4 banks only sell, not buy back gold bars from people

Vietcombank announced today that from June 3, it will sell gold bars for price stabilization to the market at some branches in Hanoi and Ho Chi Minh City. However, this bank will only sell gold and will not buy it back from the people.

If people want to sell gold, they can go to businesses such as SJC, DOJI, PNJ...

Similarly, representatives of two banks in the Big 4 group also said that they will not buy back gold bars from people and will only implement it in the two largest cities in the country. The expansion of the distribution network in other provinces and cities will be implemented later.

In addition to businesses, many banks also have licenses to trade in gold bars, but in reality they do not always buy them back from people. The purchase depends on the demand for gold reserves at each time, as well as the strengths of each bank in trading precious metals.

To buy "stabilized" gold, Vietcombank said people go directly to their points of sale, pay in cash or by bank transfer and receive gold immediately. Buyers will be provided with an electronic invoice.

In case of large volume, Vietcombank said customers need to declare information according to anti-money laundering regulations or open an account at this bank before making transactions.

At Agribank, bank leaders also said that gold buyers need to pay attention to procedures related to personal identification and comply with regulations on transactions, payment of invoices and anti-money laundering.

A representative of a state-owned bank said they plan to sell gold to the market at a price within the range allowed by the State Bank. State-owned banks affirmed that the gold sale is aimed at "stabilizing" the market according to the State Bank's policy, not for profit.

The method of selling gold to stabilize the market was proposed by the management agency after the auctions to increase supply were ineffective, the gap between domestic and international prices has not been narrowed as expected. Accordingly, next week, the State Bank will sell gold directly to 4 state-owned banks, so that they can distribute it to the people.

After the news that 4 state-owned banks will sell gold bars to the market from June 3, the price of this commodity has turned to decrease, narrowing the gap with the world price to 15.6 million VND per tael. This afternoon, the price of SJC gold bars is in the range of 84 - 87.5 million VND per tael.