Vietnam Builds First Bonded Warehouse to Store Gold

The Vietnam Bank for Agriculture and Rural Development (Agribank), based in Hanoi, is building a bonded warehouse to store gold, silver and gemstones. It will be the first-ever bonded warehouse in Vietnam.

The warehouse will reportedly offer a shorter time to satisfy domestic demand during times of “gold fever.” At present trading companies must import gold to maintain market stability, but delivery times are a lengthy 2-4 days. With the bonded warehouse, gold can be received within a day of being ordered.

Operated by the Agribank Jewellery Co., the facility will be located at the bank's Soc Son-Noi Bai Branch on the outskirts of Hanoi. The high security warehouse has been under construction since November 2004.