Gold Price and Market Developments: Vietnam Proposes New Gold Import and Lending Policies for Jewelry Industry

Vietnam’s Gold Market Proposals Aim to Support Gold Jewelry Production and Export

The Vietnam Gold Economy Association has submitted proposals to the Prime Minister. The proposals target the gold jewelry sector. They use close links between gold price, production, and market moves. Jewelry firms may import up to 50 tonnes of gold per year. Firms may also borrow gold bullion from the public at set interest rates. This plan keeps raw gold supply near production and price steps.

Import of 50 Tonnes of Gold for Jewelry Manufacturing

• Firms import raw gold from foreign sources.
• Each firm registers its plan with its commercial bank.
• Documents on imports must be sent to the bank.
• The State Bank of Vietnam and the Ministry of Industry and Trade get annual plans and reports.
• These reports watch supply, demand, and rules.

Around 50 tonnes of raw gold are planned for each year. The value is near US$5 billion. Local production and exports use the gold. Nearly half of the finished gold jewelry enters export channels. The figures bring in around US$3.5 to $4 billion in foreign exchange. Daily foreign exchange moves in the interbank market are much larger. Thus, gold import may not sway exchange rates.

Proposal to Allow Gold Borrowing from the Public

The association asks for clearer rules. Jewelers may get gold bullion from the public. They set interest rates by agreement under civil law. This change cuts legal risk. The proposal keeps internal gold supply close and stable.

Calls for Regulatory Clarification and Industry Support

The proposals ask the government to cut or fix unclear rules. The government should stop vague guidelines that force Prime Minister approval for extra gold trading. This change makes enforcement more steady. The plan makes the gold and jewelry trades operate like other business sectors. The government should drop the tariff on raw gold at import. Costs then fall for the traders. Firms can get more foreign loans for machines and tech. Finally, rules to measure value in gold jewelry must count cost clearly.

Gold Price and Market Context

Recent news shows gold prices rise no more. Global and local gold trades show price falls. The Vietnam SJC market follows suit. Investors and traders face some risks. The plan for more raw gold and easier gold moves may help gold price and trade. The changes can keep more gold for jewelry and boost gold buying interest.

Summary

Vietnam may import 50 tonnes of gold every year for jewelry and allow borrowing of gold bullion from the public. The choices aim to keep raw gold supply on hand, push exports that bring in billions in foreign currency, and clear up old rules. With falling gold prices and shifts in gold trade, these steps set changes in the local gold market. They join global flows and money market moves.

Source: Báo Đầu tư via Vietnam.vn

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