Unlocking the Golden Opportunity: Agribank’s Direct Gold Sales to the Public from June 3rd Onwards

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In an effort to successfully achieve the government’s and Prime Minister’s directive of stabilizing the market, the State Bank of Vietnam (SBV) will sell gold directly to four state-owned commercial banks. These banks will then sell the gold directly to the public, with the aim of narrowing the gap between domestic and global gold prices to an appropriate and sustainable level.

Mr. Pham Toan Vuong, CEO of the Vietnam Bank for Agriculture and Rural Development (Agribank), shared his insights on this matter in an interview.

Mr. Pham Toan Vuong

Could you tell us whether Agribank will be selling gold at all its branches nationwide or only in certain locations?

Mr. Pham Toan Vuong: This is indeed a timely, wise, and responsible decision by the SBV and the entire commercial banking system. As for Agribank, with our extensive branch network, we have prepared all the necessary arrangements to commence gold sales to the public starting June 3, 2024. Initially, we will focus on Hanoi and Ho Chi Minh City, closely monitoring market developments to expand our operations accordingly, ensuring we meet market demands.

What procedures should customers be aware of when purchasing gold from Agribank?

Agribank will be selling gold to individuals with relevant needs. The procedures will be straightforward and convenient. However, customers must provide proper identification and adhere to legal transaction and payment regulations, including invoice and anti-money laundering requirements.

Could you elaborate on how account identification contributes to more transparent buying and selling processes?

Issuing invoices and facilitating payments through accounts helps legitimize transactions and affirms the buyer’s ownership. It also enables the state management agency to monitor gold transactions and flows between individuals, organizations, and authorized gold traders.

How will the method and pricing of gold sales at commercial banks differ from those at gold shops?

As a state-owned commercial bank, Agribank is committed to meeting the legitimate needs of the public. Our pricing strategy is not driven by profit motives but by the primary goal of reducing the gap between domestic and international gold prices.

Thank you, Mr. Vuong, for your insights.

Hàn Đông

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