The residents in Nhat Tan hamlet of Yen Lap commune in Chiem Hoa district have sworn that they will never settle on the land near the gold placer areas, because they well understand the tragedies gold digger and their families have to suffer. The residents in Chiem Hoa district avoid living near gold placer areas Running away from gold Houses got devastated, family members got separated – this is the current problem of many local households. Realizing the tragedy of the gold rush, they have been trying to run away from gold, but the grief and suffering still have been clinging to the victims of the spontaneous gold rush movement. In 1980s, the Coc Tay Hamlet of Yen Lap commune in Chiem Hoa district was the destination point of many people who dreamed of finding gold to become rich. People from every corner in the country flocked there to look for gold. Just after some years, the cross-valleys got disappeared, while the soil for growing maize was turned over by … [Read more...] about Tuyen Quang, where the people die because of gold
HA NOI (Biz Hub) — The world gold prices fell to their lowest level since April 2010, while the local gold prices hit their 10-month low in Viet Nam on November 6.On the global gold trading floor kitco.com, gold prices fell by $1.7 per ounce to stand at $1,138.3 per ounce or $1,371 per tael.According to reuters.com, gold languished because investors dumped the safe-haven metal as the dollar and equities gained strength. The markets now fear that the yellow metal will hit $1,000 an ounce. A sharp sell-off in gold began last Friday, when the metal fell through the $1,180 level. It was the lowest the precious metal had fallen to since last year's 28-per-cent plunge.Meanwhile, in Ha Noi, each tael of the state-owned brand SJC lost VND400,000 (US$19.04) and was sold at VND34.92 million ($1,662) at Doji Gold and Gems Group. One tael is equivalent to 1.205 ounces.Thus, each tael of gold in Viet Nam was priced $291 higher than that in the world market.Globally, the US dollar rose to a … [Read more...] about Gold price declines as dollar surges
The State Bank of Viet Nam has said no to the Viet Nam Gold Trading Association (VGTA)'s proposal to mobilise privately owned gold.An anonymous SBV official told Saigon Times Daily that it would be very risky in terms of the price movements it might cause, claiming there has been no precedent by any government in the world in this regard.One of the VGTA's most important suggestions was that the central bank and Ministry of Finance should soon set up a national transaction floor for physical gold.Since the Government issued Decree 24 on management of gold trading in 2012, which enables the central bank to directly intervene in the local gold market, the market has become very stable while the number of gold traders decreased sharply from 12,000 units then to 38 now.Under the decree, bullion trading is only permitted by gold firms and credit institutions licensed by the central bank.To be licensed, however, a firm must have chartered capital of at least VND100 billion (US$4.8 million), … [Read more...] about How to mobilise public gold for development?
Though the extent of the housing market recovery is not very clear, a lot of money has started flowing into the sector, clearly accelerating the revival. — VNA/VNS Photo Tuan Anh Compiled by Thien Ly Though the extent of the housing market recovery is not very clear, a lot of money has started flowing into the sector, clearly accelerating the revival. The market is now seeing cash flow in from at least five sources and at an increasing rate. The first source is the banking sector. As of September banks' outstanding loans to the property sector had grown by 10.8 per cent this year. The banking sector's overall credit growth has only been around 7 per cent. Some VND3.2 trillion (US$152 million) of the VND30-trillion($1.42 billion) preferential housing credit package has been disbursed. Lending is expected to increase further as many banks are continuing to announce ever more attractive loans. HDBank recently offered loans at zero interest for the first 12 months … [Read more...] about Fresh funds breathe life into housing market
(VNS) In March the gold bullion market has seen some important policy changes that allow the central bank to strongly intervene to stabilise it and enlarge the country's reserves.On March 4 the Government allowed the State Bank of Viet Nam to trade gold bars.This is expected to help protect gold investors and consumers and narrowing the gap between domestic and global prices, helping stabilise the market in the long run.One mode of intervention is by pumping large volumes of its gold bars through auctions into the domestic market to redress the imbalance between supply and demand.Through the auction, the central bank can adjust the prices of bullion, bringing domestic gold prices down closer to global prices.The SBV decided to conduct a trial auction with the participation of banks and gold trading businesses to ensure that the mechanism can be run smoothly.On March 5 it placed at which 52,000 gold bars under the hammer with a reserve price of VND43.65 million per tael.The SBV is set … [Read more...] about Can SBV intervention help gold trade?
HCM CITY ( Biz Hub) — House hunters purchasing a unit at Dragon Parc or Dragon Hill Residence and Suites will get one year of unlimited free SkyBoss Class flights for two persons on Vietjet flights.The offer is part of a special promotional programme - "Settle down on Dragon land and get VIP priority" - launched by Vietjet and Phu Long Real Estate Company. The offer is valid from now until September 25, 2015.The offer is applicable on every payment of at least 20 per cent of a Dragon Parc's total value, or at least 50 per cent of a Dragon Hill Residence and Suites' total value (for 104sq.m., 117sq.m., and 122sq.m. units), and buyers will be able to fly in style with Vietjet's SkyBoss on any one of the airline's domestic flights or international routes linking Viet Nam and cities in Thailand, Singapore, Taiwan, and South Korea.In addition, Dragon Parc buyers will also be rewarded with two ounces of gold from Saigon Jewelry Co plus a holiday for two in a five-star resort.Flying on … [Read more...] about Buy Phu Long houses and fly with Vietjet
Thuy said he hopes his book will help young readers clearly picture life in the islands, and consequently develop a love for the nation's sacred land. The other Golden Prize winners include the National Political Publishing House's History of Southern War Resistance, the Social Science Publishing House's Vietnamese - English Dictionary, the Medical Publishing House's Coronary Artery Intervention in Clinical Practice and the Education Publishing House's Biology Book Glossary. The eighth Vietnam Book Awards drew about 270 books from the country's 35 publishing houses to compete for the golden prize in the two categories of best book and best cover. The Best Cover Awards went to the Kim Dong Publishing House's Those Whose Names Are Young Forever and Animals – Childhood Friends, the Tre Publishing House's Trinh Cong Son – Love Letter to Friend, the Vietnam Education Publishing House's Vietnamese version of Biology and the HCM City Culture, Literature and Arts Publishing … [Read more...] about Book on islands wins gold prize
HA NOI (VNS)— Viet Nam Association of Financial Investors (Vafi) proposed to offer preferential interest rate of 7 per cent per year to home buyers with a property of less than VND2 billion (US$95,240) in the first three years. This was among five Vafi's recent proposals to the Government to help revive the dosmestic real estate market. Accordingly, the Goverment would spend VND8 trillion to compensate interest rate subsid-ising during 2013-15 period. Vafi estimated that the move, similar to the Government's demand stimulus package worth USD $1 billion in 2008, might help attract investment of VND120 trillion, equal to 120,000 apartments while helping clear building material inventories. The Vafi also said it's time for Viet Nam to build a relocation housing fund of cheap price and high quality for the 2013-20 period when real estate saw strong decrease in the prices by 30-60 per cent. The fund needed 25,000 appartments to meet the relocation demand of big cities and the … [Read more...] about Low-rate plan to clear house stocks
HA NOI — Viet Nam and Laos signed a gold exploration contract in Vientiane yesterday, Viet Nam News Agency's correspondent in Laos has reported. The contract was signed by Lao Deputy Minister of Planning and Investment Bounthavi Sisouphanthong and representative of Global South Joint Stock company Cu Thanh Tien. The gold exploration will be carried out in an area of 24 square kilometres in Xangthong district, Vientiane city. At the signing ceremony, Tien said the company would use modern equipment, a team of experts and highly skilled workers. He added that the company would do its best to protect the environment of the district and would recruit local people to work for the company. To mark the occasion, the mining company donated US$40,000 to build five charity houses for Lao war veterans.-VNS … [Read more...] about VN, Laos sign gold mining deal
illustration photo For many years now, we've trusted in gold. We consider it a safe, stable way of saving our money and accumulating wealth. Gold is viewed as the guarantor of our rainy day funds. That explains why at weddings, many brides are given gold from their inlaws, considering it a safeguard for her happiness. When people buy houses or sell their land, they often exchange "word-of-mouth" prices using estimations based on the price of gold. But this also means when the price of gold drops, so do tears. Dao Thuy, a resident of Nghia Tan Ward in Cau Giay District, said she and her co-workers agreed to buy several taels when the price dropped to VND43 million per tael in June (about US$2,009). Now, it has dropped to around VND37 million ($1,800) per tael, and they've watched their money vanish into thin air. Tuan Anh from Gia Lam District also bought 15 taels for VND41.5 million a piece, but at the current price, he could loose as much as VND100 million (nearly $5,000), a sum Tuan … [Read more...] about Is gold still a safe place for Vietnamese wealth?