These banks include Vietnam Bank for Agriculture and Rural Development (Agribank), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), and Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV).

Under the Government and Prime Minister’s recent guidelines, SBV hosted nine gold bullion auctions in order to provide 48,500 taels of SJC-branded-gold bars to the market.

However, due to the price gap occurring between domestic and global gold remaining high, SBV has considered other solutions aimed at stabilising the market.

Pham Quang Dung, deputy governor of SBV, emphasised that SBV will sell gold directly to four state-owned commercial banks at a price determined by the SBV based on current global gold prices as of June 3.

With their extensive networks, these banks have made thorough preparations to directly sell gold to people. Gold sales will therefore be carried out according to the electronic invoices and are required to be reported daily based on the amount of gold sold, inventories, and the selling price.

Industry insiders pointed out that the recent instability taking place in the gold market can be attributed to market factors such as supply-demand connection and the possibility of price manipulation.

Dung went on to reveal that SBV has been co-ordinating efforts with the Ministry of Public Security, the Ministry of Finance, the Ministry of Industry and Trade, and the Government Inspectorate to deploy a comprehensive inspection over gold trading activities at credit institutions and businesses which have violated the law.

Amid continued complicated developments in the global and domestic world gold prices, SBV has also recommended people be cautious in gold trading activities as a way of minimising risks for themselves.