Banks and SJC want to eliminate gold bar speculation

This issue was discussed at a meeting between the State Bank of Vietnam and organizations involved in buying and selling gold bars last weekend.

According to the State Bank, after 3 weeks of selling gold in the new form at 4 state-owned banks (Vietcombank, BIDV, VietinBank and Agribank ) and Saigon Jewelry Company (SJC), the price of gold bars is only about 4 million VND per tael higher than the world price. This level is narrowed compared to nearly 20 million VND in the previous period.

Representatives of gold trading enterprises said that without intervention from the authorities, the high price difference will have negative impacts such as smuggling and tax evasion. This will cause imbalance in the balance of payments, affecting exchange rate management and the macro economy.

However, concerns were raised at the meeting regarding the recent phenomenon of people hiring others to queue for gold purchases, a sign of market manipulation and disruption. Units involved in selling SJC gold bars stated that they will continue to improve processes and technology to facilitate purchases for genuine buyers and eliminate speculation.

Mr. Nguyen Thanh Tung, CEO of Vietcombank, said that in the coming time, the bank will optimize the process of supplying and selling gold. In particular, Vietcombank plans to put gold sales on the application (app), and make non-cash payments to ensure transparency and convenience for buyers.

Representatives from the State Bank of Vietnam also reiterated their stance that they "have sufficient resources and determination" to stabilize the domestic gold market.

People buy gold at Agribank.

Previously, according to the State Bank of Vietnam, the market was spreading false information about a gold shortage, with claims that people were being hired to queue up and hoard gold with the aim of driving up prices, causing instability and damage to the economy . The authorities are coordinating with the police to verify and handle these actions, while also advising the public to be vigilant and avoid being influenced or exploited by individuals with malicious intentions.

Since the beginning of June, the State Bank has increased the supply of gold bars to the market by selling gold directly to four state-owned banks and SJC. The selling price on the market is about 1 million VND per tael higher than the price the authorities sell to the four banks and SJC.

Domestic gold prices are currently hovering around 77 million VND per tael, a level maintained since June 7th. However, demand remains high, forcing four state-owned banks and SJC to switch to online sales (allowing buyers to place orders on their websites and pick up gold at branches) instead of direct sales at their physical locations. This aims to reduce long queues outside transaction offices and branches.

In addition, after initially announcing unlimited sales to individuals, these 4 banks recently had to limit the maximum purchase amount to 1 tael per person.

VN (according to VnExpress)

Source: https://baohaiduong.vn/cac-ngan-hang-va-sjc-muon-loai-bo-dau-co-vang-mieng-385378.html