Yesterday, June 3rd, the State Bank of Vietnam (SBV) authorized four state-owned commercial banks, namely Agribank , BIDV, Vietcombank, and VietinBank, to sell SJC gold bars to stabilize the market, but prohibited them from repurchasing the gold from the public.
There is no longer an opportunity to "manipulate" domestic gold prices.
Việt Nam•03/06/2024
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The State Bank of Vietnam's (SBV) decision to allow the four banks to sell gold bars aims to ensure market stability as directed by the Government and the Prime Minister, thereby reducing the price difference between SJC gold bars and world gold prices. Accordingly, the SBV will directly sell gold to the four state-owned commercial banks, which will then sell it directly to the public based on world gold prices, without engaging in any profit-making activities. Recently, the SBV has held nine auctions, supplying 48,500 taels of SJC gold to the market, equivalent to over 1.8 tons. However, the price difference between domestic SJC gold bars and world gold prices remains high (around 20%). This indicates that, in addition to market-related factors such as supply and demand, manipulation, and price fixing, the gold market is still unstable. Therefore, the State Bank of Vietnam (SBV) will directly sell gold to four commercial banks, which will then sell it directly to the public. The goal is to quickly narrow the gap between domestic and international gold prices to a suitable and sustainable level. Currently, the four state-owned commercial banks have announced the time, location, and method of selling SJC gold bars to the public, initially focusing on sales in Hanoi and Ho Chi Minh City. This new measure by the SBV comes as recent auctions have been ineffective in reducing the price difference between domestic and international gold. With its existing resources and tools, the SBV has the capability and determination to stabilize the market, and the gap between domestic and international gold prices will be narrowed sustainably. In parallel with this measure, the State Bank of Vietnam 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 compliance with the law in gold trading activities of credit institutions and businesses, and will resolutely handle any violations of the law if they occur. The systems of these four commercial banks are spread throughout the provinces nationwide, including Binh Thuan province, which also has four state-owned commercial banks. Currently, the aforementioned commercial banks will soon complete their licenses and prepare gold selling locations to officially sell gold to the people when the State Bank of Vietnam allows it. It is noteworthy that the selling price of gold bars will be publicly announced on the official websites of the state-owned commercial banks for people to easily monitor. With the responsibility of state-owned commercial banks, the banks ensure they will supply the legitimate needs of the people, not setting profit targets but only providing at a suitable price based on the purchase price from the State Bank of Vietnam. State-owned commercial banks authorized by the State Bank of Vietnam to sell gold bars have all affirmed their readiness to sell gold bars directly to the public, and will provide official information on this matter on their websites.
In fact, immediately after the State Bank of Vietnam (SBV) announced the sale of gold to four state-owned commercial banks to supply the public, the price of gold on the market dropped sharply. As the SBV is the sole and exclusive supplier of SJC gold on the market, its announcement of selling SJC gold at a price aimed at controlling the difference between world and international gold prices inevitably led to a decrease in domestic SJC gold prices. Furthermore, the SBV's direct sale of gold through the four state-owned commercial banks is a positive sign, contributing to an increased supply of gold bars to the market. With this new method, the price of SJC gold bars will certainly gradually decrease because it will no longer be subject to price manipulation and excessive price increases as in the past. Hopefully, with the four state-owned commercial banks directly selling SJC gold bars to the public, there will no longer be long queues at gold shops as seen in the past, and domestic gold prices will be stabilized.
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Tag: SJC gold price
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