Gold trading floors to be shut down

This undated file photo shows the VTG gold trading floor run by Ho Chi Minh City-based Vang The Gioi Company (Photo: Tuoi Tre)
All gold trading transactions through domestic accounts and on gold trading floors must be terminated within 90 days from December 30, according to a recent directive by Prime Minister Nguyen Tan Dung.

The directive was released by the Government’s Office on December 30.

Accordingly, all gold trading floors nationwide will have to stop operations in any form by March 30, 2010 at the latest.

The Prime Minister ordered the State Bank of Vietnam to review all current regulations on gold trading management and provide proposals for the Government to promulgate a new decree on gold trading.

Mr. Dung also ordered the central bank to immediately abolish its Decision No. 3/2006 issued in January 2006, which governs gold trading through overseas accounts.
 
Vietnam currently has around 20 gold trading floors.

By P. Thao – Translated by Quang Hung

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