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Friday, 19th August 2005 (4063 views)

Vietnamese gold traders will be allowed to export gold after a State Bank of Vietnam (SBV) ruling.<br/><br/>Previously gold exports were banned but the change in policy comes to help stabilise local gold prices and to aid private owners of gold.<br/><br/>The changes were announced after a meeting organised by the Vietnam Trading Association and the World Gold Council earlier this month.<br/><br/>Vietnam does not mine gold and so must import all of its gold.<br/><br/>Further changes to the gold industry in Vietnam have been called for by jewellers who have suggested that gold bullion import duty is reduced by half a per cent.<br/><br/>If this occurred then Vietnamese jewellery would become more competitively priced as the rate currently stands at one per cent.<br/><br/>In 2004 it was estimated that Vietnam held reserves of foreign exchange gold worth $6.357 billion.<br/><br/><br/><img alt="track" src='http://feeds.directnews.org.uk/feedtrack/dn.gif?feedid=196&itemid=15026954'/>© Adfero Ltd

 

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