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Sunday, July 21, 2024

HCMC residents told to buy gold only from licensed sellers

The Saigon Times

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HCMC – Residents in HCMC must buy and sell SJC gold bars only at authorized outlets, according to a new directive from the State Bank of Vietnam’s (SBV) HCMC branch.

The directive aims to reduce risks and ensure legal compliance in gold trading. The SBV’s HCMC branch emphasized that gold bars should be bought and sold exclusively through banks and businesses licensed by the central bank. Unauthorized trading could lead to theft, public disorder, and legal violations, officials said.

The notice is part of a broader effort by the Government and the SBV to stabilize the gold market and narrow the gap between domestic and international gold prices.

Initial measures have reportedly been effective, with domestic prices aligning more closely with global rates. These steps are seen as vital for market stability and economic growth.

The SBV highlighted that businesses in the gold sector must comply with legal requirements, including obtaining the necessary licenses for trading gold bars. Failure to do so will result in penalties under existing regulations, specifically Decree No. 24/2012/ND-CP and Decree No. 88/2019/ND-CP.

The central bank also warned about the risks associated with gold investment, urging the public to be cautious due to price volatility. It stressed the importance of following legal trading practices to avoid contributing to market instability and criminal activities.

As of June 13, major enterprises listed SJC gold bars at VND74.98 million for buying and VND76.98 million for selling per tael. One tael equals 37.5 grams or 1.2 troy ounces.

The four state-run banks that are authorized to retail gold bars to the public, namely Agribank, Vietcombank, VietinBank, and BIDV, have maintained the selling price at VND76.98 million per tael, though they do not buy gold from the public.

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