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Friday, June 14, 2024

BIDV says will not seek profit in gold sales

The Saigon Times

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HCMC – The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) will sell gold to stabilize the market, instead of making profit, said Le Ngoc Lam, general director of the State-run bank.

The State Bank of Vietnam (SBV) will sell gold directly to four commercial banks majority-owned by the State, namely Vietcombank, VietinBank, Agribank and BIDV. These banks will then sell the metal to the public.

Lam said that BIDV had made preparations for retailing gold to the publlic, including listing gold vending locations and start date on its website. The bank has established a transaction relationship with the SBV for gold trading and will publish daily gold prices on its website.

Customers can start buying gold on Monday, June 3. BIDV will initially establish sales networks in Hanoi and HCMC, with plans to expand to other major cities.

On June 3, the SBV will sell gold to the four banks at prices based on global rates, aiming to narrow the wide difference between domestic and world prices.

Lam said the bank will offer gold at prices determined by the SBV.

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