Vietnam stopping use of gold for savings, lending

Vietnam's credit organisations are being required by the State Bank of Vietnam to refuse depositing and lending of gold.

Credit organisations will however be allowed to issue short-term gold certificates to the value of the gold deposits until November 25 this year when the issuance will terminate.

According to the SBV, stopping gold deposits and lending is among some of the SBV’s moves to while considering the issuance of business licenses for gold bar trading.

The SBV is completing a draft law on the production and processing of gold bars. Gold used for production will be sourced from the SBV’s foreign currency reserves.
Credit organisations are responsible for informing the SBV in advance when issuing certificates, clearly defining the necessity and purpose of the issuance. The organisations also need to lower deposit interest rates for the certificates to reduce gold deposits.

Any activities in gold showing violations will be inspected by branches of the SBV in localities.

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