|
Experts urge liberalisation of gold trading
Liberalisation will help Viet Nam’s gold market develop and integrate into the global market, experts told a seminar in HCM City yesterday.
Speaking at the "Gold Trading Floor – from Global Practices to the Vietnam Realm" conference held by the Doanh Chu Company, Huynh Trung Khanh, the World Gold Council’s advisor in Viet Nam, said the Government should scrap the gold import quota.
"Gold trading companies must be allowed to register their yearly imports rather than receiving a quota," he said.
He went further and urged the Government to allow conditional export of the yellow metal.
Allowing companies and individuals to open conditional accounts overseas would also boost the gold market, he said.
The State Bank of Viet Nam should issue regulations for operating gold exchanges, Khanh said. Though there is only one such exchange run by the Asia Commercial Bank now, more are expected to open this year.
Khanh also called for strengthening links with the global gold market via international gold banks.
Risk prevention tools should be available at gold exchanges — such as options and forward trading – he added.
Demand for the precious metal has been increasing in Viet Nam, reaching 43 tonnes in the first quarter, or 57 per cent of total demand last year.
At the seminar, other experts from the World Gold Council and the UK’s Standard Bank spoke about various gold trading models including over-the-counter, futures, and physical exchanges.
VNS
|
