“Gold buyers should set their mind at rest, in order not to be affected by false rumors, and avoid unexpected damages,” said Nguyen Quang Huy, head of the central bank’s Foreign Exchange Management Department.
Gold producers other than Saigon Jewelry Co and members of the public possessing non-SJC gold bars have been expressing concerns these days over the Government Decree No 24 , which set a new law on gold management.
The decree, set to take effect on May 25, stipulates that only state monopolies are eligible to produce gold bars, export gold and import raw material to produce gold bars.
But it fails to provide a clear roadmap or regulations for the conversion of non-SJC gold bullions into the state brand (currently SJC but this will be changed into SBV when the decree takes affect).
Hence, the public demands to be informed of an exchange mechanism on how to switch the gold bullion of other brands into that of Saigon Jewelry Co.
In response, Huy said it is stipulated that enterprises and credit institutions have six months from the effective date of the circular to complete business registration with appropriate agencies and the central bank to continue gold trading.
“Hence, they can continue to trade in gold bullion as normal during those six months,” explained Huy.