Saigon Jewelry Co, the country’s largest gold trader and producer of gold bullion bearing the most popular brand name SJC, has been granted around a month to convert deformed gold bars into normal ones, and those of other brands into SJC bullion, the State Bank of Vietnam said in a statement Friday. “SJC will have to convert some 1,735 kg (46,200 taels) of deformed gold bars in a period between August 25 and September 30,” company CEO Le Hung Dung told reporters. “Of these, there are some 800kg of deformed SJC bars.” Phu Nhuan Jewelry said it will ask to have around 1,000 taels of PNJ and deformed SJC gold bars converted into standardized SJC bullion. The above period is also given to convert gold bars of other brands [not deformed] into SJC bullion, said Dung, adding the company has yet to acquire the official statistics on how many bars fall in this category [not deformed]. Dung also said that the company will only need two days, from August 25 – 26, to modify the misshapen bars. “After that, we will reproduce non-SJC gold bullion into our brand,” said Dung, adding the company can only manage to convert some 2,000 taels a day.Prices slump Gold prices in Vietnam immediately slipped after the conversion task was announced by the central bank. At the closing session of August 23, the precious metal lost VND200,000 a tael compared with the opening, and continued to drop by VND550,000 when it opened the following day, settling at VND43.9 million a tael. SJC gold bars closed Friday at VND44.2 million a tael, some VND2 million higher than global price. “The regulation on converting deformed gold bullion and non-SJC gold bars have cooled down buying demand,” said Nguyen Cong Tuong, deputy head of SJC’s sales department.
More
Central Committee of Communist Party of Vietnam agrees to resignation of top lawmaker Vuong Dinh Hue
The 13th Party Central Committee convened a meeting in Hanoi on Friday to discuss and give opinions on relieving Hue of all his political roles and ending his public service
Read more
Vietnamese billionaire Pham Nhat Vuong commits $1 billion more to VinFast
He will spend VND10 trillion (US$394 million) from his pocket building charging stations in the next three years
2 days agoA closer look at BYD Seal ahead of entry into Vietnam
The car might be available in Vietnam in both hybrid and electric versions
1 day agoForeign airlines offer cheaper Vietnam-Germany tickets than airfares for domestic flights by Vietnamese carriers
Exorbitant airfare prices are presenting obstacles for tourism destinations in Vietnam
6 days agoHo Chi Minh City hosts Global Sourcing Fair Vietnam with 8,000 attendees expected
It features a wide range of product lines from Vietnam and other Asian countries
2 days agoMany projects receive investment certificates at Horasis China Meeting in Vietnam’s Binh Duong
Ten foreign-invested firms were awarded investment registration certificates for their projects in the province, with a total pledged capital of more than US$223 million
1 week agoHighlights
Certain diners in Vietnam voice concern over pets being taken to eateries
Bringing pets to eateries may bother diners who suffer from pet allergies
Photos
Artist paints murals on house to raise awareness of COVID-19 prevention in Hanoi
He drew the virus, vaccine, and earth on the exterior walls of a house
Latest news
S. Korean richest K-pop idol celebrates 20th career anniversary with fan concert in Vietnam
The fan concert marks Kim Jae Joong’s 20th anniversary in the entertainment industry
Certain diners in Vietnam voice concern over pets being taken to eateries
Bringing pets to eateries may bother diners who suffer from pet allergies
Dried corpse of Vietnamese woman discovered in apartment in Hanoi
The body likely existed in the apartment for about a year
Scorching heat keeps baking central Vietnam with temps of over 42 degrees Celsius
Rains with thunderstorms may strike central Vietnam during noon and afternoon in the coming time
2 rangers die battling forest fire in northern Vietnam
The fire has been contained
Ho Chi Minh City authorities investigate BMW drifting chaos in downtown area
The drifting incident took place at an intersection in District 1
Unexploded 200kg bomb discovered in downtown in north-central Vietnam
Its discovery site lies near numerous offices, schools, and densely populated residential areas
K-pop band Tempest picks Ho Chi Minh City to hold debut concert for world tour
This will be the second time Tempest has performed in Vietnam
Ho Chi Minh City reduces Reunification Day fireworks to 5 venues from 16
The fireworks are scheduled from 9:00 pm to 9:15 pm on April 30
Rain brings delight to Vietnam’s Da Nang amid heatwave
The unexpected rainfall lasted for over an hour