Vietnam Needs 60 Tons of Gold This Year

Vietnam’s demand for gold nuggets is estimated at some 60 tons this year, up 20 per cent against last year. Bar gold will account for over 60 per cent of the total.

 

The association predicted that gold prices in the Vietnamese market will remain high this year due to increasingly high world prices of the precious metal. The world gold price is likely to reach US$700 per oz some time in 2007, the association said.

 

Last year, Vietnam imported some 50 tons of gold, and the local output was 55 tons. As such, more than 30 tons of gold were used for making bar gold for savings.

 

Currently, five enterprises specialize in producing and trading bar gold in Vietnam, including SJC gold, AAA (produced by Agribank’s Gold, Silver and Gemstone Company), Phu Nhuan, Ngoc Tham Gold, and Bao Tin Minh Chau. SJC’s gold now accounts for 70 per cent of the market share.

 

(Labour)