The first bank to launch a gold bar brand

ACB restarted its gold trading segment from October 10, becoming the first bank to announce the launch of its own gold bar brand.

Gold bar trading at a state-owned bank. Photo: GIANG HUY

Asia Commercial Bank (ACB ) has just announced the terms and conditions for gold bar trading, effective from October 10.

This bank will start trading gold bars at some branches in the coming time. The type of gold traded includes ACB and SJC brand gold bars and other types of gold bars as regulated and updated by the bank from time to time.

The bank also said that with SJC gold bars, the branches will only trade 1 tael. As for ACB brand gold bars, the bank will trade all weights.

Payment method in VND, through an account at ACB. Payment and delivery of gold is made on the same day or within two working days.

According to the announcement from ACB, gold bars are products that are stamped into bars, with letters, numbers indicating weight, quality, and the code of the enterprise or commercial bank licensed by the State Bank to produce. In some periods, gold bars were produced by the State Bank itself.

Accordingly, buyers and sellers of gold bars must transact according to the listed price or agreement of ACB at each time. Individual customers must provide full information, identification papers, and legal documents. For customers who are organizations or units, they must present a license to buy and sell gold bars from the State Bank.

Customers have the right to request ACB to issue an invoice when buying gold, and must issue an invoice when selling gold bars to the bank. In addition, customers must fully comply with the legal regulations on gold trading as well as the instructions and fee schedules of the bank.

ACB has the right to check the quality of gold bars provided by customers, collect arising fees such as packaging fees, processing fees, etc., and is obliged to issue gold sales invoices when customers buy. The bank will also provide transaction information to competent authorities when requested and commits to comply with legal regulations in each period.

The bank also noted that the gold price list listed on the ACB One website and application is for reference only. In case of system failure, the applicable price is the counter price or the system price at the time of transaction. Customers are fully responsible for the risk of gold price fluctuations and losses arising from their buying and selling decisions.

In addition to ACB, the leader of Vietnam Technological and Commercial Joint Stock Bank ( Techcombank ), Mr. Pham Quang Thang, recently also said that this bank is preparing for the process of making gold bars under the Techcombank brand. This bank has prepared domestic facilities such as human resources, import - supply process, warehouse, weighing equipment, and distribution channels. In addition to the branch system, Techcombank will also develop a distribution system through an online platform.

At the end of August, the Government issued Decree 232 amending and supplementing Decree 24 on the management of gold trading activities. This is the first time in more than a decade that the gold market management policy has pivoted.

From the state monopoly on gold bars, the State Bank will assign the right to import and produce gold bars to a number of qualified banks and enterprises. It is expected that about 8 banks and 3 enterprises including PNJ, DOJI and SJC will meet the charter capital requirements to produce gold bars.
According to Vietnamnet

Source: https://baohaiphong.vn/ngan-hang-dau-tien-ra-mat-thuong-hieu-vang-mieng-522367.html