The State Bank of Vietnam (SBV) is likely to be the sole gold exporter of Vietnam, Thoi Bao Kinh Te Sai Gon newspaper quoted Nguyen Van Binh, the SBV new governor, as saying.
Another solution is that the SBV may designate relevant agencies or credit institutions to conduct the trading on its behalf, said Binh, adding that the central bank is working on the draft law.
Those meeting SBV’s norms will be chosen to buy and export gold collected from the public, he said.
The development of a comprehensive and flexible legal framework for gold trading management is well under way with a view to ensure controllable market-based operations, he added.
Appropriate rules of exporting and importing material gold will come soon, so will regulations on gold prices.
In the meantime, he suggested that gold import and export should be viewed normal businesses of the economy.
Without the new law, jewelry items that has more than 80 percent gold content has been levied a 10 percent export tax under the Ministry of Finance's new regulation so as to deter material gold export.