ACB said it has restored production capacity and prepared online gold trading methods while waiting to be licensed by the State Bank.
Updating in the third quarter investor meeting document, Asia Commercial Bank (ACB) assessed that the demand for gold storage and investment in Vietnam is still very large while the supply is still limited. The promulgation of Decree 232 to eliminate the gold monopoly mechanism is a positive step, opening up opportunities to develop a more transparent and competitive gold bar market.
In a recent meeting with investors, ACB representative said the bank recognized optimistic signals from the State Bank regarding the early licensing and allocation of gold import quotas. It is expected that in November, the first gold bar brands will be launched.
With many years of experience in the field of gold production and two gold brands that have been of interest to customers, this bank is expected to be in the first group of banks to launch a gold bar brand called ACB.
“Currently, the bank has restored all production capacity, and is preparing to deploy online gold trading methods on the online platform, helping customers buy and sell conveniently, quickly and ensure prestige and gold quality,” ACB informed.
SJC gold bars displayed at the store. Image: Quynh Tran
Previously, in early October, this bank also announced the purchase and sale of gold bars at some branches. Types of gold traded include ACB brand gold bars (type produced before 2012), SJC and other types of gold bars regulated and updated by the bank from time to time.
With SJC gold bars, the bank’s branches will only trade 1 tael. As for ACB brand gold bars, banks trade all weights. Payment method is in VND, through account at ACB. Payment and delivery of gold are made within the same day or up to two business days.
In addition to ACB, the leader of Vietnam Technological and Commercial Bank (Techcombank), Mr. Pham Quang Thang, also recently said that this bank is preparing for the process of manufacturing gold bars under the Techcombank brand. This bank has prepared domestic facilities such as personnel, import-supply processes, warehouses, weighing equipment, and distribution channels. Besides the branch system, Techcombank will also develop a distribution system via online platform.
At the end of August, the Government issued Decree 232 amending and supplementing Decree 24 on management of gold business activities. This is the first time in more than a decade that the gold market management policy has pivoted.
From the state monopoly on gold bars, the State Bank will assign the right to import and produce gold bars to a number of qualified banks and businesses. It is expected that about 8 banks and 3 enterprises including PNJ, DOJI and SJC will meet the charter capital requirements to produce gold bars.