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Securities companies report high profit from gold transaction fees
The attractive profit from gold transaction fees has prompted more and more securities companies to serve as the order receiving agents for gold trading floors.
The average transaction volume of the gold trading floor under the Asia Commercial Bank is some 300,000 taels per day, while the highest trading volume once reached 600,000 taels a day.
The Vietnam Gold Trading Centre has reported the average trading volume of between 200,000-250,000 taels a day.
Other gold trading floors have the average trading volume of 100,000 taels per day, including Phuong Nam (belonging to Phuong Nam Bank), Sacombank-SBJ, and Viet A (belonging to Viet A Bank).
The order placement fee set by gold trading floors is VND 2,000 per tael (investors have to pay VND 2,000/tael in fees when they place orders, both sales and purchases). As such, gold trading floors can collect VND 4,000 per every tael traded. The fees alone can bring one billion VND to trading floors every day. The attractive profit has prompted gold trading floors to open the operation scale.
It was established just four months ago, but VGB’s network of order receiving agents has been covering a large area, from Mong Cai to An Giang.
As the stock market remains gloomy and the gold market has been prosperous, a lot of securities companies have become the order receiving agents for gold trading floors, including Indochina, Gia Quyen, Viet Quoc, and MHB. In fact, it does not take much time and money of securities companies to serve as order receiving agents for gold trading floors. The companies already have their large operation network and good labour force which they can use for the new business.
Sacombank-SBJ gold trading centre has signed a cooperation agreement with SBS Securities Company to open order receiving agents at SBS. Meanwhile, the Phuong Nam gold trading centre is receiving orders via the transaction points of Phuong Nam Joint Stock Bank.
Meanwhile, the clients of ACB’s gold trading centre not only can place orders at ACB’s transaction points, but also place orders online. Nguyen Duc Thai Han, Deputy General Director of ACB, said that the online orders account for 50% of total transactions.
Huynh Anh Tuan, General Director of SJC Securities Company, said that a lot of securities investors have become gold surfing investors. Therefore, the company has decided to open gold order receiving agents which will bring more money to the company.
Nguyen Thanh Nam, General Director of Viet Quoc Securities Company, said that the income from the job of order receiving orders is expected to account for 20% of the profit of the company in this year.
Lam Minh Chanh, General Director of Indochina Securities Company, admitted that the income from the job of order receiving agent is higher by between 5-6 times than the income from the job of securities brokerage.
It is estimated that the agents for VGB which have high trading volume can collect between VND 200-300 million a month.
Tran Thanh Hai, General Director of VGB, said that gold proves to be the biggest choice of investors nowadays, while both the real estate and stock markets remain gloomy. Hai said that VGB is planning to improve the quality of the agent network.
The State Securities Commission (SSC) has released a document, requesting that securities companies report about the job as order receiving agents for gold trading centres prior to March 27.
The securities companies which have not become the order receiving agents for gold trading floors, are not be allowed to take this job until the state management agencies release documents on the issue.
VietNamNet, TP
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