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Sunday, June 16, 2024

SJC told to make gold bars in large quantities

By Truc Dao

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HCMC – The government of HCMC has asked Saigon Jewelry Company Limited (SJC) to focus on producing SJC gold bars for the State Bank of Vietnam (SBV) in large quantities to stabilize the gold market.

In a recent document sent to the Department of Finance, the Department of Planning and Investment, the SBV’s branch in HCMC, and SJC, Chairman of the HCMC People’s Committee Phan Van Mai provided guidance on the processing of gold bars for the SBV.

He requested SJC to mobilize resources and enhance its capacity to produce gold bars for the central bank to meet the high domestic demand, according to the document.

SJC needs to ensure continuous business operations and immediately report any challenges in financial planning and gold bar production to the municipal authorities for resolution.

Meanwhile, the Department of Finance, the Department of Planning and Investment, and the SBV’s branch in HCMC are responsible for monitoring and supporting SJC in participating in gold market stabilization.

Previously, the SBV’s branch in HCMC advised residents to exercise caution in buying and selling gold and committed to taking measures to reduce the gap between local and international gold prices.

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