Thursday,  May 13, 2021,23:31 (GMT+7) 0 0
VGTA seeks to establish national gold exchange
The Saigon Times
Thursday,  Apr 29, 2021,18:39 (GMT+7)

VGTA seeks to establish national gold exchange

The Saigon Times

A customer buys gold at a jewelry shop in HCMC. The Vietnam Gold Trading Association said that it would propose the Government and the National Assembly establish the national gold exchange – PHOTO: THANH HOA

HCMC – The Vietnam Gold Trading Association (VGTA) will propose the Government and the National Assembly establish the national gold exchange to create connectivity between global and local gold prices.

The association also proposed piloting the exchange in Hanoi City or HCMC in the initial period, Sai Gon Giai Phong Online reported.

The establishment is expected to eliminate illegal gold trading activities and raise gold mobilization from residents and reduce cash transactions, according to the association.

VGTA will also propose replacing some regulations on the management of gold trading activities.

Apart from suggesting granting licenses to firms for bullion imports, the association also planned to propose keeping the gold and jewelry manufacturing sector out of the list of conditional business sectors.

As for gold bars, in addition to SJC gold, VGTA proposed the State Bank of Vietnam consider issuing licenses to other eligible gold bar brands to trade the item to create fairness and equality in the local gold bar market, ensuring the best interests of and benefits to gold buyers.

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