Vietnamese consumers are facing trouble purchasing gold, including supply shortages, government regulations, and the rise of informal gold trading networks, despite recent efforts by the State Bank of Vietnam to stabilize the market.
The State Bank of Vietnam (SBV) announced on July 30 a direct selling price of SJC gold bars to four State-owned commercial banks and Saigon Jewelry Company (SJC) at VND78 million per tael, down VND500,000 compared to the previous week.
After remaining at VND80 million per tael for four days, SJC gold prices dropped by VND500,000 per tael to VND79.5 million per tael on the morning of July 23.
On the morning of June 1, SJC gold prices continued to decline, dropping by an additional VND2 million per tael as many businesses listed selling prices below VND85 million per tael.
From 2:30 p.m. on June 3, the five entities mentioned will initiate the sale of SJC gold bars to individual customers. Starting from June 4, sales will begin at 9 a.m.
The price of SJC gold continued to drop, trading below VND81 million (US$3,171) per tael on Monday morning, narrowing the gap between domestic and international gold prices of VND10.3 million (US$403) per tael.
At 10:45 am on June 4, the four state-owned banks simultaneously announced that the selling price of an SJC-branded gold bar was VND78.98 million (US$3090) per tael, falling VND1 million (US$39) a tael compared to yesterday evening.
Chairman of the HCMC People's Committee Phan Van Mai has requested Saigon Gold and Jewelry Company (SJC) to mobilize its resources to meet the State Bank of Vietnam (SBV)’s demand for SJC gold bar high-volume production to stabilize the gold market.
As of 1 p.m. in Ho Chi Minh City, the selling price of SJC gold at four State-owned commercial banks was listed at VND77.98 million per tael, down VND1 million per tael compared to yesterday.
At approximately 10:15 a.m., the selling price of SJC gold bars at the four State-owned commercial banks was listed at VND76.98 million per tael, down by VND1 million per tael from the previous day.
The State Bank of Vietnam (SBV) on June 3 sold SJC branded gold bars to four State commercial banks and a gold and gemstones company at a stable price in an effort to narrow the disparity between domestic and global gold bar prices.
The State Bank of Vietnam (SBV) is expected to sell SJC gold through four state-owned joint stock commercial banks as opposed to through auctions from June 3 with the aim of ensuring market stabilisation.
In a gold auction on May 21, 7,900 taels (equivalent to 70 lots) of SJC-brand gold bullion were successfully sold out of the 16,800 that the State Bank of Vietnam (SBV) offered for sale.
