What does the State Bank say about people having difficulty buying gold?

In response to people's complaints about the difficulty in buying gold at banks as well as at some SJC Company stores, the State Bank officially spoke out.

According to Ms. Tran Nhi (Hanoi), since 4 banks and Saigon Jewelry Company (SJC) only allowed people to buy gold bars when registering online, people have been almost unable to buy gold bars because their registrations have been unsuccessful, even though they have been "on time" very well.

Ms. Nhi asked, do the authorities have any solutions to make it easier for people to access gold bars? Because it is difficult to access from official sources, people will have to accept buying online through unofficial channels and there are registration services with many risks as well as unnecessary costs.

In this regard, State Bank has responded to the people in writing. Accordingly, the State Bank said: Implementing the directions of the Government and the Prime Minister on continuing to implement solutions to manage the gold market, from June 3, 2024 to present, the State Bank has organized the sale of SJC gold bars through 4 state-owned commercial banks and Saigon Jewelry Company Limited (SJC Company) to sell gold bars directly to the people.

Since the implementation of the above plan, the State Bank has regularly directed organizations to strictly implement the plan to sell SJC gold bars; strengthen inspection and supervision of the process of selling gold bars at SJC gold bar selling points; ensure compliance with relevant legal regulations, prevent violations during the implementation process; strengthen anti-money laundering work in gold selling activities; ensure the organization of selling SJC gold bars effectively and on target.

“Therefore, in case customers have any suggestions on how to sell SJC gold bars directly or register online with SJC Company, customers are requested to contact SJC Company via electronic information channels or come directly to SJC Company's business locations for answers.” - State Bank guidance.

People reported difficulty in buying gold at banks as well as at some SJC stores. Photo: Thu Huong

Also related to people complaining about the difficulty of buying SJC gold bars, a commercial bank announced opening more gold transaction points.

Specifically, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) said that from today (October 14), BIDV will open 3 new SJC gold bar trading points, bringing the total number of selling points to 6, double the previous number.

This move by BIDV is to meet the demand and create favorable conditions for customers. Additional SJC gold bar sales points have been opened in Hanoi and Ho Chi Minh City, of which Hanoi has added 2 sales points and Ho Chi Minh City has added 1 sales point, at the transaction offices and branches of this bank.

According to the State Bank's plan to stabilize the SJC gold bar market, there are currently 4 commercial banks including Vietcombank, BIDV, Agribank, VietinBank and SJC Company that will sell gold bars directly to people.

However, many people have reported difficulty in buying gold at banks as well as at some SJC stores. In addition, the number of places to buy SJC gold bars is not much, making it difficult for people to buy.

Currently, BIDV, Agribank and SJC Company allow customers to register to buy SJC gold bars via the website, while Vietcombank and VietinBank allow customers to register to buy gold bars via the banking app.

The condition for buying gold bars online at commercial banks is that customers must have an account at that bank and the minimum amount in the account at the time of registration must be enough to buy 1 amount of SJC gold bars. In particular, each person can only register to buy 1 amount of SJC gold bars. After meeting all the conditions and successfully registering, customers will receive a confirmation code, time and place of transaction.

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