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Vietnam to resume gold bullion auctions next Monday

Hanoi, Apr 21 (Prensa Latina) The State Bank of Vietnam (BEV) announced the resumption of gold bullion auctions next Monday, which have not been held in the country for more than a decade.

There will be 15 companies eligible for bidding, Dao Xuan Tuan, deputy director of the BEV’s Foreign Exchange Management Department, said at a press conference, adding that the purpose of the bidding is to increase the supply of that precious metal in the market.

Last Monday, the financial institution said that more detailed information on the auction would be released the day before the auction.

After the announcement of the minimum price, credit institutions and participating companies will start submitting bids and will have 30 minutes to decide the volume and purchase price.

One hour after the close of the session, the BEV will announce the results.

Industry specialists think that the resumption of these tenders is appropriate at present, when the situation is characterized by high exchange rates and the foreign exchange reserve limit.

The resumption of these tenders is expected to narrow the gap between domestic and world prices of the metal gradually.

Vietnam held a bullion auction for the first time on March 28, 2013, and it was followed by 75 others in the same year.