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Posts Tagged ‘gold’

National gold exchange to be set up

In Uncategorized on January 8, 2011 at 4:25 am

Vietnam’s National Financial Supervisory Commission said it has asked the government to open an official gold exchange in 2011 to decrease the dependence of Vietnam’s economy on US dollars and restore order to the market of this precious metal.  Government officials will discuss a concrete plan for the setting up of the national exchange next week, said Le Xuan Nghia, vice chairperson of the commission.


 


He said in other countries, gold is kept in reserve centers, under the management of the central Bank. In Vietnam, the ratio of gold controlled by the ordinary people is very high. He added that the state bank should help to mobilize the capital in gold in the population, by acting as the largest controller of gold and the final buyer and seller in the gold market. “The establishment of the Gold Exchange will help investors trade in gold methodically under the risk control of the State. The exchange is also a place where managing agencies can supervise, regulate and intervene in the market,” said NFMC Vice Chairman Le Xuan Nghia.


 

Under the project, the State Bank of Vietnam will establish a joint stock company to monitor and manage the operation of the exchange and build a technical infrastructure system to manage gold trading activities. Investors will buy and sell gold under the form of certificates.  The exchange will operate like a stock exchange in both Ho Chi Minh City and Hanoi. Gold will be traded in the form of certificates.


 


The launch of the exchange will allow investors to invest in gold officially, and at the same time, help authorities manage the market, Nghia said. He also informed that the government should apply the mechanism of issuing bonds in gold, allowing commercial banks to carry out services of refunding and rediscounting gold. Besides, commercial banks can be permitted to reserve gold as a foreign currency.


 


Vietnam closed all 20 gold exchanges in the country from March. The central bank said the closure was necessary to eliminate risks posed to the national financial system. After the shutdown, however, some illegal trading floors for gold ‘popped up’. This was because many investors still wanted to trade gold using accounts despite the huge risks involved.


 


Many experts proposed that this project would help stabilize, manage and develop the gold market better, as well as promote the role of the capital source in economic development.


Before, the Bank for Investment and Development of Vietnam (BIDV) proposes this project to the Prime Minister, a national gold exchange Department should be set up.  The Gold Exchange, which will be a state funded organization, will ensure the equity in the market and avoid any unnecessary price increases that may damage our economy, said Nguyen Manh, Head of BIDV’s Capital and Capital Business Department.


 


 

Source: SGGP

Vietnamese students bag first gold medals at AUG-15

In Uncategorized on December 17, 2010 at 1:59 pm




Vietnamese students bag first gold medals at AUG-15


QĐND – Friday, December 17, 2010, 20:53 (GMT+7)

Vietnamese students won their first medals on Dec. 16 at the on-going 15th ASEAN University Games (AUG-15) in Chiangmai, Thailand.


In the first day of competition, karatedo martial artists bagged two golds in the kata (performance) events for single women and men’s team and two silvers in the same events for single men and women’s team.


Also in the day, the table-tennis team surpassed Malaysian and Myanmar rivals in the qualifying round to berth a place in the next round and the beach volleyball team defeated Singaporean team 2-nil.


The Vietnamese team with two golds and two silvers is standing first in the medal tally, while Indonesia and Laos are runners-up. The host Thailand is ranked fourth with two bronzes, followed by Malaysia.


The AUG-15 will last until Dec. 23. The Vietnamese team competes in eight out of 17 sporting events, including athletics, pencak silat, football, swimming, table tennis, Taekwondo, karatedo and beach volleyball.


Besides sports competition, the students will also join in exchanges and tours to boost the mutual understanding between students of ASEAN countries.


Source: VNA


Source: QDND

Gold deposits hit with income-tax on interest

In Uncategorized on December 16, 2010 at 2:28 pm




Gold deposits hit with income-tax on interest


QĐND – Thursday, December 16, 2010, 21:2 (GMT+7)

Holders of gold certificates issued by commercial banks are required to pay 5-percent personal income tax on interest earned by the certificates, according to a ruling by the State Bank of Vietnam aimed at reducing the level of investment in gold.


Under State Bank Circular No 22, issued in October, banks were forbidden from accepting gold deposits but could offer commercial paper in exchange for gold.


“This kind of business poses huge risks to the banking system due to unpredictable fluctuations in gold prices,” said a senior monetary policy official with the State Bank, who asked to remain anonymous.


“The development of gold deposits and lending among the non-business sector, which the State Bank does not encourage, has also increased the dollarisation of the economy,” he added.


HDBank and VietA Bank have withheld 5 percent of gold certificate interest payments since November to cover the taxes.


“Buying these certificates is seen as an investment channel and the holders have to pay 5 percent personal income tax,” said VietA general director Pham Duy Hung.


HDBank’s general director Nguyen Huu Dang said his bank had paid taxes on gold certificates for customers for years.


Other big gold traders like Eximbank, DongA Bank or ACB have not implied such new policy.


“Collecting personal income tax on gold certificate interest is reasonable. However, we are still confused about how to behave with the interest on certificates of deposit in Vietnamese dong and US dollars,” commented the deputy director of a HCM City-based bank, who asked to have his name withheld.


Current tax regulations state that all interest income on bonds or other commercial paper (except Government bonds) is taxable income.


HCM City Tax Department told Tuoi Tre (Youth) newspaper that interest from gold certificates must be taxed, but it has not yet provided commercial banks with documentary guidelines.


In a proposal sent to the State Bank of Vietnam, the General Tax Department recommended that interest on short- and long-term certificates of deposit be considered interest on savings accounts and be exempted from income tax.


An estimated 92.6 tonnes of gold, worth 4 billion USD, is currently deposited with commercial banks. If the central bank were to limit the banks’ ability to profit from these deposits, a large volume of gold would likely to be unleashed on the market, helping lower prices while easing pressures on the foreign exchange market.


Source: VNA


Source: QDND

It’s not a good time to buy gold now, experts say

In Uncategorized on December 16, 2010 at 10:04 am

Gold traders were hesitate on investing more in the precious metal as the physical gold carried high risk of losses in the last two weeks, analysts said.

(Photo:thanhniennews)

The global gold price’s trading band fluctuated in low rates last week, closing at US$1,350 per ounce. The local price meanwhile remained unchanged at VND36 million per tael.


The gap was narrowed on the fact that Vietnam’s central bank has granted more quotas to import gold by year-end, in a bid to cool domestic gold prices and interest rate jumped to 16-18 percent per annum.


Gold experts expect the global gold price will reach the resistance level of $1,424 per ounce as it closed at $1,410 per ounce last weekend.


They also recommended that gold was overbought, so investors should be cautious in restructuring their investment portfolio.


Local gold price remained around VND300,00-400,000 higher than the global one. However, the local price will likely to retreat on imported gold tax rate of zero percent, interest rate of 16 percent per year and the recover of the stock market.


Gold traders expect the global price will make corrections this month, which is the festival season at many foreign countries around the world.


Experts also predicted that the yellow metal will remain the best asset class with high profit rate in the upcoming time as the global gold price will likely to hit the level of $1,600 per ounce.


Global gold on a rise
The global gold price opened at $,353-1,357 per ounce and closed higher at $1,414 per ounce last week on a job report. Statistics showed the number of non-agriculture jobs last month increased only 39,000, much lower than the expectation of 140,000-155,000 jobs, while unemployed rate rose unexpectedly to 9.8 percent.


Gold steadied on Monday after rising nearly 2 percent in the previous session to above $1,400 an ounce, with a struggling U.S. dollar that pushed silver to its highest since early 1980 likely to spur more buying from investors, according to Reuters.


Any signs of a weaker U.S. economy or heightened tensions between the two Koreas could also bolster gold, while worries about euro zone sovereign debt remain on investor minds.
South Korea started live-fire naval exercise on Monday, despite Pyongyang’s warnings against conducting the drills in disputed waters off the west coast of the peninsula.


Spot gold rose to $2.15 an ounce to $1,416.50 by 0709 GMT, having hit a low around $1,408. Gold had risen as high as $1,415.36 on Friday as the dollar tumbled following disappointing jobs data in November.


Bullion hit a record high around $1,424 an ounce in November.

Source: SGGP

Book on Pagodas wins Gold at Vietnam Book Awards

In Uncategorized on December 16, 2010 at 9:51 am

The Vietnam Publishers Association awarded the book on Chua Vietnam (Vietnamese Pagodas) two gold prizes at the Vietnam Book Awards on December 15 for its excellence in printing and subject matter.

The book is written by three renowned scholars Ha Van Tan, Nguyen Van Ku and Pham Ngoc Long.  According to archaeologist Nguyen Viet, from the Centre for Southeast Asian Prehistory, this book is one of the few archaeological publications to have been reprinted many times.


The present reprint of the book provides a close glimpse of the country’s most exotic and remote pagodas and is more expansive in its scope than the previous editions.


First printed in 1993 in both Vietnamese and English the book now contains detailed pictorial information on 118 pagodas in 61 cities and provinces throughout Vietnam besides listing 730 pagodas now recognised by the Ministry of Culture, Sports and Tourism as heritage sites. The present edition of this book is only available in Vietnam.


The organization also awarded gold prizes to six other authors and to three well-printed books. The annual awards ceremony will be held in Hanoi on December 19.

Source: SGGP

Company gold exploitation cuts Dakrong River into small bits

In Uncategorized on December 16, 2010 at 9:47 am

The Construction Limited Company No.9 has made the Dakrong River deformed since it was licensed to exploit gold in the Dakrong District, the central province of Quang Tri in November.

The Construction Company No.9 has made the Dakrong River an ‘environmental mess’ while mining for gold in the central province of Quang Tri (Photo: SGGP)

The river section through Huc Nghi Commune has been badly polluted; as mining work is performed daily from 7am to 10pm.


Dozens of people from Van Kieu commune gathered at the river section to show their displeasure about the company’s operations on December 13.


Ho Van Lien, a local citizen, said the commune has 291 households, with over half of them being very poor.  Their livelihoods relied on farming the fields and sometimes, in their spare time, they did ‘sift for gold’ in the river.


However, now they are prohibited to search for gold by the Huc Nghi Commune People’s Committee. The Construction Company No.9 promised that they would assist the poorer household’s with food. However, so far, the company has not fulfilled this duty.


A reporter from Sai Gon Giai Phong newspaper, witness thousands of tons of soil, stone piles and trenches dumped into the riverbed.  A section of the Ho Chi Minh Highway, which goes through the community, has always been eroded by river water. This is likely to get much worse as the mining continues.


Le Phuoc Chuong, deputy head of Department of Natural Resources and Environment in Dakrong District, said the construction company no.9’s operation on the river has been suspended, for violating environmental regulations.


In a commitment, with the Quang Tri Province People’s Committee, the company was asked to take care of the environment while digging for gold. However, it has just focused on the exploitation of gold and has been careless with how it disposes the sand and soil, dug out from mine.


Additionally, the company was only allowed to use two excavators, but it has been found that over seven excavators have been in operation at the site. 


In trying to explain these discrepancies, regarding mining on the site, company director Truong Duc Hai said, that an hydropower plant is to be built there in 2015 and as a result gold exploration had to be ‘speeded up’.

Source: SGGP

Gold Star Order for Military Zone 7

In Uncategorized on December 16, 2010 at 9:46 am

On its 65th anniversary, Military Zone 7 was presented with the Gold Star Order for the second time in its 65 year history.


Established in 1945, military zone 7 has constantly made great effort in fulfilling its political and military mission and continuously contributed to the country’s defence and military reconstruction.


Zone 7 was the core backbone of the main armed forces of the South and contributed greatly towards many triumphant victories during the resistant wars.


On the occasion of the 65th anniversary the zone’s 29 teams and 3 individuals were granted the title of Hero of the people’s armed forces.


Sai Gon Giai Phong showed visuals of the daily life and training methods of soldiers during peacetime.

 

Military Zone 7 soldiers during routine training

Drill at training ground

Soldiers are ready to struggle

 

Soldiers conduct the patrol on the sea

Overflow with joy or pleasure

Soldiers gather by water well



Source: SGGP

Vietnam secures first ASIAD gold medal

In Uncategorized on November 26, 2010 at 1:51 pm




Vietnam secures first ASIAD gold medal


QĐND – Friday, November 26, 2010, 20:40 (GMT+7)

Vietnam’s thirst for gold at the 16th Asian Games was quenched on November 25 as martial artist Le Bich Phuong defeated Japanese world champion Kobayashi Miki 4-3 in the 55kg division of the women’s karate competition.


Miki took the lead first, then Bich Phuong gained a 1-1 draw in the tense final at the Guangdong gymnasium. With an excellent blow, Phuong later scored three points to make it 4-1.


The world champion was determined to gain more points during the remaining time but scored only an additional two points.


Source: VOV


Source: QDND

Gold trade fair held in Hanoi

In Uncategorized on November 18, 2010 at 7:56 pm

Dollar up, gold down following central bank’s announcements

In Uncategorized on November 15, 2010 at 7:25 am