On the morning of May 29, answering the press about the goals and measures of the State Bank of Vietnam (SBV) to intervene in the gold market in the coming time, Deputy Governor of the State Bank of Vietnam (SBV) Pham Quang Dung said that in order to implement the directions of the Government and the Prime Minister, in the recent time, the SBV has organized 9 auctions, supplying the market with 48,500 taels of SJC gold, equivalent to more than 1.8 tons of gold.
However, the difference between domestic SJC gold bar price and world gold price is still high, about over 20%.
This shows that, in addition to market factors such as supply-demand relations, the possibility of illegal acts, manipulation, price fixing, and destabilization of the gold market cannot be ruled out.
In order to ensure the successful implementation of the market stabilization target as directed by the Government and the Prime Minister, the State Bank will sell gold directly to four commercial banks, namely Vietcombank, VietinBank, BIDV and Agribank, so that these banks can sell gold directly to the people. The goal is to soon narrow the gap between domestic and international gold prices to a suitable and sustainable level.
The State Bank is also coordinating with the Ministry of Public Security, the Ministry of Finance, the Ministry of Industry and Trade and the Government Inspectorate to inspect the implementation of policies and laws in gold trading activities of credit institutions and enterprises and will resolutely and strictly handle violations of the law (if any).
The State Bank will sell gold directly to four State-owned commercial banks so that these banks can sell gold directly to the people.
Next Monday, June 3, 2024, the State Bank will sell gold directly to four commercial banks at a price determined by the State Bank based on world prices.
Commercial banks with their extensive networks have prepared the necessary conditions to organize direct gold sales to people in need.
The Deputy Governor emphasized that with abundant resources and existing tools, the State Bank has the capacity and determination to stabilize the market and achieve the above-mentioned goals.
The gap between domestic and international gold prices will quickly and sustainably narrow. Therefore, with the complicated developments of domestic and international gold prices, people need to be very careful when participating in gold transactions to minimize risks for themselves.
Previously, on May 27, the State Bank of Vietnam issued a statement announcing that it would adjust the gold market stabilization plan. The State Bank of Vietnam said that the adjustment aims to continue to effectively implement the instructions of the Government and the Prime Minister on handling the high difference between the domestic and world prices of SJC gold bars.
Accordingly, the State Bank will stop auctioning gold bars and will implement an alternative stabilization plan as soon as possible, expected to start from June 3, 2024 .
Source: https://www.nguoiduatin.vn/4-ngan-hang-quoc-doanh-se-truc-tiep-ban-vang-cho-nguoi-dan-a665871.html
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