Big4 banks, SJC sell gold bars directly to customers

June 03, 2024 | 15:19

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The State Bank of Vietnam (SBV) announced on June 3 that the selling price of SJC-brand is 78.98 million VND (3,108 USD) per tael.

Big4 banks, SJC sell gold bars directly to customers, Illustrative image (Photo: VNA)

Hanoi – The State Bank of Vietnam (SBV) announced on June 3 that the selling price of SJC-brand is 78.98 million VND (3,108 USD) per tael.

The selling price is determined based on SJC gold buying prices set by the SBV for four state-owned commercial banks of Vietnam and Saigon Gems and Gold One Member Co Ltd (SJC), it said, adding that it will continue to follow the roadmap to narrow the difference between the domestic price of SJC gold bars and the world price.

Earlier, the SBV said the four state-owned commercial banks - Agribank, Vietcombank, Vietinbank and BIDV - and SJC are solely authorised to purchase SJC gold bars from the SBV and sell to the public. This strategic move aims to promote market stability and ensure a balanced gold market.

On June 2, the official websites of the four state-owned commercial banks and the SJC have announced the locations and timings for selling SJC gold bars to individual customers.

The primary focus is on Hanoi and Ho Chi Minh City. Additionally, the SJC will also sell gold bars in other cities, including Hai Phong, Ha Long, Nha Trang, Hue, Quang Ngai, Bien Hoa, Can Tho, Bac Lieu and Ca Mau.

The banks were scheduled to initiate the sale of SJC gold bars to individual customers at 16 designated sales points in Hanoi and HCM City at 2.30pm on June 3. And starting on June 4, the gold-selling operations will begin at 9am.

Vietnam central bank postpones gold bar auction

The State Bank of Vietnam was to auction 16,800 taels of gold bars, branded by Saigon Jewelery Company (SJC), on the morning of April 22. However, an hour before the bid opening time, the central bank announced it was postponing the auction as there were not enough members to participate in the bidding and transfer deposits.

Government urged to narrow domestic, global gold price gap

Permanent Vice Chairman of the National Assembly (NA) Tran Thanh Man on May 13 voiced concern over skyrocketing gold prices, asking the Government to quickly review market management measures to narrow the wide gap between domestic and global prices.

By VNA

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