Vietnam largest gold exporter to Switzerland: report

Vietnamese traders boosted jewelry exports to “circumvent government restrictions on bullion exports.” The firms exported nearly 61 tons of precious metals – mostly gold products – to Switzerland, generating US$2.8 billion, according to the Financial Times.

The report said Vietnam exported billions of dollars worth of high-grade gold to the European nation; most of the products ended up in furnaces operated by leading refiners Argor-Heraeus, MKS Finance and Valcambi.

Vietnamese traders do not regularly export gold, but they will when local prices dip below global rates.