High profits and demand for gold trading have prompted four banks and a jewelry company to open five new gold trading floors in Ha Noi and in Ho Chi Minh City in the next three months, according to the Viet Nam Gold Trading Association.
The floors are expected to become big rivals of the two operating ones in the two capitals run by the HCMC-based Asia Commercial Bank (ACB).
Dinh Nho Bang, general secretary of the gold association, said they would improve real-time trading, transparency and technology. He added that they would reduce trading fees to attract business.
The vice director of the foreign exchange department at the State Bank of Viet Nam, Phi Dang Minh, said transparency in listing and trading was very important.
However, he noted there were no specific regulations to regulate gold trading accounts, which could harm traders if problems arose.
Later this month, he and representatives from commercial banks plan to go abroad to gain more experience.
Those interested in starting gold bourses are Eximbank, VietA Bank, Sacombank, and the Phu Quy Jewelry Co.
Trading gold on ACB’s gold floors is an example, with daily trade of up to 420,000 gold taels worth VND8 trillion (about US$500 million). ACB gets 4,000 VND per trading tael. With over 2 million traders, ACB could gain VND1.6-1.8 billion (US$100,000-112,500) per day.