Banks are about to sell gold via app.

In addition to existing features, Vietcombank will soon sell gold through its app - Screenshot

Sell ​​gold on the app , cashless payment.

This information was released at a meeting between the State Bank of Vietnam and organizations involved in the buying and selling of gold bars, which was recently held.

Mr. Nguyen Thanh Tung, General Director of Vietcombank, said that Vietcombank will continue to implement the directives of the State Bank of Vietnam and optimize the process of supplying and selling gold to the public.

This will involve selling gold through an app and implementing cashless payments, with a focus on transparency and convenience.

This is a significant change that makes selling gold online easier. Currently, four banks and SJC Company have all switched to selling gold online through their websites. This aims to avoid the long queues for buying gold that have occurred over the past few weeks.

However, the number of customers registering was very high. A bank executive said that at one point, the system recorded 140,000 orders placed simultaneously. Meanwhile, the amount of gold sold each day is limited, so it sold out within minutes of opening.

Intervention in the gold market has been "decisive and targeted."

At the meeting, banks and gold companies all assessed that the State Bank's decisive intervention measures had been effective. This helped narrow the price gap between domestic and international gold, in line with the directives of the Government, the Prime Minister, and relevant agencies.

After three weeks of selling gold using the new method, the price difference has narrowed significantly, now only 4-5 million VND per tael. Previously, the difference was nearly 20 million VND per tael.

Banks and gold companies also acknowledge that if the State Bank of Vietnam does not intervene in the gold market, allowing prices to remain high will lead to negative impacts such as smuggling, tax evasion, imbalances in the balance of payments, and effects on exchange rate management and macroeconomic stability.

"In the past, many times when gold prices fluctuated, the State Bank of Vietnam issued a message indicating its readiness to intervene. But this time, we see that these are very clear and decisive measures."

"We have been following this issue closely and have complete confidence in and see that the measures taken by the State Bank of Vietnam are very decisive and address the right issues," said Mr. Do Minh Phu, chairman of the founding board of DOJI Group, at the meeting.

The State Bank of Vietnam announced it will eliminate gold speculation, facilitating transactions for those with genuine needs - Photo: PHUONG QUYEN

This will eliminate gold speculation, making it easier for those with genuine needs.

At the meeting, in response to concerns that there have been signs of hiring people to queue, manipulate, and disrupt the market recently.

All units involved in selling SJC gold bars affirm that they will continue to improve processes and technology to facilitate people's need to buy real gold and eliminate speculation. However, communication is also needed to raise public awareness and avoid psychological effects when buying gold.

Experts also note that the global gold market is volatile and unpredictable, and people need to be cautious and avoid psychological effects when buying gold to minimize risks.

According to Decree 24, the State Bank of Vietnam is responsible for coordinating the state management of the gold market.

Managing the gold market requires considering domestic and international developments, monetary policy objectives, and macroeconomic trends to determine the appropriate timing, extent, and dosage of intervention.

The Governor requested that the relevant units fully incorporate the valuable feedback from gold trading businesses and advisory banks to propose amendments to Decree 24.

"The State Bank of Vietnam has sufficient determination, resources, and tools to implement appropriate short-term and long-term solutions to ensure the stable development of the gold market according to the principle of a market under state management," a leader of the State Bank of Vietnam affirmed.

For detailed gold price trends, please refer HERE.

Source: https://tuoitre.vn/cai-tien-quy-trinh-ban-vang-qua-app-loai-bo-dan-dau-co-20240622182921768.htm