The Commercial Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank) announces a change in the timing of gold bar delivery to customers.
From today (8.8), Vietcombank will implement gold bar delivery to customers after 2 working days from the date of successful registration to purchase gold bars. This regulation was announced by VietinBank to customers.
Previously, to register to purchase gold, the gold buyer had to register 1 day in advance. Thus, according to the new regulation, the gold buyer will take 3 days to complete the purchase of SJC gold bars at the two banks mentioned above.
Notably, Sundays are not working days to receive gold.
According to the report, today, the State Bank of Vietnam (NHNN) continues to reduce the selling price of gold bars for 4 state-owned commercial banks and SJC.
The selling price of SJC gold bars at 4 state-owned commercial banks and SJC is 77.5 million VND per unit, lower by 0.5 million VND compared to yesterday's price.
After 1 week, the price of SJC gold bars decreased by 1.3 million VND per unit.
According to the regulation, state-owned commercial banks and SJC are allowed to sell with a maximum difference of 1 million VND compared to the direct selling price from the State Bank of Vietnam. Therefore, the gold bar price is adjusted accordingly by these organizations.
The State Bank of Vietnam has implemented direct gold sales through 4 banks (Vietcombank, BIDV, Agribank, and Vietinbank) since June 3, 2024.
In reality, this is a new direction, which has helped to quickly reduce the speculative force and quickly narrow the price difference within the country and abroad, between gold bars and gold rings, as well as between different gold brands...
However, experts evaluate that this solution still gives rise to some major issues. As PGS.TS Ngô Trí Long - economist, said:
Currently, the gold market has 2 types of prices: The price of gold at the "black market" is higher than the price of gold sold by units that stabilize prices by around 3-4 million VND per unit. Specifically, on June 29, 2024, in Hanoi, the price of buying SJC gold bars at gold and silver trading shops at the "black market" was 79.5 million VND per unit.
Meanwhile, the price of buying SJC gold bars is being listed by banks and gold and silver trading businesses at 74.98 million VND per unit.
Thus, the price of buying gold at the "black market" is higher than the official market by 4.52 million VND per unit. Accordingly, the selling price of SJC gold bars at the "black market" is 80.5 million VND per unit. Meanwhile, at the same time, the selling price of NHNN is 76.98 million VND per unit, lower by 3.5 million VND per unit.
Therefore, it is unavoidable that there will be "gold middlemen" and many people lining up to buy gold at the stabilized price to sell it on the market, taking advantage of the difference. This causes instability when there is an appearance of people lining up to buy in bulk to resell.
According to experts, the current price stabilization solution has not adequately met the gold demand of the people.
Proposing long-term solutions, experts say that it is necessary to soon revise Decree 24/2012/NĐ-CP; Return gold production and trading to businesses; Shift from gold bar trading to trading other gold products (gold certificates, gold derivatives,...) on a centralized trading center;...
