Ho Chi Minh City: People should be careful when trading gold bars

Illustration photo: Minh Quyet/VNA

According to information from the State Bank of Vietnam, Region 2 Branch, as of the end of March 2025, in Ho Chi Minh City, there were 788 gold bar trading points of banks and enterprises; of which 674 points of sale belonged to banks and 114 points of sale belonged to gold, silver and gemstone trading enterprises.

In the group of enterprises, Phu Nhuan Jewelry Joint Stock Company (PNJ) has the largest gold bar trading network, with 77 transaction points. In addition to familiar brands such as SJC, PNJ, DOJI, Bao Tin Minh Chau, enterprises licensed to buy and sell gold bars in Ho Chi Minh City also include Mi Hong, SBJ, Phu Quy, Phuong Nam Jewelry, Vietinbankgold.

In the above list, there are 12 gold price stabilization stores belonging to Agribank (5 points); Vietcombank (5 points) and BIDV (2 points). Among the gold bar trading points of the banks, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has the largest number of gold bar trading points in Ho Chi Minh City, with 172 points; followed by Asia Commercial Joint Stock Bank (ACB) with 138 points…

Faced with the complicated developments of the gold market, Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Region 2 Branch, noted: People should only trade SJC gold bars at credit institutions and enterprises licensed by the State Bank to avoid risks. Trading gold bars in unofficial markets and units not licensed to buy and sell gold bars can put people at legal risk and cause them to buy gold that is not guaranteed in quality.

According to Mr. Lenh, gold is a volatile financial asset, closely linked to many market factors. Therefore, people need to consider and be cautious when buying gold, because fluctuating gold prices pose potential risks. At the same time, it is necessary to comply with regulations on gold trading, avoid risks and violations of the law on speculation, price manipulation and affecting the interests of the economy.

Previously, at the end of April 2025, the State Bank of Vietnam, Region 2 branch, also sent a document to the general director and director of enterprises and credit institutions licensed to trade in gold bars in the area, requesting that these entities must implement and comply with regulations on the management of gold trading activities.

According to the State Bank of Vietnam, Region 2 Branch, in the face of the situation where the domestic gold bar price produced by SJC Company is continuously increasing, posing many potential risks to the market, businesses and credit institutions should strengthen internal inspection and control of gold bar buying and selling activities, promptly detect and handle violations.

At the same time, business units must take measures to manage, monitor and strictly prohibit all forms of distortion such as speculation, price manipulation, profiteering, influencing the market and violating legal regulations in the business of buying and selling gold bars and affecting the effectiveness of macroeconomic stabilization policies.

The monetary authority in Ho Chi Minh City also requires gold bar trading locations to provide transparent and accurate information about gold price fluctuations to customers; publicly post buying and selling prices of gold bars at transaction locations and strictly comply with relevant regulations.

Gold bar trading units need to increase the application of non-cash payment methods (bank card payment, QR code payment, etc.) in gold bar trading activities. This will help ensure transparency, minimize the risk of distortion, and cause market instability. Thereby, comply with regulations on accounting regime, preparation and use of invoices and documents; fully implement regulations on anti-money laundering in gold bar trading activities...

According to VNA

Source: https://doanhnghiepvn.vn/kinh-te/tp-ho-chi-minh-luu-y-nguoi-dan-can-trong-khi-giao-dich-vang-mieng/20250514073305070