The Ho Chi Minh City People’s Committee recently proposed that the State Bank of Viet Nam allow the Saigon Jewelry Company to import more than 10 tons of gold to meet the market demand.
The Ho Chi Minh City-based leading gold enterprise, Sai Gon Jewelry Company (SJC), has imported 12 tons of material gold for gold bar processing since the beginning of this year.
According to the city’s People’s Committee, the proposal to import more gold aims to stabilize the domestic market and meet the soaring demand for gold bar.
Another local gold enterprise, the Ho Chi Minh City Gold, Silver and Gemstone Company, also sought the license from the central bank to import 50 kilograms of Switzerland-standardized gold.
Previously, the Southern Commercial Joint Stock Bank obtained permission from the State Bank of Viet Nam to import 1,000 kilograms of unrefined gold.
According to experts, gold demand has risen more than 30% annually and the extra imports are expected to be enough to match the Vietnamese customers’ needs in the traditionally strong time for gold towards the end of the year.