Business

Two leading commercial banks, Asia Commercial Joint Stock Bank (ACB) and Vietnam Export-Import Bank (Eximbank), have raised the gold depositing rate by 0.5 per cent to 3 per cent per year.

This is the first revision of the depositing rate for the precious metal after the most recent adjustment last November.

Accordingly, ACB has raised the rate for gold certificates of the “ACB Golden Day” program from 2.5 per cent applied on November 16, 2011 to 3 per cent.

For short-term, 1-, 2-, and 3-month, gold certificates, the rates have also surged 0.9 of a percentage point from 1.45-1.55 per cent to 2.35-2.45 per cent.

The rates for longer terms, 6, 9 and 11 months, remain unchanged at 1.5-1.6 per cent.
For Eximbank customers who deposit at least 10 taels of gold (1 tael = 37.5 grams) into the bank will enjoy the annual depositing rate of 3 per cent.

The highest depositing rate for gold, 3.5 per cent is now offered by the newly merged Saigon Commercial Joint Stock Bank for all the terms.

Vietnam gold prices rose by VND50,000 to VND44.8 million a tael on Tuesday morning.

Saigon Jewelry Co (SJC), Vietnam’s biggest gold trader, quoted at VND44.6 million a tael for bid and VND44.8 million a tael for ask, respectively.

Rong Thang Long gold, a product of the Hanoi-based Bao Tin Minh Chau Co, was trading at VND44.69 million a tael and VND44.79 million a tael for bid and ask, respectively.

In New York trade, spot gold surged $10.2 per ounce against last week to $1,734 an ounce.

Vietnam's central bank continued to keep the dollar midpoint rate at VND20,828 on Tuesday.

It has remained unchanged since December 26, 2011, being the longest stability period since early 2011.

Some commercial banks raised dollar prices today, ranging from VND20,790-20,810 for bid and VND20,850-21,036 for ask, respectively.