Vietcombank officially launched online gold bar purchase registration service from June 12.

Vietcombank's improvement has received positive reviews and feedback. No more waiting in line, however, the bank still has to limit each customer to only register to buy 1 tael of gold when registering to buy online.

After Vietcombank, at the end of yesterday (June 16), both Agribank and BIDV announced that customers can register online from June 17, instead of queuing to get a number like in the past days.

Although VietinBank has not yet made an official announcement, it is rushing to prepare the infrastructure to serve customers who register to buy gold online. If nothing changes, the implementation of online gold registration will be implemented by this bank from this week.

Banks implementing online gold purchase registration not only makes it more convenient for people but is also expected to prevent the situation of hiring people to queue up to buy gold, causing disorder and insecurity.

Speaking with VietNamNet, gold market expert Tran Duy Phuong said that once all four banks above implement the online registration feature, the situation of queuing and jostling like that which has occurred in the past two weeks will certainly end.

However, this only reduces the risk of disorder and insecurity, and creates more convenience for buyers, but cannot meet people's expectations of the need to buy gold bars.

Mr. Phuong analyzed that many customers want to buy gold in large quantities but the bank only allows registration to buy 1 tael (like Vietcombank). Therefore, those who want to buy in large quantities will have to mobilize many people in the family to register to buy together.

Limiting the number of people queuing will also help reduce the number of people buying gold at state-owned commercial banks and then selling it on the "black market" to take advantage of the price difference.

“In fact, in the past two weeks, in addition to the group of customers with real needs, among the people jostling and lining up outside the bank, I think at least 1/3 of them took advantage of this to buy and resell to enjoy price differences,” said expert Tran Duy Phuong.

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Customers wait to get a number at a VietinBank gold bar sales point in Hanoi. Photo: Tuan Nguyen.

In fact, at the gold selling points of state-owned commercial banks in recent times, there have always been "brokers" and speculators. They also hire idle people, even "bad elements" to queue up to buy gold.

These people are paid from 500,000 - 1,000,000 VND/day, then SJC gold bars are resold to those in need to make a profit.

The deputy general director of a state-owned commercial bank also acknowledged the above situation when talking to VietNamNet. He said that there were many “brokers” as well as gangsters among the group of people lining up to buy gold.

Banks manage gold bars according to the serial number stamped on each gold bar. Each gold bar sold is permanently managed by the bank on the system through the invoice number, serial number, and customer ID number. Therefore, people who buy gold floating outside need to pay close attention if they have to prove the origin of the gold.

According to expert Tran Duy Phuong, at Big 4 banks and SJC Company, the source of gold provided by the State Bank through this channel is not lacking. The State Bank has also repeatedly affirmed that this agency does not lack gold reserves to meet the needs of the people.

However, Mr. Phuong said that in order to get gold bars to people, SJC Company - the unit hired by the State Bank to produce - needs time to process such as stamping, cutting serial numbers, stamping, etc. But the huge demand of the people leads to the situation of people lining up and waiting and the bank also limits each person to buy 1-2 taels as happened.

List of points of sale of SJC gold bars with stable prices in Hanoi and Ho Chi Minh City here!

To register to buy gold online, through the bank's website, customers can register to buy SJC gold bars at the desired location and receive appointment confirmation with information about the location, time of payment and delivery of SJC gold bars without having to come directly to queue and get a transaction number.

Once the online registration service is deployed, the bank only provides SJC gold bar sales service to customers who have registered to buy SJC gold bars online on the website.

Gold price is the listed price at the time of payment and delivery of gold bars at the bank's location.