Asia-Pacific News
Police nab gold smuggler in Vietnam
Jan 31, 2012, 4:13 GMT
Hanoi - Police arrested a man for smuggling 10 kilograms of gold bullion on a bus in Vietnam, police said Tuesday.
Dang Minh Tuan, 26, was arrested Monday as he arrived in Hanoi from Nghe An province in central Vietnam, police-run newspaper Cong An Nhan Dan reported.
Officers discovered 10 kilograms of gold worth 12 billion dong (nearly 600,000 dollars) as well as foreign currency including 1,700 euros, 300 British pounds, and 100 Canadian dollars.
Tuan said he was hired to take the gold across the country for a fee of 1 million dong (48 dollars). Police said it was smuggled from abroad, Thanh Nien reported.
With a weak currency and inflation at 18 per cent, many Vietnamese people prefer not to keep their savings in dong, leading to a thriving black market in gold and foreign bank notes.
Gold prices in the country are currently as much as 100 dollars higher than the global average price per measure of 1.2 ounces.
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