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Based on the approved plan for direct sales of SJC gold bars to four state-owned commercial banks and Saigon Jewelry Company Limited (SJC), the State Bank of Vietnam (SBV) announced a direct sales price of VND 78.98 million per tael on June 3, 2024.
“The SBV will continue to narrow the gap between domestic SJC gold bar prices and global prices,” said an SBV leader.
In response to the complex movements in the global gold market, which caused sharp increases and significant gaps in domestic gold prices, the SBV implemented a plan to sell gold directly to four state-owned commercial banks (Vietcombank, BIDV, VietinBank, and Agribank) and Saigon Jewelry Company Limited (SJC) so that these banks could sell gold directly to the people starting today (June 3).
Regarding the selling price, based on the SBV’s gold buying price, the state-owned commercial banks and SJC will determine and announce the SJC gold bar selling price on their websites and at the above-mentioned sales locations.
SJC and the banks emphasized that the gold sales aim to stabilize the gold market in line with the Government and SBV’s policies, rather than profit-making.
For gold purchases, buyers need to bring their identification documents as required by law to the above-mentioned sales locations for direct transactions. They can make payments in cash or via bank transfer and receive the gold immediately, along with an electronic invoice.
Notably, the state-owned commercial banks will only sell SJC gold bars to individual customers and will not buy gold bars from them. In contrast, SJC will engage in all gold bar buying and selling transactions.
In case of intending to purchase a large quantity of gold, to comply with anti-money laundering regulations, buyers should prepare the necessary information for declaration or open an account at the state-owned commercial banks before the transaction. Alternatively, they can make payments via bank transfer for a more convenient and faster transaction.
Currently, all four banks and SJC have announced the gold sales locations for the people, comprising 36 locations across 11 provinces and cities.
After the SBV announced the direct gold sales to the four state-owned commercial banks, gold prices have continuously dropped in recent days.
As of 9:15 a.m., SJC gold prices fell further to VND 79-81 million per tael, the lowest in the past three months.
Thus, even before the four banks started selling gold to the people, the gap between SJC gold prices and international gold prices had narrowed significantly, ranging from VND 7.5-9.5 million per tael when calculated based on bank exchange rates, and only about VND 6.5-8.5 million per tael when calculated based on free-market exchange rates. According to some experts, an acceptable gap is about VND 4-5 million per tael, considering taxes and fees.
