Vietnam's Gold Import Appetite 'Substantial'
Source: World Gold Council (7/15/10)
"Many Vietnam firms keen to import gold in substantial quantities."
The country does not regularly import gold, with the process typically taking around two days when companies do purchase the precious metal from abroad.
However, the news provider notes that domestic gold supply is tightening, as many citizens have already sold their own items.
Now Phu Nhuan Jewellery Company is preparing to import around two tons, while the Saigon Jewellery Company plans to bring as much as five tons into the country.
The news follows reports of significant imports of gold into the Indian market, as jewelry retailers stock up ahead of religious festivals and weddings.
Gold jewelry is a typical gift given at events of both types, leading to rises in demand when festival season approaches.
With this in mind, many jewelers are looking to boost their inventories at present, importing above-average amounts of gold in recent weeks.