Thursday, 19th February 2004 (4832 views)

Vietnam has seen demand for gold jewellery soar in recent months, helping to drive up the cost of the precious metal.

Reports from VNA suggested that demand for both jewellery and gold bars had seen the price of gold rise up yesterday.

Gold prices in Ha Noi increased by about 100,000 VND to 8.08 million VND per tael.

Firms such as Bao Tin - Minh Chau Jewellery said that it sold one tael of gold for 8.05 million VND, while the Bank for Agriculture and Rural Development of Vietnam's Jewellery company put its gold price at 7.96 million VND per tael.

Meanwhile, the Vietnam Association of Gold Trading revealed that it had asked the Ministry of Finance to change the level of duty currently being levied on the precious metal.

The Association is seeking to reduce import duties and cut value-added tax rates on gold.

At present import duty and value-added tax rates stand at three per cent and ten per cent respectively.

 

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