Vietnamese gold bars sell out fast

The first hundred one kilo gold bars ever issued in Vietnam sold out in just six days, the Thanh Nien reports.

Banks and jewellers took around 50 of the blocks - issued last Monday by Saigon Jewellery Company (SJC) - with another 50 going to private investors.

The weight of the new gold bars marks a deliberate shift away from Vietnam's traditional measurement system. At present all domestic gold transactions are measured in tael – which is equivalent to 1.25 ounces.

"The launch was intended to provide a gold-measuring unit which is accepted the world over and prepare for the export of gold bars in the future," said SJC's CEO Nguyen Thanh Long.

Measuring 115mm by 51mm by 9.5mm, the gold bars each cost VND282 million – the equivalent of US$17,740.

The bars were made from 999.9 pure gold from Switzerland – the highest possible purity.