Vietnam central bank resumes selling gold after 1-month hiatus

By Quang Minh
Mon, November 18, 2024 | 4:02 pm GMT+7

The State Bank of Vietnam (SBV), the country's central bank, on Monday announced that it will reactivate the sale of SJC-branded gold bars to meet market demand.

The SBV will sell gold to four state-controlled banks – Vietcombank, VietinBank, BIDV, and Agribank, and Saigon Jewelry Company (SJC) at VND83.5 million ($3,287) a tael.

 SJC gold bars. Photo courtesy of SJC.

SJC gold bars. Photo courtesy of SJC.

In September and October, the SBV announced the sales of gold bars only once each month, at VND79.5 million ($3,129.6) and VND88 million a tael, respectively, although gold prices were highly volatile.

The SBV asserted that it will continue the roadmap to “narrow and control” the price gap between domestic SJC gold and global gold at a “reasonable” magnitude.

The SBV’s announcement was made as prices of SJC bars and pure gold rings jumped on Monday, tracking global movements.

SJC quoted its gold bars at VND81-84 million ($3,188.7-3,306.8) a tael for buying and selling, up VND1 million and VND500,000 a tael from the close last week, respectively.

SJC also raised the price of its pure gold rings, of 1 to 5 maces each, by VND1 million ($39.37) and VND500,000 for buying and selling to VND81-84.03 million a tael.

Private jewelry retailer PNJ also raised the price of its pure gold rings by VND500,000 ($19.68) a tael to VND81.4-83 million a tael.

SBV’s injections

Amid wide premiums of domestic and international prices reaching nearly VND20 million ($787.3) a tael, the SBV sold 48,500 taels (or 1.82 tons) of SJC gold bars via nine auctions between April 19 and May 23. However, the wide gap lingered.

The SBV switched its approach to selling gold bars to the four commercial lenders and SJC, who then resold them to end customers. From June 3 to October 29, the SBV injected 305,600 taels, or 11.46 tons, of gold via 44 sales.

At a parliamentary Q&A session last week, SBV Governor Nguyen Thi Hong boasted that the injections helped reduce the price gap to VND3-4 million ($157.5) a tael from VND15-18 million a tael before the bank’s intervention.

She affirmed that her agency will continue to discourage the use of gold as an investment or an asset to speculate on, and will ensure the supply of the precious metal in the market “in a reasonable manner.”

Comments (0)
  • Read More
AI, data platform investment unlocks huge opportunities to enhance customer experience: Masan CEO

AI, data platform investment unlocks huge opportunities to enhance customer experience: Masan CEO

Vietnam’s leading multi-sector conglomerate Masan Group has made strong investments in AI, big data, and integrated supply chains to improve its operational efficiency, optimize costs, and better serve Vietnam’s 100 million consumers, said CEO Danny Le.

Companies - Sun, July 13, 2025 | 6:51 pm GMT+7

HCMC poised to become Southeast Asia's innovation, financial hub following merger: experts

HCMC poised to become Southeast Asia's innovation, financial hub following merger: experts

Ho Chi Minh City, Vietnam’s southern metropolis, is expected to establish itself as a hub for finance, manufacturing, trade, logistics, and innovation in Southeast Asia, after its merger with neighboring provinces.

Economy - Sun, July 13, 2025 | 1:56 pm GMT+7

PVI Insurance honored with prestigious international awards

PVI Insurance honored with prestigious international awards

2025 marks a proud milestone for PVI Insurance Corporation (PVI Insurance), as it has been consecutively recognized with prestigious accolades from top-tier institutions in the Asian insurance industry.

Companies - Sun, July 13, 2025 | 1:27 pm GMT+7

Green logistics a vital condition for Vietnam firms to flourish: exec

Green logistics a vital condition for Vietnam firms to flourish: exec

Green logistics is not just a long-term goal but a present-day opportunity for Vietnamese enterprises to advance amid the global transition toward sustainable development.

Companies - Sun, July 13, 2025 | 12:18 pm GMT+7

VNPT-VinaPhone, VNPT-Media to merge into parent company VNPT

VNPT-VinaPhone, VNPT-Media to merge into parent company VNPT

Telecommunication Services Corporation (VNPT-VinaPhone) and Communications Corporation (VNPT-Media) will be merged into their parent company, Vietnam Posts and Telecommunications Group (VNPT).

Companies - Sun, July 13, 2025 | 9:52 am GMT+7

Real estate major Kinh Bac gains majority control of Trump International Vietnam

Real estate major Kinh Bac gains majority control of Trump International Vietnam

Vietnamese developer Kinh Bac City Development Holding Corporation (HoSE: KBC) has expanded its portfolio to 19 subsidiaries following a new ownership move involving Trump International Vietnam.

Companies - Sun, July 13, 2025 | 8:41 am GMT+7

Sumitomo seeks to clear hurdles for industrial park expansion in northern Vietnam

Sumitomo seeks to clear hurdles for industrial park expansion in northern Vietnam

Japanese conglomerate Sumitomo has called on authorities in Hung Yen province to resolve several pressing issues affecting the expansion of Thang Long Industrial Park II (TLIP II), one of the largest industrial parks in northern Vietnam.

Industrial real estate - Sun, July 13, 2025 | 8:00 am GMT+7

Rixos debuts in Southeast Asia on Vietnam’s 'Pearl Island'

Rixos debuts in Southeast Asia on Vietnam’s 'Pearl Island'

A new chapter in travel is unfolding in Southeast Asia as Rixos Hotels, the world’s leading all-inclusive brand, prepares to unveil its first-ever resort in the region.

Travel - Sat, July 12, 2025 | 6:48 pm GMT+7

Vietnam’s biggest airport project ‘races to the finish line’

Vietnam’s biggest airport project ‘races to the finish line’

The Ministry of Construction has requested investors of the Long Thanh International Airport to complete the main route by August 2025 to facilitate trial operations of the passenger terminal and other components.

Infrastructure - Sat, July 12, 2025 | 6:19 pm GMT+7

Singapore's YCH Group eyes developing logistics center in southern Vietnam economic zone

Singapore's YCH Group eyes developing logistics center in southern Vietnam economic zone

Tay Ninh province has pledged full support to Singapore’s YCH Group in developing a logistics center within its Moc Bai Border Gate Economic Zone.

Industries - Sat, July 12, 2025 | 1:48 pm GMT+7

Vietnam PM asks US firms to sustain support for 'reasonable, detailed tariff pact'

Vietnam PM asks US firms to sustain support for 'reasonable, detailed tariff pact'

Prime Minister Pham Minh Chinh has called on U.S. businesses to continue supporting the Vietnamese government in dialogues with U.S. agencies to soon reach "a reasonable, detailed tariff agreement for individual products and product groups".

Economy - Sat, July 12, 2025 | 11:32 am GMT+7

Mergers of Vietnamese provinces unlock new property development opportunities

Mergers of Vietnamese provinces unlock new property development opportunities

The merging of Vietnamese localities is expected to create a strong "boost" for the real estate market as expanded planning space, synchronized infrastructure, and new land reserves are key factors driving the market's transformation.

Real Estate - Sat, July 12, 2025 | 11:00 am GMT+7

Measures proposed for Thailand to minimize US tariff impacts

Measures proposed for Thailand to minimize US tariff impacts

Financial and banking experts in Thailand have warned that the U.S.'s proposed 36% tariff on Thai goods is likely to severely undermine Thailand's export competitiveness.

Southeast Asia - Sat, July 12, 2025 | 9:06 am GMT+7

Chinese construction major PCG eyes $383 mln underwater tunnel project in northern Vietnam

Chinese construction major PCG eyes $383 mln underwater tunnel project in northern Vietnam

Pacific Construction Group (PCG), one of China’s leading construction firms, has expressed interest in developing a VND10 trillion ($383 million) underwater road tunnel in Quang Ninh, a coastal province in northern Vietnam.

Infrastructure - Sat, July 12, 2025 | 8:04 am GMT+7

Vingroup stocks pull VN-Index up for sixth consecutive session

Vingroup stocks pull VN-Index up for sixth consecutive session

VN-Index, which represents the Ho Chi Minh Stock Exchange, on Friday increased for the sixth consecutive session thanks to large-cap stocks, with foreign investors continuing to strongly net buy.

Finance - Fri, July 11, 2025 | 7:20 pm GMT+7

Coca-Cola inaugurates largest-scale Vietnam factory in Tay Ninh province

Coca-Cola inaugurates largest-scale Vietnam factory in Tay Ninh province

Coca-Cola Beverages Vietnam on Friday inaugurated a $136 million factory in Tay Ninh province, the largest-scale among its four facilities in Vietnam.

Industries - Fri, July 11, 2025 | 5:27 pm GMT+7