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| The facade of the State Bank of Viet nam |
The move targets to narrow the gap between domestic and international gold prices toward a suitable and sustainable level.
The four state-owned commercial banks include the Viet Nam Bank for Agriculture and Rural Development (Agribank), the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank), the Viet Nam Joint Stock Commercial Bank for Industry and Trade (VietinBank) and the Joint Stock Commercial Bank for Investment and Development of Viet Nam (BIDV).
The central will sell gold bullions to the four banks and these banks will then directly sell gold to individuals in need.
Earlier, SBV 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.
The SBV has adjusted its gold management and transaction activities to stabilize this precious metal market.
The central bank also announced plans to conduct inspections of gold trading activities in commercial banks such as TPBank and Eximbank, and gold traders like SJC, Doji, Phu Nhuan and Bao Tin Minh Chau.
The focus will be on transactions made between January 1, 2020, and May 15, 2024, with the possibility of extending the investigation./.
