Sacombank to start $19 mln gold company in July
Saigon Thuong Tin Commercial Joint- Stock Bank, Vietnam’s second-biggest publicly traded bank, plans to start operating a VND300 billion (US$19 million) gold and gem company in July.
The Ho Chi Minh City-based company will trade in gold, according to a release Monday on the bank’s website.
Sacombank is also involved in setting up a gold exchange in Ho Chi Minh City, Chairman Dang Van Thanh said in the statement.
Gold exchanges have already been established in Hanoi and in Ho Chi Minh City, Vietnam’s financial hub.
Sacombank reported first-quarter pretax profit of VND435 billion ($27 million), a year-on-year increase of 44 percent.
Thanhnien
> ACB may sell first overseas bonds (22/04/2008)
> Gov’t money at state owned banks: VND52tril or VND30tril? (22/04/2008)
> Ceiling scrap may create new deposit war (22/04/2008)
> Tightening monetary policies, but pumping capital into rural areas (22/04/2008)
> Time to return to hoarding gold (22/04/2008)
> Vietnam Tax Consultancy Association established (21/04/2008)
> Interest rates down, money not flowing to banks anymore (21/04/2008)
> Dong A Bank leads in money transfer service (21/04/2008)
> How to prevent speculation and unreasonable price rises (21/04/2008)
> Vietnam inflation may quicken until mid-year (21/04/2008)