DongA Bank to open gold exchange in HCM City

DongA Commercial Joint Stock Bank (DongA bank - EAB) will officially open Ho Chi Minh City’s fifth gold trading floor today, the lender said in a statement sent to Thanh Nien Daily Tuesday.

Asia Commercial Bank, Viet A Bank, Phuong Nam Bank (Southern Bank) and Eximbank operate the city’s four other floors.

Gold prices in Vietnam have risen 8% in 2008 but are still below the year-high of VND19.51 million (US$1,182) per tael, set in late May.

One tael is equivalent to about 1.2 ounces.

On the local market, the selling price of the precious metal stood at VND18.18 million ($1,036) per tael Monday, up from VND17.9 million ($1,031) per tael from the previous day.