Vietnam gold firms mull expansion into neighboring markets

TN News

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Vietnam's gold traders said they plan to expand their business to Laos and Cambodia as the two countries still don't have a strong gold production industry.

Nguyen Thanh Long, general director of Vietnam's largest gold trader SJC, said the company's gold products have been sold in Laos but it wants to set up a factory there next year in order to boost consumption.

There is a high demand in Laos and Cambodia where gold products are considered a savings medium, Long said.

According to SBJ, the gold production subsidiary of Sacombank, Cambodia is a potential market for gold and jewelry products.

SBJ general director Nguyen Ngoc Que Chi said it would put Vietnamese companies at an advantage to invest in the gold business in Laos and Cambodia as the two countries do not produce refined gold at present.

Nguyen Thanh Truc, general director of AJC, said local gold companies are targeting new markets in Cambodia and Laos because gold trading in Vietnam has slowed down since the shutdown of all gold trading floors in March.

AJC is the gold business arm of Agribank, Vietnam's largest lender based on assets.

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