Ha Tinh Province in central Vietnam on Thursday sold the right to purchase nearly 30 kg of gold worth VND142 billion (US$5.4 million) to a business randomly selected from six bidders.
The company has placed a deposit of VND28 billion, or 20% of the sales value, and has 10 days to complete the payment.
Gold jewelry seen at a shop in Hanoi. Photo by Read/Giang Huy |
The gold comes from stocks seized by the local police from smugglers in recent years and classified as “owned by the people.”
With more than one bidder, the province conducted a draw of lots to determine who has the right to purchase it.
A representative of the company said the gold would have a purity of 99.90–99.95%, and would need further refinement to achieve 99.99% to use for production.
Gold prices in Vietnam are now at VND186.3 million per tael (of 37.5 grams or 1.2 ounces), up 21.9% since the beginning of the year.
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