The State Bank has announced that it will now sell gold bars directly to four banks with state capital – Agribank, Vietcombank, BIDV, and VietinBank. These banks will then distribute the gold to the public at prices determined by the State Bank based on world prices. The aim of this measure is to stabilize the market as directed by the Government.
The four banks have the infrastructure and readiness to sell gold directly to individuals. They will sell gold bars within the price range allowed by the State Bank, without providing gold bars to organizations. This move comes after unsuccessful auctions in the past month that did not effectively reduce the price difference between domestic and world gold prices.
The State Bank believes that with their resources and determination, they can narrow the price difference between domestic and world gold prices quickly and sustainably. They are also working with other government agencies to ensure compliance with the law in gold trading activities and to address any violations that may occur.
It is recommended that individuals exercise caution when participating in gold transactions to minimize risks for themselves. The State Bank’s new approach is in response to the challenges posed by fluctuations in domestic and world gold prices, and aims to bring stability to the market by working with key stakeholders in the industry.
