Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) announced to adjust the time of delivery of gold bars to customers.

From today (August 8), Vietcombank will deliver gold bars to customers 2 working days after the customer successfully registers to buy gold bars. This regulation is announced to customers by VietinBank.

Previously, to register to buy gold, gold buyers had to register 1 day in advance. Thus, according to the new regulations, gold buyers will need 3 days to complete the purchase of SJC gold bars at the above 2 banks.

It is worth mentioning that Saturday and Sunday are not working days to receive gold.

According to records, today, the State Bank of Vietnam (SBV) continued to reduce the selling price of gold bars for 4 state-owned banks and SJC.

The selling price of SJC gold bars at 4 state-owned commercial banks and SJC is 77.5 million VND/tael, half a million VND lower than yesterday's session.

After 1 week, the price of SJC gold bars decreased by 1.3 million VND/tael.

According to regulations, state-owned banks and SJC are allowed to sell at a maximum difference of 1 million VND compared to the direct selling price from the State Bank. Therefore, the price of gold bars is adjusted accordingly by these organizations.

The State Bank will sell gold directly through 4 banks (Vietcombank, BIDV, Agribank and Vietinbank) from June 3, 2024.

In fact, this is the new right direction, which has helped to quickly reduce the motivation for speculation and quickly narrow the price gap between domestic and foreign countries, the price of gold bars and gold rings, as well as between different gold brands...

However, experts say this solution still raises some major problems. As Associate Professor Dr. Ngo Tri Long - an economic expert, said:

There are currently two types of prices in the gold market: The price of gold on the "black market" is about 3-4 million VND/tael higher than the price of the price stabilization units. Specifically, on June 29, 2024, in Hanoi, the price of buying SJC gold bars at the "black market" gold and silver shops was 79.5 million VND/tael.

Meanwhile, the buying price of SJC gold bars is being listed by banks and gold and silver trading enterprises at 74.98 million VND/tael.

Thus, the buying price of gold on the "black market" is 4.52 million VND/tael higher than the official market. Accordingly, the selling price of SJC gold bars on the black market is 80.5 million VND/tael. Meanwhile, at the same time, the selling price of the State Bank of Vietnam is 76.98 million VND/tael, 3.5 million VND/tael lower.

Therefore, it is inevitable that there will be gold brokers and many people will line up to buy gold at a stable price to sell on the market, making a profit. This causes instability when people line up to buy gold to resell.

According to experts, current stabilization solutions do not adequately address people's gold needs.

Offering long-term solutions, experts said that Decree 24/2012/ND-CP should be amended soon; Gold production and trading should be returned to enterprises; Shifting from trading gold bars to trading other gold products (gold certificates, derivative instruments, etc.) on a centralized trading center;...