As a result, the country raked in US$607 million from the export of the products in the past seven months, six times higher than the same period last year.

Earlier, the Government banned the export of gold, except for gold jewellery. Every year, domestic firms export roughly US$30-40 million worth of jewellery to foreign markets including the United States, France and Germany.

However, Nguyen Thanh Truc, director of the Bank for Agriculture and Rural Development’s Gold Trading Company, says that several gold businesses have been licensed to export 1-1.5 tonnes of gold each.

With the regulation banning gold exports, imported gold is being kept inside the country, particularly in private residences, banks and gold shops. This is believed contribute to lifting the country’s trade deficit.

Thanks to the gold export regulation, Mr Truc says his company has so far earned an export turnover of US$30 million including US$16 million from gold.

The Vietnam Gold Trading Association says the gem and gold industry should focus on developing a brand name and acquiring modern technology to increase the export of jewellery.