Vietnam Reports US$24B Gold Funds So Far: Analysts
Vietnam, one of the world’s biggest gold importers, is estimated to have about 800 tons of gold valued at US$24 billion, which are being kept among Vietnamese people, according to a CEO of Phu Nhuan Jewelry Co. (PNJ).
Of that figure, 500 tons are legally imported and the remainder is bought illegally, Ms Cao Thi Ngoc Dung, CEO of PNJ said.
Meanwhile, Saigon Jewelry Joint Stock Co. (SJC) also estimated that approx 11.7 million gold bars, or 450 tons of gold have been traded at the domestic market and 200 tons of which are used for jewelry need.
Vietnamese people have a long-lasting habit of keeping gold.
In the first quarter this year, Vietnam is estimated to have exported US$2.3 billion of gemstones and gold, up 4,883.2 per cent on year, which helped result in a trade surplus of US$1.647 billion, the second time since 1992.
Vietnam has more than 10 gold exchanges, and recently the State Securities Commission has banned all securities to open new gold order-receiving agents.
The State Bank of Vietnam, the country’s central bank, said that the Southeast Asian country has a total forex reserve of nearly US$40 billion, a trade surplus of US$1.647 billion. (Youth)
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