The State Bank of Vietnam announced the direct selling price of gold bullion on June 11 for four state-owned commercial banks (Big 4) comprising 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) and Saigon Jewelry Company Limited (SJC) that have been authorized to sell SJC gold bullion to individual customers.
Accordingly, the five units announced sales of gold bullion at VND76.98 million (US$3,026) per tael on June 11.
Thus, the State Bank of Vietnam has kept the selling price unchanged at VND75.98 million (US$2,987) per tael for three days in a row.
During the first three days of implementing gold prices to stabilize the gold market, the SBV continuously decreased the selling price of SJC gold bars by VND1 million (US$39.3) per tael each day, from the selling price of VND78.98 million (US$3,097) per tael on June 3 to VND75.98 million (US$2,980) per tael on June 6.
Then, the SBV has kept the selling price at VND75.98 million (US$2,980) per tael from June 6 until the current time.
As the related news, on June 10, the State Bank of Vietnam sent an official dispatch No. 4810/NHNN-QLNH regarding the coordination of gold market management to the Ministry of Public Security, requesting an investigation and clarification for rumors about the shortage of gold for sales as well as hiring a queue standers in front of the gold selling points to wait for their turns to collect gold earning benefits from pushing up selling prices that causes market instability and damage to the economy.
Therefore, the SBV requested the Ministry of Public Security to direct relevant units to promptly verify and strictly handle any acts of spreading false information, speculation, profiteering and gold market manipulation.
