Criticizing the move, Vietnam Gold Business Association said gold bullion trading is a transaction between gold traders and members of the public, but the central bank has intervened too much.
HANOI(BullionStreet): A year after Vietnam announced SJC as state gold brand, country's country's central bank, the SBV issued a decree declaring all other gold bullion as illegal and not eligible for transactions.
According to the decree only one-tael SJC gold bullion of 99.99 percent purity is eligible for transactions.
The new decree has created a panic among public as they fear market may soon only accept amounts of 1 tael (37.5 grams).
But gold holders say they are afraid of being forced to sell their precious metal at low prices due to their light weights.
Last year SJC was selected as a state gold brand name under the SBV’s bid to better control the market.
Saigon Jewelry Co currently produces as many as seven different ..