The state-owned commercial banks comprise Vietnam Bank for Agriculture and Rural Development (Agribank), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) and Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV).
SBV's Deputy Governor Pham Quang Dung stated that starting from June 3, SBV will directly sell gold bullion to the four banks at the prices determined by the State Bank based on global gold prices.
With the most extensive networks in Vietnam, these banks have prepared the processes of direct gold sales to individuals in need, aiming at soon narrowing the gap between domestic and international gold prices toward a suitable and sustainable level.
Following the Government's directives about stabilizing the gold market, SBV has organized nine gold auctions, supplying 48,500 taels of SJC-branded gold to the market, equivalent to more than 1.8 tons of gold.
However, the gap between domestic SJC-branded gold bullion prices and international ones has continually remained high at over 20 percent. Therefore, the State Bank of Vietnam has adjusted its gold management and transaction activities to stabilize this precious metal market.
Instead of organizing gold auctions, SBV will sell gold directly to the four state-owned commercial banks mentioned above.
Besides, the State Bank will closely coordinate with the Ministry of Public Security, the Ministry of Finance, the Ministry of Industry and Trade and the Government Inspectorate to inspect compliance with policies and laws in gold trading activities among banks and enterprises, and to strictly handle violations if any according to the law.
