Banks race to set up gold trading floor
23-APR-2008 Intellasia | CafeF
Apr 23, 2008 - 7:00:00 AM
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There are now eight commercial banks operating in gold deposit field in Vietnamese market including Asia Commercial Joint Stock Bank (ACB), Export Import Commercial Joint Stock Bank (Eximbank), Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), Viet A Commercial Joint Stock Bank, Saigon Bank, HCM City Housing Development Bank, Southern Bank and Nam A Bank.
The daily trading turnover reaching thousands of billion dong via the ACB gold transaction floor caused the race to establish gold transaction floor among many enterprises.
Particularly, Phu Nhuan Jewellery Joint Stock Co (PNJ) and Dong A Bank are planning the setting up of International Jewellery Co (InterGold). Next, the Vietnam's leading jewellery trading firm, Saigon Jewellery Co (SJC) also in conjunction with VPBank or Vietnam Bank for Private Enterprises and Ha Thanh Securities Co will establish gold trading floor in Hanoi at the end of next month.
According to Dang Van Thanh, chief of Sacombank's director board, his bank plans to launch Sacombank Jewellery Co with a chartered capital of 300 billion dong in July so as to produce gold with the trade name of Sacombank and plans to firm up gold transaction floor in the near future.
In addition, Viet A Bank as well as the Vietnam Gold Business Association plans to set up their own gold transaction floors in the forthcoming time.
Notably, VietA Bank's strong raising the interest rate in gold deposit yesterday April 21 showed more clearly the bank's intention in opening a gold transaction floor.
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