vietnamese Prime Minister Firm On Ending Gold Trade

Although saying gold trading will be ended gradually, unlike the crackdown on greenback trading, Vietnamese Prime Minister Nguyen Tan Dung has reaffirmed his intention to end gold trading. Holding gold will still be legal.
Existing regulations allow all Vietnamese to maintain gold holdings, according to an interview published last week on the State Bank’s website. In the interview, Nguyen Quang Huy, head of the Foreign Exchange Department, said that the government plans to gradually abolish black market gold trading. Gold holdings by the public will continue to be protected under the law, he added.

Local news website VnExpress reported that officials are drafting a decree that may limit gold bullion trade to one-way sales to the central bank.

Under the decree, the State Bank will buy gold from individuals and enterprises itself, or will appoint authorized agencies to do so....

It sounds like the Vietnamese gold shop will be the country's answer to the U.S.S.R's notorious G.U.M. shop.

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