Vietcombank has become the first bank in Vietnam to stop offering SJC-branded gold bars on its website and sell them through its banking app from August 27.

VOV.VN - 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.

The price of SJC-branded gold bars in the domestic market has remained stable despite the rising global gold price recorded over the past couple of weeks.

Long queues of gold buyers were no longer seen in front of designated sites of four State-owned commercial banks on June 17 morning.

Vietcombank has launched an online service for customers to register to purchase SJC gold bars directly on its website – and gold will only be sold to those who register online.

The narrowing of the gap between domestic and global gold prices may further pull down the selling price of SJC-branded gold bullion of state-owned commercial banks and Saigon Jewelry Company (SJC) in the near future, Dao Xuan Tuan, Director General of the State Bank of Vietnam (SBV)'s Foreign Exchange Management Department, has said.

SJC-branded gold bullion is sold at VND77.98 million (US$3,069) per tael on June 4 as approved by the Governor of the State Bank of Vietnam (SBV).

VOV.VN - 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.

VOV.VN - 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.

The State Bank of Vietnam (SBV) has halted its gold bullion auctions and will introduce a new strategy to stabilise gold prices as early as June 3.