A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
During January-March period, Singaporeans bought 2.5 tonnes of gold bullion, a 35% increase compared with the same period last year – the biggest year-on-year jump since 2010.
Indonesia is ready to set up bullion banks after developing its capability to produce gold bars domestically, according to Minister of State-Owned Enterprises (SOEs) Erick Thohir.
The State Bank of Vietnam (SBV) said that it has directed its branches in provinces and cities to closely monitor the developments of the local gold market, and at gold trading locations, and report to the central bank any case where people queue to buy gold.
The State Bank of Vietnam (SBV) has announced the fifth auction of SJC gold bullions on May 14, with bidding condition changes compared to the latest session.
Permanent Vice Chairman of the National Assembly (NA) Tran Thanh Man on May 13 voiced concern over skyrocketing gold prices, asking the Government to quickly review market management measures to narrow the wide gap between domestic and global prices.
The State Bank of Vietnam will auction an additional 16,800 taels of SJC-branded gold bars to businesses at 9am on May 3, it said in a statement released on May 2.
The State Bank of Vietnam announced on April 22 that it has cancelled the auction of SJC-branded gold bars, which had been set for 10am the same day, as there are not enough businesses registering to join the auction and transferring deposits in accordance with regulations.
The State does not encourage the trading of gold bars, protect their prices, nor accept too large differences between domestic and global gold prices, and between SJC and other types of gold bars, said Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.
The gold prices of two Vietnamese gold bars on February 12 saw significant increases of from 70,000 VND (3.07 USD) to 110,000 VND per tael, in line with the global trend.
The government has issued Decree No. 94/2017/ND-CP declaring the State will hold the monopoly in the production and trading of 20 goods and services as from October 1 this year.
The domestic gold market did not show much fluctuations on June 15 after the Fed raised its prime rates, with gold prices moving around the mark 36 million VND a tael (37.5 grammes).
Vietnam's gold consumption in the second quarter reached 14.5 tonnes, down 23 percent in comparison with the first quarter, according to the World Gold Council.
