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In an effort to stabilize the market as directed by the Government and the Prime Minister, the State Bank of Vietnam (SBV) will sell gold directly to four state-owned commercial banks: Agribank, BIDV, Vietcombank, and VietinBank. These banks will then sell the gold directly to the public starting June 3, 2024.
According to Mr. Le Ngoc Lam, CEO of BIDV, the bank has prepared all the necessary conditions and is ready to start supplying gold to the public from June 3, 2024. However, initially, BIDV will organize the sale in Hanoi and Ho Chi Minh City, and will monitor market developments to expand further, ensuring it meets market demands.
Regarding the selling price, Mr. Lam stated that on Monday, June 3, 2024, the SBV will sell gold directly to the four state-owned commercial banks at a price determined by the SBV based on world prices and the goal of reducing the price gap between the domestic and international markets. The gold bar selling price will be publicly announced on the official websites of the banks for the public’s convenience.
“We are committed to the government’s and SBV’s market stabilization policy and therefore do not aim for profit. We will supply gold at appropriate prices based on the purchase price from the SBV,” emphasized Mr. Lam.
At Agribank, CEO Pham Toan Vuong stated that initially, the bank will also organize the sale in Hanoi and Ho Chi Minh City, and will monitor market developments to expand further according to market demands.
Mr. Vuong shared that the purchase process will be convenient and straightforward. However, customers need to pay attention to personal identification procedures and comply with legal transaction and payment regulations regarding invoices and anti-money laundering.
“Regarding the selling price, we enter the market to sell gold, not for profit, but primarily to reduce the gap between domestic and international gold prices,” Mr. Vuong emphasized.
