Best gold selling price in Asia gold market .
Vietnam is a country located in Indochina peninsular in South East Asia . It have a populations estimated of 90.3 millions peoples in 2012 census . Vietnam have bordering country with China to the north , Laos and Cambodia to the southwest and South China Sea to the east .
Vietnam economy was mainly dominated by agriculture products like cashew nut , rice and black paper .
Gold mining and gold production history in Vietnam
Vietnam have mining capacity no more than 2 metric tons of gold per annum . From 1999 to 2004 , Vietnam gold mining operation manage to produce about 1000kgs to 2000 kgs of gold yearly . A signification increase of 50% of gold mining producing in Vietnam to 3000 kgs per annum in 2005 to 2008 and currently at average of 2000 kgs per annum.
Local demand of gold in Vietnam
Gold has very high demands in Vietnam for the purpose of trading , merchandising and industrial . Gold was use in sectors like jewellery fabrication , private investment , industrial application and central bank reserve .
A major activities involving gold in Vietnam economic were :-
a) Payment currency for real estate deal , car , commercial settlement among private indvidual
b) Saving
c) Commercial financing obligation
d) Hedge financial asset
e) Act as Guarantee or Bond
Vietnam consume 58 metrics ton of gold in 2003 . A high demand in gold drive for gold smuggling and hoarding activities Vietnam .
Rules and regulation for selling gold or buying gold in Vietnam
Gold business in Vietnam control and regulated by State Bank of Vietnam . The following activities must be grant approval by State Bank of Vietnam before commencing .
1. Gold fabrication, gold mining , trading gold , import or exporting gold
2. Trading gold quota
3. Import or export quota
Saigon Jewellery Company (SJC) is the only company granted license by State Bank of Vietnam to manage gold distributions , producing and manufacturing in Vietnam . SJC control 90% of gold market share in Vietnam .
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| 1 tael gold by SJC |
Import duty and tariff.
For importing gold bullion into Vietnam , there no sales tax and import duty , however it is different rules for gold jewellery. There are 10% sales tax and 20% import duty for gold ring , jewellery, etc .
Best selling gold price in Asia market
Vietnam local gold demand were large and yet gold production was limited to 2000kgs per annum . Gold bring sense of security in keeping a person wealth in Vietnam. Local currency "Dong" was depreciated so much more in recent years , made people more interested in gold as saving .
At a moment , gold price for selling gold in Vietnam was higher than gold spot price worldwide . There was a higher gap of gold price between 10 %- 15% premium . This will make gold investor an opportunity to receive higher rate of return on their gold.
Below chart show gold price comparison between spot gold price to Vietnam gold price in year 2010 upto 2013 . It clearly show a premium price for gold and will continue it trend .
| Sell gold at premium in Vietnam |
As long as Vietnam peoples show an interest for gold in their daily activity and kept golds as real saving , gold price in Vietnam will kept at premium price .
For tourist visiting Vietnam , it is better just to bring few piece of gold bullion and sold gold for cash in Vietnam than exchange your currency.
