From June 3, state-owned commercial banks including Agribank , VietinBank, Vietcombank and BIDV began selling SJC gold bars directly to people in Hanoi and Ho Chi Minh City. This move immediately cooled down the price of SJC gold bars on the free market when it had previously set a record of over VND92 million/tael.

Since then, the price of SJC gold bars reaching people through these units has gone through different prices, but the fluctuation amplitude of each adjustment is assessed to be consistent with the world gold price movement.

The price of SJC gold bars sold by banks is always 1 million VND/tael higher than the price purchased from the State Bank. This difference is explained by banks as being to offset the cost of having to mobilize resources to carry out the task of selling gold.

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SJC gold bars are displayed at Agribank on the first day the bank opens for sale. Photo: Manh Hung.

On the first day of sale on June 3, the price of gold was 79.980 million VND/tael. For the next 3 consecutive days, the price of SJC gold bars decreased by 1 million VND/tael each day. On June 6, the selling price of gold bars announced by banks was 76.98 million VND/tael, the lowest price in the past 3 months.

After about 30 "inactive" sessions, on July 18, the selling price of gold at SJC Company and banks suddenly jumped to 80 million VND/tael, an increase of 3.02 million VND/tael in the selling direction, but the main reason was because of the sharp increase in world gold prices.

According to gold market expert Tran Duy Phuong, the State Bank of Vietnam’s adjustment of the gold selling price is reasonable because the world gold price has increased too quickly at this time. If the selling price is maintained at the same level as a month ago, the gold selling price will be below the cost price.

Furthermore, the State Bank intervenes in the market with the aim of increasing supply and reducing the gap between domestic and world gold prices, not with the aim of "anchoring gold prices". Therefore, when world gold prices increase, domestic gold prices must also increase.

On July 24, SJC Company and 4 state-owned commercial banks listed the selling price of gold at 79.5 million VND/tael. The gold price continued to decrease by 500,000 VND, down to 79 million VND/tael since July 30.

Two days later, the gold price continued to decrease by another VND500,000/tael to VND78.5 million/tael before increasing again to VND80 million/tael on August 13.

On August 20, the price of gold bars at SJC Company and 4 state-owned banks increased to 81 million VND/tael (selling price) and has been maintained until now.

After nearly 3 months, the gold price has gone through 10 different selling prices, the lowest price is 76.980 million VND/tael and the highest is 81 million VND/tael.

After a period of initial confusion in implementation, banks have gradually improved the gold sales process. In particular, they only accept online gold purchase registrations to limit the situation of people hiring people to queue up at bank branches with gold sales points, causing disorder and insecurity.

Online gold purchase registration has also changed recently compared to the beginning.

BIDV and Vietcombank stipulate that they only accept registrations to buy gold bars from customers who have opened and active accounts at the bank. Vietcombank and VietinBank adjust the time to deliver gold bars to customers after 2 working days from the date of successful registration.