Gold Price Vietnam
The country of Vietnam is located in Southeast Asia, and is known officially as the Socialist Republic of Vietnam. The nation has a population of approximately 95 million people, making it one of the most highly populated countries in not only Asia but the world. Ho Chi Minh City is the country’s largest, and the city of Hanoi has been the nation’s capital since the reunification of North and South Vietnam in 1976. The official language of Vietnam is Vietnamese and its government is a single party socialist republic. Vietnam gained its independence from France in 1945.
The official currency of Vietnam is the Vietnamese Dong. The dong has been the country’s official currency since 1978. While the dong can be subdivided, use of coins has declined dramatically and are generally no longer accepted outside of banks. Both North and South Vietnam used the dong, and the currency was united along with the two separate nations.
The first dong coins were minted in Germany, and were made of aluminum. The coins eventually lost all of their value, however, due to high inflation. The second dong began being produced in 2003 by the Mint of Finland. These coins were minted using nickel or brass clad steel.
The currency of Vietnam is issued and controlled by the country’s central bank, known as the State Bank of Vietnam. The central bank wa established in 1951, and is headquartered in the capital city of Hanoi. The central bank, in addition to managing the nation’s currency, is in charge of promoting monetary policy, overseeing the financial system, managing international reserves and foreign exchange rates as well as other duties.
Those looking to buy gold in Vietnam will see prices quoted in the local currency. Gold prices may also be available in other major global currencies such as U.S. Dollars, euros, Japanese Yen or Chinese Renminbi. Although the metal is typically quoted by the ounce, gram or kilo, other local units of measure may be used.
The Vietnamese economy is a mixed economy that has seen significant growth in recent decades. The nation is heavily involved in agriculture, fishing and forestry. Vietnam is a leading exporter of coffee and rice. The nation’s economy continues to evolve, and tourism has become a major contributor to GDP. Other areas of industrial involvement include electronics, machinery, clothing, marine products and more.
The Saigon Jewelry Company produces a number of gold products. The company sells a variety of gold bullion bars available in different weights. These gold bullion bars feature intricate designs, and are minted with 999.9 percent fine gold. Bullion bars may provide one of the most cost effective ways to acquire the metal for investment purposes. Compared to gold bullion coins and jewelry, bars often carry the lowest overall per-ounce premiums. Bars can also be conveniently stored in a safe, bank safe deposit box or depository.
As the nation’s economy becomes more advanced, demand for the metal could potentially increase from both industrial and investment sources.