What does the State Bank say about SJC's refusal to buy 'one-word' gold?

Recently, Saigon Jewelry Company (SJC) refused to buy gold with “one word” which affected the interests of people and gold investors. On August 8, at a press conference on the socio-economic situation, Mr. Nguyen Duc Lenh - Deputy Director of the State Bank of Vietnam, Ho Chi Minh City branch - answered Tien Phong Newspaper about the above issue.

According to Mr. Lenh, SJC gold bars is a national brand product, in which the state manages and has specific regulations on the production, processing and trading of SJC gold bars. Therefore, SJC gold bars with one letter symbol and SJC gold bars with two letters symbol have the same quality and value.

"If there is any distinction between these two types of SJC gold bars, it is only the production time and the one-letter and two-letter symbols (which are character "Therefore, people can rest assured about owning SJC gold bars, there is no difference in quality and value of this product between the one-letter and two-letter types" - Mr. Lenh said.

People buy gold bars at SJC (photo: Uyen Phuong).

On the business side, according to Mr. Lenh, SJC is a gold, silver and gemstone company. State-owned, licensed to buy and sell SJC gold bars and perform a number of other related functions and tasks. During this process, if there are any difficulties or problems, SJC company in particular and licensed units trading in SJC gold bars in general are responsible for reporting and promptly reflecting on Bank The Vietnamese government for guidance, direction and handling.

In terms of policy, the company always ensures that people can buy and sell SJC gold bars normally. However, this activity must comply with regulations such as: buying and selling SJC gold bars at the right location (units, businesses, credit institutions licensed by the State Bank to buy and sell SJC gold bars); complying with the invoice and document regime; transparency and other relevant regulations.

Mr. Lenh added that gold is a special commodity, and strict management is needed to ensure macroeconomic stability and socio-economic development with the common goal of bringing benefits to the people and the economy. Therefore, the interests of the people are always guaranteed, but it is also necessary to comply with and strictly implement the provisions of the law on this activity from all relevant parties including: State management agencies, enterprises and people. These are also the current solutions of Ho Chi Minh City to ensure the interests and socio-economic development; strictly comply with discipline in enforcing the law on gold.

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