Vietnamese gold jewellery market excelling

The Vietnamese jewellery market is reporting record gold sales with one company selling over 1.69 gold taels this year, with each tael containing 1.25 ounces of gold.

Saigon Jewellery is Vietnam's largest gold company and it has produced some 8.35 million taels this year which weigh around 303 tonnes collectively. The price of each tael within the country was around $766.1 (£389) in Ho Chi Minh City today.

The company has also had a very successful year in terms of its turnover which totals $1 billion (£508,833,840).

Furthermore Thanh Nien Daily, a Vietnamese news wire, has predicted that gold will become even more popular over the festive period. It says that Vietnam has imported 37.5 tonnes of tonnes of gold in the first half of 206.

However the Vietnam Association of Gold Trading says that a lack of regulation among gold regulatory bodies and the businesses which deal in gold is hindering the creation of a national gold trading centre.

The benefits of having such a centre includes the provision of a unified gold price and quality standards, thus reducing risks for traders and other customers.