Vietnam has set up its first gold bonded warehouse in the capital city of Hanoi, newspaper People reported Tuesday.

Vietnam Bank for Agriculture and Rural Development (Agribank) opened the gold bonded warehouse on Monday at its branch of Soc Son, belonging to the area of Noi Bai international airport of Hanoi. The gold warehouse with storage of 7 to 8 tons of gold, will help to intervene to stabilize the gold market of Vietnam, the newspaper said.

The warehouse allows foreign banks, individuals and companies, which have needs of trading, importing and exporting gold, to store up their gold in the warehouse and trade with others when they need. Once the price of gold in the domestic market surges, gold importers could receive gold immediately from the warehouse to intervene in time, and there is no need to wait for two or three days like before.

Source: Xinhua