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As gold smuggling runs rampant, Vietnam looks for ways to tame market
By Nguyen Dieu Tu Uyen
Bloomberg News
via South China Morning Post, Hong Kong
Sunday, April 7, 2024
Stabilising the gold market is a pressing issue for the Vietnamese government with smugglers taking advantage of higher local prices to slip in the precious metal, leading to exchange rate distortions and weakness in the dong that's hurting the economy.
... Dispatch continues below ...
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Prime Minister Pham Minh Chinh and members of the National Financial and Monetary Policy Advisory Council are among top authorities who have been urging for solutions in recent months. The price gap of the metal locally over the international rate must be narrowed "to avoid adverse developments," Chinh said last week as he ordered the central bank to step up measures to calm the market.
Vietnam's gold imports were about 55.5 tonnes last year, compared with 39.8 tonnes in 2020, according to the data from the World Gold Council.
People familiar with the domestic gold market and its regulations said the increase is predominantly via illegal channels as Vietnam has strict rules on the metal's imports. They asked not to be identified because of the sensitivity of the matter. ...
... For the remainder of the report:
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