Vietnam exposes to not only dollarization but also serious “goldization” as Vietnam’s gold reserve in 2009 is equivalent to 50% of Vietnam’s GDP at that time while those at the four biggest gold consumers in the world range from 1.8% to 2% GDP. This may have negative impact on the monetary policy’s effectiveness and stability of domestic macroeconomics in the medium term, said Le Xuan Nghia, Vice Chairman of Vietnam Financial National... 

The State Bank of Viet Nam is expected to issue regulations this week to tighten controls on gold transactions and ease the pressure that rising gold prices have placed on the foreign exchange market. The spike in gold prices is believed to have contributed to the overheating of the US dollar on the black market in recent weeks. The State Bank is reportedly considering forbidding commercial banks from converting their gold deposits into dong for... 

The upward trend of the gold prices has been continuing over the past many days. Meanwhile, experts have warned that the price escalation will have bad impacts on the national economy. Backed by the strong recovery of the gold prices in Asian market, the gold price in the morning of Oct. 25 increased by 150,000 dong per tael in comparison with late last week. At 9:30 am, the domestic bar gold price reached 32.9-33 million dong per tael (purchase... 

Gold prices in Vietnam regained VND100,000 last weekend to VND32.8million/tael and the bankers expect the gold prices not to fall much “imbalance of supply-demand”, the local Saigon Giai phong Online newspaper reported October 25. Vietnam has exported over 70 tons of gold, imported only 9 tons year-to-date, while local gold shops sold gold 2-3 times more than they bought, causing a shrink of gold in circulation, the newswire cited. As a result,... 

Local gold prices on October 22 slid VND300,000 to VND32.75million-VND32.8million while world gold prices bounced on bargain hunting. Dollar prices eased to VND20,010 in the free market. At 9:05 a.m., Ho Chi Minh’s SJC bullion was listed at VND32.75million/tael and VND32.82million/tael for bid and ask, respectively. Bid and ask of Phu Quy’s SJC in Hanoi was listed at VND32.75million/tael and VND32.8 5million/tael, respectively. Bid and ask... 

Local gold prices on October 20 morning slid VND500,000 off the all-time high to VND32.8million-VND32.9million, while dollar prices extended its rising momentum to VND20,050 in the free market. At 9:05 a.m., Ho Chi Minh’s SJC bullion was listed at VND32.8million/tael and VND32.9million/tael for bid and ask, respectively, down VND70,000/tael from opening prices. Bid and ask of Phu Quy’s SJC in Hanoi was listed at VND32.83million/tael and VND32.95million/tael,...