The State Bank of Vietnam (SBV) has recently announced its decision to sell gold bars directly to four state-owned commercial banks: VCB, BIDV, VietinBank, and Agribank. This move aims to stabilize the domestic gold market, which has been experiencing significant fluctuations and price increases, leading to a wide gap with international gold prices. In addition, Saigon Jewelry Company Limited – SJC, a leading gold and jewelry company in Vietnam, will also be purchasing and selling gold bars as part of this initiative.
SJC will conduct gold buying and selling operations at specific times and locations within its network of branches. The designated branches for these transactions are as follows:
– In Hanoi:
SJC Giang Van Minh Branch: 50 Giang Van Minh, Doi Can Ward, Ba Dinh District, Hanoi.
SJC Thai Thinh Branch: 101 – 102 A49 Thai Thinh, Thinh Quang Ward, Dong Da District, Hanoi.
SJC Phan Dinh Phung Gold and Jewelry Center: 27B Phan Dinh Phung, Quan Thanh Ward, Ba Dinh District, Hanoi.
SJC Tran Nhan Tong Gold and Jewelry Center: 18 Tran Nhan Tong, Nguyen Du Ward, Hai Ba Trung District, Hanoi.
– In Ho Chi Minh City:
Headquarters – SJC Minh Khai Gold and Jewelry Center: 418 – 420 Nguyen Thi Minh Khai, Ward 5, District 3, Ho Chi Minh City.
SJC Quang Trung Gold and Jewelry Center: 230-230A Quang Trung, Ward 10, Go Vap District, Ho Chi Minh City.
SJC Nguyen Van Nghi Gold and Jewelry Center: 172 Nguyen Van Nghi, Ward 5, Go Vap District, Ho Chi Minh City.
SJC Hoc Mon Gold and Jewelry Center: 05/2A National Highway 22, Xuan Thoi Dong Commune, Hoc Mon District, Ho Chi Minh City.
– In Hai Phong:
SJC Hai Phong Branch: 89-91 Cau Dat, Cau Dat Ward, Ngo Quyen District, Hai Phong.
– In Ha Long, Quang Ninh:
Vincom Plaza Ha Long Commercial Center, Clock Tower Area, Bach Dang Ward, Ha Long City, Quang Ninh Province.
SJC Quang Ninh Gold and Jewelry Center: SH8, Tran Hung Dao Street, Ha Long City, Quang Ninh Province.
– In Nha Trang:
SJC Nha Trang Branch: 13 Ngo Gia Tu, Tan Lap, Nha Trang City, Khanh Hoa Province.
SJC Vinh Hai Gold and Jewelry Center: 423 Hai Ba Trung Street, Vinh Hai Ward, Nha Trang City, Khanh Hoa Province.
– In Hue:
SJC Hue Branch: 7 Hung Vuong, Phu Hoi Ward, Hue City.
– In Quang Ngai:
SJC Quang Ngai Gold and Jewelry Center: 222 Le Trung Dinh, Quang Ngai City.
– In Bien Hoa, Dong Nai:
SJC Bien Hoa Branch: 216 April 30 Street, Thanh Binh Ward, Bien Hoa City, Dong Nai Province.
– In Can Tho:
SJC Can Tho Gold and Jewelry Center: 135 Tran Hung Dao, An Phu Ward, Ninh Kieu District, Can Tho City.
– In Bac Lieu:
SJC Bac Lieu Gold and Jewelry Center: 205 Tran Phu, Ward 7, Bac Lieu City.
– In Ca Mau:
SJC Ca Mau Gold and Jewelry Center: 4A-5A Hung Vuong, Ward 7, Ca Mau City.
SJC Sense City Ca Mau Store: T18, Sense City Commercial Center – 09 Tran Hung Dao, Ward 5, Ca Mau City.
Regarding the gold bar prices, the state-owned commercial banks and SJC will determine and announce the selling prices of SJC gold bars on their websites and at the designated sales locations, based on the gold bar purchase prices from the State Bank of Vietnam.
For gold bar purchases, customers are required to bring their valid identification documents and visit any of the designated sales locations in person. Payments can be made in cash or via bank transfer, and the gold bars will be delivered immediately. Electronic invoices will be provided to customers who purchase gold bars.
It is important to note that the state-owned commercial banks will only sell SJC gold bars to individual customers and will not purchase gold bars from them. However, SJC will facilitate all gold bar transactions, including both buying and selling.
According to SJC, the gold bar sales conducted by the state-owned commercial banks and SJC are aimed at stabilizing the gold market in line with the government’s and SBV’s directives, rather than profit-making.
SJC also advises customers who intend to purchase large quantities of gold bars to prepare relevant information in advance to comply with anti-money laundering regulations. This may include opening accounts at the state-owned commercial banks prior to the transaction or opting for bank transfers as a more convenient and faster payment method.
Previously, Vietcombank, VietinBank, BIDV, and Agribank had announced the locations for gold bar sales to the public on their websites. However, initially, these banks will only sell gold bars in the two major cities of Hanoi and Ho Chi Minh City.
On June 3, 2024 (expected from 2:30 PM), the state-owned commercial banks will start selling SJC gold bars to individual customers. From June 4, 2024, the banks will commence gold bar sales from 9:00 AM onwards.
