Thursday, 8th July 2004 (4312 views)

Experts have urged the domestic gold trading industry in Vietnam to be vigilant against the import of low-quality precious metal.

The warning, from an official with the State Bank of Vietnam (SBV), urged traders to be wary of using any gold illegally imported from China.

Truong Van Phuoc, who is director of the SBV's Department for Foreign Exchange Management, told VNA that metal imported in this way often found its way in to jewellery.

Mr Van Phuoc said that measures were now being taken to ensure that the gold jewellery industry was properly protected.

"After verifying information about the amount of imported gold and the way it is smuggled, SBV will coordinate with concerned agencies, including the police, customs and market management forces, to take effective and concerted action against this practice," he said.

It is thought that smugglers have introduced the metal via Cambodia, southern Laos and northern Vietnam.

 

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