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Vietnam expected to start allowing private companies to import gold again
By Ashitha Shivaprasad and Brijesh Patel
Reuters
Tuesday, June 11, 2024
SINGAPORE -- Vietnam is expected to allow companies to import gold for the first time in over a decade, as it aims to bridge the widening gap between local prices and international benchmarks, an industry official told Reuters.
The Vietnam Gold Traders Association has been in protracted talks with the government over measures to correct the imbalance in supply and demand of gold, Huynh Trung Khanh, the association's vice chair said.
Vietnam's government took virtually full control of imports and local bullion sales in 2012, with certain large companies allowed to import provided they repurposed it as jewellery for exports.
"The government said they will start official gold imports by July or August. We hope that by July they will allow gold companies to import directly," Khanh said on the sidelines of the Asia Pacific Precious Metals conference.
The traders association expects the proposed change to kick in as early as next month. It would mark a significant departure from the current policy, under which the central bank tightly controls imports.
The State Bank of Vietnam did not immediately respond to a request seeking comment. ...
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