HA NOI — The State Bank of Viet Nam has selected Saigon Jewelry Co (SJC) as the national gold trademark, the bank's deputy dovernor, Le Minh Hung, announced on the central bank's website.
"The State Bank (SBV) has reported the decision to the Government after receiving the agreement of the HCM City People's Committee, which has oversight over SJC," Hung said, adding that an official document confirming the designation would be issued soon.
Under Government Decree No 24/2012/ND-CP, which took effect on May 25, the State Bank now has sole responsibility for the production of gold bars in Viet Nam. All gold production licences granted by the SBV before May 25 have become invalid. However, it was decided that a private contractor would be designated to produce gold bars in order to save money for the State and avoid disruption in gold production and trade.
"SJC has become a brand name accepted by the market, with long-established prestige and quality," Hung said. "It also represents a major share of the domestic gold market."
He said the central bank would be responsible for reprocessing SJC gold bars which become damaged in circulation, in a move to ensure the legal rights and interests of individuals and organisations which hold the "national brand name" gold bars.
Under Government Decree No 24, gold with other brand names already in circulation on the market can still be bought and sold normally under market prices.
On Thursday, State Bank Governor Nguyen Van Binh also issued a decision setting forth new regulations governing foreign currency and gold trading, in order to boost transparency in this area. New requirements include application and declaration forms for enterprises, investors and credit institutions which import and export gold. — VNS