The State Bank of Vietnam officially licensed some local enterprises to import 10 tons of gold, or over 200,000 taels, pulling local gold prices down VND300,000 a tael to VND32.8million a tael on Thursday.
The gold import quota is 200-300 kilograms each, and the license will valid through next Tuesday.
Earlier, local gold prices climbed to its lifetime record high of VND33.2 million a tael after an brief ease back to VND32.7million a tael.
The enterprises were given quota for local gold-trading firms to import gold include Sai Gon Jewelry Holding Co (SJC), Phu Nhuan Jewelry Joint Stock Co (PNJ), Agribank Gold, Silver and Gemstone Co, and Sacombank Jewelry Co Ltd (SBJ) among others.
It is estimated that 36 tons of gold were exported in the first six months of the year, according to the General Statistics Office.
Domestic gold prices Wednesday soared to a new record of VND33 million per tael (US$1,690), an increase of VND1.4 million ($72) per tael over previously-quoted price, as speculators created a run on gold shops.
A tael is equivalent to 1.2 ounces.
The gold-selling districts in Hanoi and Ho Chi Minh City were thronged with people and saw prices change at least four times in the morning, with Sai Gon Jewelry Co (SJC), Sacombank Jewelry Co, Bao Tin Minh Chau, Agribank Jewelry Co and Phu Nhuan Jewelry Co quoting buy/sell prices at VND32.85/33 million.
Domestic gold prices have increased by over 24.4 percent since January, when prices stood at about VND26.5 million ($1,360).
The increase made domestic gold price be VND1 million ($51.28) higher than global gold price, which ignites concerns involving gold smuggling to take profits. Domestic price is normally just VND200,000-300,000 higher than global price.
