Agribank's most important goal when selling gold to people

To ensure the successful implementation of market stabilization objectives as directed by the Government and the Prime Minister , the State Bank of Vietnam (SBV) announced that it will directly sell gold to four state-owned commercial banks, which will then sell it directly to the public. The goal is to quickly narrow the gap between domestic and international gold prices to a suitable and sustainable level.

Mr. Pham Toan Vuong, General Director of the Vietnam Agricultural and Rural Development Bank ( Agribank ), believes this is a timely, correct, and responsible policy of the State Bank of Vietnam as well as the entire commercial banking system.

On Agribank's part, leveraging its extensive transaction network, the bank has fully implemented all necessary conditions to be ready to begin supplying gold to the public from June 3, 2024.

Initially, Agribank will implement the program in Hanoi and Ho Chi Minh City and monitor market developments to further expand it, ensuring it meets market demand.

Mr. Pham Toan Vuong, General Director of Agribank.

Regarding the procedures for purchasing gold at Agribank, Mr. Vuong stated that, initially, the bank will focus on selling gold to individuals who need it.

Basically, the procedures will be very convenient and simple; however, customers should also be aware of procedures related to personal identification and comply with certain legal transaction and payment regulations regarding invoices and anti-money laundering.

Mr. Vuong stated that issuing invoices and making payments through bank accounts helps confirm the legality of transactions and the ownership rights of the buyer; at the same time, this helps state management agencies track transactions and the amount of gold circulating among individuals, organizations, and units authorized to trade gold.

"As a commercial bank, we ensure the supply of gold to meet the legitimate needs of the people. Regarding the selling price, we participate in the market to sell gold, not for profit, but most importantly to achieve the goal of reducing the price difference between domestic and international gold compared to the current level," Mr. Vuong emphasized .

Source: https://www.nguoiduatin.vn/muc-tieu-quan-trong-nhat-cua-agribank-khi-ban-vang-cho-nguoi-dan-a666108.html