The State Bank of Vietnam (SBV) has finished quantifying non-SJC bullion on the market, the central bank said in a meeting with the Saigon Jewellery Company Limited (SJC), the local online newspaper Tuoi Tre (“Youth”) reported May 11.
Yet, the conversion of non-SJC gold will be carefully implemented to avoid some units taking the advantage to legalise smuggled gold.
The central bank also voiced to soon have a plan to deal with deformed SJC bullion, according to Le Hung Dung, Chair of the SJC.
Earlier, the SJC was reported to have bought back about 1,000 deformed gold taels in waiting for the central bank’s approval to re-swage them. The firm started the buyback on June 6 and charged VND50,000/tael for processing fee.