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Vietnam's central bank to sell gold through state banks to quell prices
By Quynh Trang
VN Express, Hanoi
Wednesday, May 29, 2024
The State Bank of Vietnam, in a move to stabilize gold prices, will sell gold bars to four state-owned lenders so they can distribute them to retail buyers.
The sale will begin June 3 at prices determined by the central bank, bank Deputy Governor Pham Quang Dung said Wednesday.
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The state-owned lenders involved are Agribank, Vietcombank, BIDV, and VietinBank, which already have extensive networks ready to sell directly to individual buyers, Dung added.
A representative of one of the banks said that they are not allowed to sell in bulk to organizations and businesses.
Some private banks have already been selling gold but only at small volume. Most retail consumers buy their gold at jewelry stores.
This is the latest effort of the central bank to bring down domestic gold prices after hosting auctions in the last several weeks to increase supply.
Although it has sold 48,500 taels (or 1.8 tons) in nine auctions, Vietnam's Saigon Jewelry Co. gold bar price is still 20% higher than the global price.
The company has therefore decided to cease holding gold auctions. ...
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