Vietnam Central Bank Seals Gold-Casting Moulds of All 8 Non-SJC Gold Brands

All eight non-SJC gold brands previously licensed to produce bullion have already handed over their gold-casting moulds for the central bank to seal and manage, the local newswire VnExpress reported, citing its private sources.

These firms include ACB, Southern Bank’s Gold Company, Sacombank SBJ, Agribank AJC and PNJ in Ho Chi Minh City; Ngoc Tham Gold Company in Tien Giang; as well as DOJI and Bao Tin Minh Chau in Hanoi.

The gold-casting mould handover was initiated by gold companies, who thought the move would enhance the transparency in bullion production, as they were no longer allowed to produce bullion, said an unnamed central banker.

Earlier, right after the central bank approved to convert 13 tons (approximately 350,000 taels) of non-SJC and deformed bullion into SJC gold, it was doubted that some gold trading units had exaggerated gold in their stock to ask for bigger conversion quota. The firms then bought material gold on the market to swage bullion of their brands, and then converted into SJC gold to enjoy the differences.

However, the central banker has declined the rumor, saying that "Till now, I can affirm that no firms or banks in Ho Chi Minh City overstated the volume of gold in stock to ask for larger conversion quota”.

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