Recently, the State Bank (SBV) announced that it will sell gold directly to 04 State Commercial Banks (SCBs) so that these banks can sell gold directly to the people.
Mr. Le Ngoc Lam - General Director of Vietnam Joint Stock Commercial Bank for Investment and Development ( BIDV ) commented that this is the correct policy of the State Bank.
Mr. Lam said that to prepare for the implementation of this directive, BIDV will synchronously deploy specific solutions. BIDV is completing procedures to establish a trading relationship for buying and selling gold bars with the State Bank;
Establish a distribution network in key gold trading areas ( Hanoi , Ho Chi Minh City, Da Nang City, Can Tho City, Ba Ria - Vung Tau...). In the immediate future, the bank will immediately deploy distribution points in Ho Chi Minh City and Hanoi.
The selling price of gold bars will be publicly announced on the official websites of State-owned commercial banks for people to easily follow.
In order to provide transparent information to the people, BIDV will announce the list of gold bar selling points mentioned above and the time to start selling gold bars.
At the same time, the daily gold selling price will be publicly announced on the Bank's website. Direct gold sales to the people will be implemented starting on Monday (June 3, 2024).
Regarding the selling method and price, the State Bank will sell gold directly to four state-owned commercial banks at a price determined by the State Bank based on world prices and the management goal of reducing the price difference between domestic and international prices compared to present.
Gold bar prices are publicly announced on the official websites of State-owned commercial banks for people to easily follow.
“We have determined that in order to implement the Government and the State Bank's policy of stabilizing the market, we will not set a profit target but will supply at a suitable price based on the purchase price from the State Bank. This will contribute to the early realization of the goal of reducing the difference between domestic and world gold prices,” Mr. Lam shared.
On the morning of May 29, answering the press about the goals and measures of intervention in the gold market of the State Bank in the coming time, Deputy Governor of the State Bank Pham Quang Dung said that in order to implement the instructions of the Government and the Prime Minister, in the recent time, the State Bank 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 4 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 .
Source: https://www.nguoiduatin.vn/bidv-khong-dat-ra-muc-tieu-loi-nhuan-khi-ban-vang-cho-nguoi-dan-a666078.html
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