Buyers no longer line up for gold purchases at banks

From June 17, the Vietnam Bank for Agriculture and Rural Development (Agribank), the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), and the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) enables registrations for SJC-branded gold purchases on their websites.

Meanwhile, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has applied this method since June 12.

The banks said they only sell gold bars to those successfully registering on the websites.

On June 17 morning, only several people came to the banks’ branches to buy gold, but they were instructed by bank employees to register online.

For each registration, customers are allowed to buy 1 gold tale per day.

The move came after two weeks the banks directly sold SJC gold bars to people and recorded crowds at their designated sites.

Earlier, the State Bank of Vietnam (SBV) authorised Agribank, Vietcombank, Vietinbank, BIDV, along with the State-owned Saigon Jewelry Company Limited (SJC) to purchase SJC gold bars from the SBV and sell to the public. This aims to promote market stability and ensure a balanced gold market.