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Eximbank opens gold trading floor   2008-09-09 - ThanhNienNews

The Vietnam Export-Import Commercial Joint Stock Bank, known as Eximbank, officially opened Ho Chi Minh City’s fourth gold trading floor Monday, the bank said in a statement on its website.



HCMC-based Eximbank, which Japan’s Sumitomo Mitsui Financial Group Inc. owns a 15 percent stake in, will operate the trade center in cooperation with the Saigon Jewelry Company (SJC).

SJC is the manufacturer of SJC gold, popular in Vietnam's gold trade and in real estate transactions.

Clients at the Eximbank-SJC gold trading floor can trade amounts of gold worth 14 times their capital while having to pay an initial deposit worth 7 percent of the transaction value.

Asia Commercial Bank, Viet A Bank and Phuong Nam Bank (Southern Bank) operate the city’s three other gold floors.

Southern Bank, 10 percent owned by Singapore's United Overseas Bank, said its gold trading floor opened last Friday in HCMC, according to Reuters.

Southern Bank’s center is the first official gold trading facility in Vietnam to run a night session, one of its three daily, between 7 p.m. and 11 p.m. (10:00-16:00 GMT) to catch up with movements on the European and US markets.

Gold prices in Vietnam have risen 8 percent in 2008 but are still below the year-high of VND19.51 million (US$1,182) per tael in late May.

One tael is equivalent to nearly 1.21 ounces.

The world market gold price increased to $814.9 per ounce Monday from $794.3 on September 5.

On the local market, the selling price of gold stood at VND17.1 million ($1,036) per tael Monday, down from VND17.02 million ($1,031) per tael (one tael equaling to around 1.2 ounces) the previous day.

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