The Vietnam Gold Trading Association (VGTA) has proposed the establishment of a national gold exchange in Hanoi or Ho Chi Minh City. Vietnam Gold Trading Association has proposed the establishment of a national gold exchange. The move aims to create a link between domestic gold prices and international gold prices, the VGTA said. This will help eliminate illegal gold trading floors, increase the mobilisation of gold from the people, reduce cash transactions and prevent tax losses to the State. At a recent VGTA Executive Board meeting, the association made other recommendations to renew legal policies as well as management mechanisms for the gold industry. It proposed that the Government and the National Assembly remove gold jewellery and fine arts production from the list of conditional business lines, as well as to consider licencing certificates for gold businesses, allowing them to import gold material to ensure they have enough raw materials for production. According to the VGTA, many provisions in Decree 24/2012/NĐ-CP on gold trade management are no longer suitable today as Vietnam's gold market has basically stabilised. A number of new laws on investment and business were enacted in the direction of international integration since the decree was created almost… Read full this story
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