Vietnamese banks no longer crowded with gold buyers after online registration opens

Hanoi : Long queues of gold buyers were no longer seen in front of Vietnamese bank offices after four state-owned commercial banks started online gold purchasing registration, local media reported on Monday.

Only a few people came to the banks' branches to buy gold on Monday morning, however, they were instructed by bank employees to register online, reports Xinhua news agency.

From Monday, the Vietnam Bank for Agriculture and Rural Development (Agribank), the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), and the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) enabled registrations for Saigon Jewelry Company Limited (SJC)-branded gold purchases on their websites.

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has applied this method since June 12.

Earlier, the four banks and SJC were authorised to purchase SJC gold bars from the State Bank of Vietnam and sell them to the public to promote market stability and ensure a balanced gold market.

The direct selling price of SJC gold bars by the central bank on Monday was 75.98 million Vietnamese dong ($2,989) per tael.

The SJC gold price in the market has remained steady at 76.98 million dong ($3,025) for more than a week.