VietABank issuing C/Ds in gold

VietABank is issuing short-term certificate of deposits in gold with a total of 80,000 taels up to November 3, 2010.

These are for terms of 1, 2, 3, 6, 9 and 11 months.

The principal and interest will be paid once when due. Additionally, if necessary customers can mortgage, discount for transfer these C/Ds.

State Bank of Vietnam s Governor, Nguyen Van Binh said the central bank on behalf of the government will mobilize gold from people to stabilize the gold market. The central bank will not directly raise gold but this precious metal will be mobilized through credit institutions.