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Wednesday, 23rd August 2006 (4626 views)

A new deal for several commercial banks and gold companies in Vietnam will allow them to trade gold on account, rather than the traditional methods of trading in kind, VietnamNet Bridge reports.

The State Bank of Vietnam (SBV) has given its approval to the move, which will make trading in the precious metal easier and less cumbersome than it has been previously.

In total, five commercial banks, including Eximbank, Asia Commercial and Phuong Dong, and three gold companies have been given permission to make the step from practical dealings in gold to the new accounts system.

Analysts say the move will improve the profit-making ability of the gold and precious metals trading sector in Vietnam and will allow the institutions to attract more business, particularly from abroad.

Although individual investors still prefer to purchase actual gold, banks and corporations around the world have moved towards the more theoretical buying and selling of the yellow metal to make trading more fluid.

 

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