As of December 30, 2009, all gold trading floors and transactions in Vietnam must be terminated within 90 days.

A gold trading floor.

Document 369/TB-VPCP issued by the Prime Minister said all gold trading activities must be terminated before March 30, 2010.

Gold jewelry trading will be allowed to continue operations in order to meet the social demands. All activity must obey the regulations, State Bank and the People’s Committee at provincial levels which will manage and issue detailed instructions.

The Premier also requests that the Governor of the State Bank lift regulations on gold trading through overseas accounts under the Decision 3/2006/QD-NHNN dated January 18, 2006.

In order to better manage gold trading, the central bank will be responsible for rechecking all existing regulations then report to the government who will issue a new decree on gold management under which the State Bank will be responsible for managing this special product.

As known, there are about 20 gold trading floors nationwide organised by 4 formats: (1) established by commercial banks and investors open accounts in those banks such as Asia Commercial Bank, Phuong Nam, Sacombank, Viet A etc…; (2) established by organizations, individuals and investors contributed capital in accounts of those companies opened the floors such as Wall Streets, Asia, 24K etc… (3) established and contributed capital by organisations, banks and investors open accounts in those banks such as VinaV Joint Stock Company. (4) local companies act as a go-between and investors do business directly with international suppliers such as Kim Thieu, Kim Minh Dat etc…