Specifically, the SBV will issue a bidding announcement one day before the auction. After the floor price announcement, credit institutions and gold trading enterprises will start filling in bidding forms.
Participating entities are allotted 30 minutes to determine the quantity and purchase price. One hour after bidding closes, the SBV will announce the results. Companies must place a deposit to participate in the bidding, no later than 5 p.m. on the day they receive the bidding announcement.
Presently, 26 units, including commercial banks and gold trading enterprises, have established gold bar trading relationships with the SBV. Among them, 15 units are eligible to participate in the bidding. The type of gold being auctioned is SJC gold bars.
On April 12, SBV’s representative announced that, in response to the volatile global gold market and the significant disparity between domestic and international gold prices, the SBV had prepared intervention plans to stabilize the market.
Consequently, after an 11-year hiatus, the SBV has resumed auctions for gold bars. Previously, the first auction for gold bars was conducted by the SBV on March 28, 2013. In 2013, the SBV held a total of 76 auction sessions for gold bars, with a total volume of winning bids reaching 1,819,900 taels out of 1,932,000 taels offered. At that time, the price of SJC gold remained approximately VND4.2 million per tael higher than the international gold price.
